Question

Create your own Income Statement, Retained Earnings Statement and Balance Sheet. Do not create a Statement of Cash Flows. Make up the name of the company the accounts and the numbers. You will need to plug the cash (or other account) amount to make the Balance Sheet Balance. Assets = Liabilities + Owner's Equity.

Answer 1

Coffee Roaster Enterprises

Income Statement

For Year Ended Dec. 31, 2018

Category	Amount
Sales Revenue	$57,050.68
Cost of Goods Sold (COGS)	$24,984.79
Gross Profit	$32,101.89
General Expenses	$11,049.55
*Rent	$9,000.00
*Bank & ATM Fee Expenses	$9.43
*Equipment Expenses	$742.40
*Marketing Expenses	$503.53
*Merchant Fees Expenses	$794.19
Operating Earnings	$21,052.34
Interest Expense	$5,000.00
Earnings Before Income Tax	$16,052.34
Income Tax Expense	$10,000.00
Net Profit	$6,052.34

Coffee Roaster Enterprises Statement of Retained Earnings For Year Ended Dec. 31, 2018

Beginning balance Retained earningd on jan 1 2018 3674 Net income for fiscal year 2018 2000 Total                                                                                      5674 Dividents declared and apid on fiscal year 2018 Dividents paid on preferred stocks                                  2000 Dividents paid on common stocks                                   1200 Total dividents deducted                                                   3200

Ending balance retained earnings december 31,2018 2474

Coffee Roaster Enterprises Balance Sheet For Year Ended Dec. 31, 2018

Assets                                                               Liabilities &Shareholder's equity Cash                                67971                         Accounts payable       3902 Accounts receivable       5100                           Debt                             50000 Inventory                          7805                          Equity share capital 70000   Property and equipment 45500                         Retained earnings     2474

Total Assets  1,26,376               Total Liabilities &Shareholder's equity1,26,376