In: Accounting
Income Statement for 20XX | |
Particulars | Amount |
Sales (420 * $80) | $ 33,600 |
Cost of goods sold (420 * $30) | $ -12,600 |
Labor | $ 0 |
Advertising fees | $ -2,000 |
Bank fees | $ -150 |
Phone/internet | $ -1,200 |
Shipping (420 * $3) | $ -1,260 |
Utilities | $ -900 |
Office supplies | $ -800 |
Interest expense on note payable | $ -350 |
Income before depreciation and tax | $ 14,340 |
Depreciation | $ -800 |
Income before tax | $ 13,540 |
Income Tax @26% | $ -3,520.40 |
Income after tax | $ 10,019.60 |
Cash Flow Statement for 20XX | |
Particulars | Amount |
Opening Cash and cash equivalents | $ 10,000 |
Income before depreciation and tax | $ 14,340 |
Income Tax | $ -3,520.40 |
Proceeds from sale of equipment | $ 3,000 |
Purchase of equipment | $ -1,600 |
Repayment of note payable | $ -5,000 |
Closing Cash and cash equivalents | $ 17,219.60 |
Balance Sheet for 20XX | |||
Asset | Liability | ||
Particulars | Amount | Particulars | Amount |
Cash and cash equivalents | $ 17,219.60 | Accounts payable | $ 0 |
Accounts receivable | $ 0 | Note payable | $ 0 |
Raw materials inventory | $ 10,500 | Common stock | $ 15,000 |
Equipment ($5000-1000+1600) | $ 5,600 | Retained earnings ($4500+10019.6+3000-1000) | $ 16,519.60 |
Accumulated Depreciation ($1000+800) | $ -1,800 | ||
Total | $ 31,519.60 | Total | $ 31,519.60 |