The Balance Sheet provides a snapshot of the financial condition of a company at the end of an accounting period. It shows the assets, liabilities, and owner’s equity in the business.
|
A |
cash |
|
C |
depreciation |
|
C |
equipment |
|
A |
inventory |
|
L |
loan |
|
E |
paid in capital |
|
C |
prepaid insurance |
|
E |
retained earnings |
|
L |
taxes owed |
|
A |
utility deposit |
Create a balance sheet showing the financial position of the Sample Cafe as of December 31st Use the data above. Remember, Assets must equal Total Liabilities + Equity.
|
SampleCafeBalanceSheet As of December 31, 20xx |
||||
|
Assets |
|
|
Liabilities |
|
|
Cash |
$15,000 |
|
Loans |
$20,000 |
|
Deposits |
$2,500 |
|
Total Liabilities |
$20,000 |
|
Furniture & Equip. |
$12,000 |
|
|
|
|
Depreciation |
$2,500 |
|
Equity |
|
|
Inventory |
$3,000 |
|
Owner’s Equity |
$15,000 |
|
|
|
|
Total Equity |
$15,000 |
|
|
|
|
|
|
|
Total Assets |
$35,000 |
|
Total Liab. & Equity |
$35,000 |
|
Sample Café Income StatementSummaryMonth Ended January31,20xx |
||
|
Revenue |
$30,000 |
|
|
Cost of Goods Sold |
$3,500 |
$1,000 from inventory |
|
Total Expenses |
$27,000 |
Includes equipment depreciation of $200. |
|
Net Income |
($500) |
|
|
SampleCafeBalanceSheet As of December 31, 20xx |
||||
|
Assets |
|
|
Liabilities |
|
|
Cash |
$30,000 |
|
Loans |
$20,000 |
|
Deposits |
$2,500 |
|
Total Liabilities |
$20,000 |
|
Furniture & Equip. |
$0 |
|
|
|
|
Depreciation |
$1,000 |
|
Equity |
|
|
Inventory |
$1,000 |
|
Owner’s Equity |
$14,500 |
|
|
|
|
Total Equity |
$14,500 |
|
|
|
|
|
|
|
Total Assets |
$34,500 |
|
Total Liab. & Equity |
$34,500 |
Because furniture and equipment are $12,000 I assume half of that is equipment. With the information above saying that $200 had depreciated $6,000-$200 would be a $5800 value for the equipment.
Inventory was $3,000 but in January it was calculated that $3,500 was spent. That means $500 dollars of inventory was not expected giving the loss of $500.
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