Question
You started Cooks For You this past August. The main revenue stream for your firm is providing cooking prep kits for those who want to
You started "Cooks For You" this past August. The main revenue stream for your firm is providing cooking prep kits for those who want to learn to cook but are intimidated by going grocery shopping by themselves. You have not yet hired an accountant, so you are now faced with regarding all of the transactions for the first month of operations.
- You were also able to bribe a high-ranking officer a local community bank into providing you a $400,000 loan at 18% interest.
2. You also raised some initial start up funds by selling stock. you were able to raise $200k
3. To start operations, you had to purchase delivery trucks. In total you purchased 3 trucks at a total cost of $180,000. You expect these trucks to last on average for 5 years before needing replacement and do not expect be able to sell them at the end of their life (no salvage value).
4. In additional to the trucks purchased, you had to purchase some other supplies totaling $14,000. This purchase was made on credit and won't be due for 45 days.
5. At the beginning of the month, you also paid rent of $8,000 with cash.
6. In the first month, you had $16,000 in prep kits ordered on credit. You hope most of these credit sales will generate a cash inflow by the end of the month.
7. During the month, you used up $6,000 worth of supplies to make the meal prep kits that were ordered
8. It is now the end of the month and you just paid yourself a monthly salary of $4,000 a month. This was paid with cash.
9. At the end of the month, you also paid your business's monthly utilities of $2,000. This was paid with cash.
10. At the end of the month, you have collected $9,000 of the $14,000 of credit sales that were made during the month.
11. A final cash payment was made at the end of the month to cover the interest owed on the bank
loan that you received earlier this month.
12. Finally, to maintain proper accounting records, you recorded one month of depreciation on the ovens.
please show me which goes where
\begin{tabular}{|l|} \hline Revenue \\ \hline Gross Profit \\ \hline Operating Expenses \\ \hline \\ \hline EBITDA \\ \hline EBIT \\ \hline \\ \hline EBT \\ \hline \end{tabular}Step by Step Solution
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