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Account Name Account No.

Balance
Cash-Petty Cash 1010 449.87
Checking Account 1110 2412.23
Investment Account 1115 ###
Accounts Receivable 1210 16586.25
Prepaid Expenses 1420 2587.5
Prepaid Insurance 1425 1000
Inventory Asset 1310 46005.75
Property and Equipment 1510 65000
Accum. Depr.Property and Equipment 1511 -6750
Office/Store Furniture and Fixtures 1520 12000
Accum. Depr. Furniture and Fixtures 1521 -9525
Accounts Payable 2010 ###
Pending Item Receipts 2015 -846.59
Sales Tax Payable 2110 ###
Federal Tax Liability 2210 -1517.3
Federal Tax Liability (FUTA) 2215 -145
State Tax Liability 2220 -740
401 (k) Liability 2230 -2000
Union Dues Liability 2240 -85
Medical/Dental Liability 2250 -990
Other Payables 2310 -500
Interest Payable 2315 -2000
Visa Credit Card 2610 -300
Note Payable to Bank 2710 -20000
Common Stock 3015 -1000
APIC 3016 -36000
Owners' Withdrawals 3020 12000
Retained Earnings 3025 ###
Sales 4010 ###
Cash Discount Given 4020 3414.9
Write off 4210 8.83
Cost of Goods - Materials 4510 ###
Cash Discount Taken 4530 -770.39
Employee Wages 5100 2800
Wages 5110 5400
Employee Benefits 5120 250
Bank Charges 5510 25
Repairs and Maintenance Expenses 5710 47.63
Depreciation Expenses/Equipment 6120 1750
Depreciation Expenses/Furniture 6125 525
Office Supplies 6210 103.47
Insurance Vehicle 6310 2781.72
Insurance Other 6320 200
Freight/Shipping Expenses 6410 292.67
Accounting Fees 6620 6615.54
Other Expenses 6760 240
Travel Expenses 6770 -400
Utilities - Electric and Gas 6810 1609.56
Utilities - Telephone 6815 1147.41
Leased Facilities 6915 6500
Finance Charge Income 8020 -8.35
Interest Income 8030 -5387.03
Interest Expenses 9010 1269.08
Class
Cash
Cash
Marketable Securities
Accounts Receivable
Prepaid and Other
Prepaid and Other
Inventory
Property and Equipment
Accumulated Depreciation
Property and Equipment
Accumulated Depreciation
Accounts Payable
Accrued Expenses
Accrued Expenses
Accrued Expenses
Accrued Expenses
Accrued Expenses
Accrued Expenses
Accrued Expenses
Accrued Expenses
Accrued Expenses
Accrued Expenses
Accrued Expenses
Long Term Debt
Common Stock
Additional Paid in Capital
Dividends
Beginning Retained Earnings
Revenue
Revenue
Revenue
Cost of Goods Sold
Cost of Goods Sold
Overhead
Overhead
Overhead
Overhead
Overhead
Overhead
Overhead
Overhead
Overhead
Overhead
Overhead
Overhead
Overhead
Overhead
Overhead
Overhead
Overhead
Overhead
Interest Income
Interest Expense
Balance Sheet

Assets
Cash 2,862.10
Marketable Securities 327,283.53
Accounts Receivable 16,586.25 17,282.56
Inventory 46,005.75 39,248.45
Prepaid and Other 3,587.50
Total Current Assets 396,325.13

Property and Equipment 77,000.00


Accumulated Depreciation 16,275.00
Net PP&E 68.30

Total Assets 23.30 ###

Liabilities
Accounts Payable 15,502.62
Accrued Expenses 20,550.31
Total Current Liabilities 36,052.93

Long Term Debt 20,000.00

Equity
Common Stock 1,000.00 1,000.00
Additional Paid in Capital 36,000.00 36,000.00
Retained Earnings 363,997.20

Total Liabilities and Equity 400,997.20


Income Statement
with Statement of Retained Earnings

Revenue 1,195,450.25
Cost of Goods Sold 870,175.83
Gross Margin 325,274.42

Overhead 29,879.65
Net Ordinary Income (Loss) 295,394.77

Interest Expense 1,269.08


Interest Income 5,387.03
Net Income (Loss) 299,512.72

Beginning Retained Earnings 76,484.48


Net Income (Loss) 299,512.72
Dividends (12,000.00)
Ending Retained Earnings 363,997.20
Balance Sheet

Assets
Cash 2,862.10 #NAME?
Marketable Securities 327,283.53 #NAME?
Accounts Receivable 16,586.25 #NAME?
Inventory 46,005.75 #NAME?
Prepaid and Other 3,587.50 #NAME?
Total Current Assets 396,325.13 #NAME?

Property and Equipment 77,000.00 #NAME?


Accumulated Depreciation 16,275.00 #NAME?
Net PP&E 60,725.00 #NAME?

Total Assets 396,393.43 #NAME?

Liabilities
Accounts Payable 15,502.62 #NAME?
Accrued Expenses 20,550.31 #NAME?
Total Current Liabilities 36,052.93 #NAME?

Long Term Debt 20,000.00 #NAME?

Equity
Common Stock 1,000.00 #NAME?
Additional Paid in Capital 36,000.00 #NAME?
Retained Earnings 15,502.62 #NAME?

Total Liabilities and Equity 108,555.55 #NAME?

Out of Balance
Income Statement
Revenue 1,195,450.25 100.00%
Cost of Goods Sold 870,175.83 72.79%
Gross Margin 325,274.42 27.21%

Overhead 29,879.65 2.50%


Net Ordinary Income (Loss) 295,394.77 24.71%

Interest Expense 1,269.08 0.11%


Interest Income 5,387.03 0.45%
Net Income (Loss) 299,512.72 25.05%

Beginning Retained Earnings 76,484.48


Net Income (Loss) 299,512.72
Distributions -
Ending Retained Earnings 375,997.20
Liquidity
Current Assets 396,325.13
Current Liabilities 36,052.93
Net Working Capital 360,272.20
Current Ratio 10.99 :1
Quick Ratio 9.16 :1

Asset Use
Accounts receivable turnover 4.35
Average collection period 83.96
Inventory turnover 15.66
Average age of inventory 23.30
Operating Cycle 107.26

Solvency
Debt ratio 7.07 :1
Debt-to-Equity 1.07 :1
Times Interest Earned 1.28

Profitability
Gross Profit Margin 0.03%
Net Profit Margin 0.06%
Return on Assets 0.01%
Return on Equity 0.09%