Income Statement
(also known as a Profit and Loss Statement) For the Period:
Revenue:
$ + + + A
Gross Revenue Cost Of Goods Sold:
$
=$
+ + + + +
B C
Total Cost of Goods Sold Gross Profit (A - B) Operating Expenses
$
= =$
+ + + + + + + + + + + + + + + + +
D E F
Total Operating Expenses Operating Income (C - D) Other Income / Expenses
=$ =$
Total Other Income/Expenses Net Income (E +/- F)
=$ =$
How Now Brown Cow Ice Cream INCOME STATEMENT
(also known as a Profit and Loss Statement)
For the Period: 1/1/01 - 12/31/01
A
Revenue: Wholesale (Restaraunts) Cart Sales Other Sales Gross Revenue Cost of Goods Sold: Beginning Inventory + Ingredients + Containers + Cones, Napkins, Spoons - Less Ending Inventory Total Cost of Goods Sold Gross Profit (A - B) Operating Expenses: Salaries/Wages Payroll Taxes Utilities (Electric, Heat, Hot Water, Water) Telephone Bookkeeping and Accounting Services Advertising Fuel Maintenance Office Supplies Liability Insurance Workers Compensation Insurance License from the State Depreciation Accounts Payable
$22,857 $2,412 $185 $25,454
% of Revenue 90% 9% 1% 100%
$250 $11,389 $1,403 $400 ($450) $12,992 $12,462
45% 6% 2% 51% 49%
B C
$2,016 $403 $2,400 $300 $520 $250 $500 $360 $150 $550 $250 $100 $1,705 $600
D E F
Total Operating Expenses Operating Income Other Income / Expenses: Interest Expense Net Income
$10,104 $2,358
40% 9%
$12 $2,346
9%
Balance Sheet
As of
ASSETS Cash (cash, savings and checking account bals) Accounts Receivable Inventory Building and Equipment Less Accumulated Depreciation Net Building and Equipment Security Deposits Pre-Paid Insurance Other Total Assets LIABILITIES Accounts payable Loans Payable (principal only) Notes Payable (loans from family or friends) Accrued Expenses Payable (payroll taxes) Other Debt Total Liabilities EQUITY (Capital) Beginning Retained Earnings Net Income (Income Statement) Withdrawals (Owner's Draw) Balance Retained Earnings Paid-In Capital Total Equity (Net Worth) Total Liabilities + Equity
$ + + = + + + = $
$ + + + + = $
$ + = + = $
Remember: Total Assets = Total Liabilities + Equity (or Capital)
How Now Brown Cow Ice Cream BALANCE SHEET
As of December 31, 2000 ASSETS Cash (business savings & checking and cash) Accounts Receivable Inventory Building and Equipment (Fixed Assets) Less Accumulated Depreciation Net Building and Equipment $1,370 $0 $250 $36,700 ($19,150) $17,550 $0 $0 $0 $19,170
Total Assets LIABILITIES Accounts Payable Loans Payable (principal only) Notes Payable (loans from family or friends) Accrued Expenses Payable (payroll taxes) Other Debt Related to Business Total Liabilities EQUITY (Capital) Beginning Retained Earnings + Net Income (Income Statement) Less Withdrawals (Owner's Draw) Balance Retained Earnings Paid-In Capital Total Equity (Net Worth) Total Liabilities + Equity $2,872 $1,333 ($1,035) $3,170 $16,000 $19,170 $0 $0 $0 $0 $0 $0
$19,170
How Now Brown Cow Ice Cream BALANCE SHEET
As of December 31, 2001 ASSETS Cash (business savings & checking and cash) Accounts Receivable Inventory Building and Equipment (Fixed Assets) Less Accumulated Depreciation Net Building and Equipment $4,624 $0 $450 $37,350 ($20,855) $16,495
Total Assets LIABILITIES Accounts payable Notes Payable (loans from family or friends) Loans Payable Accrued Expenses Payable (payroll taxes) Other Debt related to business Total Liabilities EQUITY (Capital) Beginning Retained Earnings + Net Income (from Income Statement) - Withdrawals (Owner's Draw) Balance Retained Earnings Paid-In Capital Total Equity (Net Worth) Total Liabilities + Equity $3,170 $2,346 ($800) $4,716 $16,000 $20,716 $600 $0 $254 $0 $0 $854
$21,570
$21,570
Remember: Total Assets = Total Liabilities + Equity (or Capital)
Loan Amortization Schedule
Amortization schedule for $500 loan, 6 months at 12% annual interest
Period 1 2 3 4 5 6
Periodic Rate 0.01 0.01 0.01 0.01
Monthly Payment $86.27 $86.27 $86.27 $86.27
Interest $5.00 $4.19 $3.37 $2.54
Principal $81.27 $82.08 $82.90 $83.73
Balance $500.00 $418.73 $336.65 $253.74 $170.01
Totals
Loan Amortization Schedule
Amortization schedule for $500 loan, 6 months at 12% annual interest Balance Periodic Monthly $500.00 Period Rate Payment Interest Principal 1 0.01 86.27 5.00 81.27 $418.73 2 0.01 86.27 4.19 82.08 $336.65 3 0.01 86.27 3.37 82.90 $253.74 4 0.01 86.27 2.54 83.73 $170.01 5 0.01 86.27 1.70 84.57 $85.44 6 0.01 86.30 0.85 85.45 ($0.00) 17.65 500.00 Totals
Operating Expenses
Expense Category Rent Utilities Telephone Business insurance Office supplies Shop tools, supplies Shop equip. Main/Repairs Amounts Expense Category $ Amounts 500.00 2,100.00 250.00 120.00 900.00
$2,200.00 Rental (Shop equipment) 1,500.00 Vehicle gas, oil 725.00 Vehicle Main/Repairs 800.00 Bank fees 300.00 Marketing, Advertising 850.00 Depreciation Expense 150.00 Loan Interest