Cash
Accounts Receivable
Inve Invent ntor orie ies s
Equi Equipm pmen entt
Prepaid Expenses
Jan. 2006 US$10,000.00 US$1,000.00 Mar. 2006 (US$1,200.00) (US$3,300.00)
Short-term Loans
Interest Payable
Wages Payable Payable Owners’ Owners’ Equity Equity Description Description of of Transaction Transaction
US$10,000.00 US$1,000.00 US$1,200.00 US$3,300.00
(US$250.00) (US$100.00) (US$150.00) (US$2,000.00)
=
US$250.00 US$100.00 US$150.00 US$2,000.00
(US$150.00) Apr. 2 2006 SUBTOTAL US$4,000.00 US$0.00 US$3,400.00 US$2,250.00 US$1,200.00 TOTAL US$10,850.00 May. 2006 (US$1,800.00) US$1,800.00 US$7,400.00 US US$320.00 (US$1,510.00) (US$1,800.00) (US$2,900.00) US$2,900.00 (US$2,100.00) (US$80.00) SUBTOTAL US$3,390.00 US$320.00 US$4,120.00 US$4,050.00 US$1,200.00 TOTAL US$13,080.00
US$10,000.00 US$0.00 TOTAL US$10,850.00
US$0.00
US$90.00
US$10,000.00 US$0.00 TOTAL US$13,080.00 US$300.00
US$90.00
(US$250.00) US$3,740.00 US$1,200.00
US$7,720.00 (US$1,600.00) (US$1,800.00) (US$2,100.00) (US$80.00) US$2,990.00 (US$300.00)
(US$60.00) SUBTOTAL US$3,390.00 US$320.00 US$4,120.00 TOTAL US$12,770.00
(US$150.00) US$850.00
(US$60.00) US$10,000.00 US$300.00 TOTAL US$12,770.00
US$90.00
(US$250.00) US$2,380.00
Loan (from 2 cousins, 6% annual interest rate) Investment Prepaid RENT INVENTORY Cash Register (refundable deposit) store SUPPLIES Prepaid ADVERTISING Computer “used” advertising Jan 1 - Mar 31 2006 Sewing Machine Wedding Arrangements Salary RENT INVENTORY used inventory used supplies Apr 1 - Jun 30 2006 Part of Loan Depreciation (sewing machine) Depreciation (computer)
RIBBONS AN’ BOWS, INC. Income Statement As of June 30, 2006 Revenues Less Cost of Goods Sold
US$7,720.00 US$2,100.00
Gross Profit
US$5,620.00
Less Operating Expenses Supplies Salaries Rent Advertisement Less Depreciation and Amortization Depreciation of Computer Depreciation of Sewing Machine Other Expenses
US$80.00 US$1,600.00 US$1,800.00 US$150.00 US$250.00 US$60.00
Operating Profit
US$1,680.00
Interest Expense
US$300.00 US$1,380.00
Net Income
RIBBONS AN’ BOWS, INC. Income Statement As of June 30, 2006 Revenues Less Cost of Goods Sold
US$7,720.00 US$2,100.00
Gross Profit
US$5,620.00
Less Operating Expenses Supplies Salaries Rent Advertisement Less Depreciation and Amortization Depreciation of Computer Depreciation of Sewing Machine Other Expenses
US$80.00 US$1,600.00 US$1,800.00 US$150.00 US$250.00 US$60.00
Operating Profit
US$1,680.00
Interest Expense
US$300.00 US$1,380.00
Net Income
RIBBONS AN’ BOWS, INC. Balance Sheet As of June 30, 2006 Assets Current Assets Cash Accounts Receivable Inventory Prepaid Expenses Total Current Assets
US$3,390 US$320 US$4,120 US$1,200 US$9,030
RIBBONS AN’ BOWS, INC. Balance Sheet As of June 30, 2006 Assets Current Assets Cash Accounts Receivable Inventory Prepaid Expenses Total Current Assets
US$3,390 US$320 US$4,120 US$1,200 US$9,030
Fixed Assets Property, Plant and Equipment Less Accumulated Depreciation
US$4,050 (US$310)
Total Net Fixed Assets
US$3,740 US$12,770
Total Assets Liabilities and Owners’ Equity Current Liabilities Short-term Loans Interest Payable Wages Payable Total Liabilities
US$10,000.00 US$300.00 US$90.00 US$10,390.00
Owners’ Equity Carmen Diaz, capital Retained Earnings
US$1,000.00 US$1,380.00
Total Owners’ Equity
US$2,380.00
Total Liabilities and Owners’ Equity
US$12,770.00
