Total Liabilities and Owner’s
|
Income Statement, Eden’s Garden Net Sales Revenue* |
|
$689,247 |
|
Cost of Goods Sold |
|
|
|
Beginning Inventory, 1/1/xx |
$78,271 |
|
|
+ Purchases |
$403,569 |
|
|
Goods available for Sale |
$481,840 |
|
|
– Ending Inventory, 12,31/xx |
$86,157 |
|
|
Cost of Goods Sold |
|
$395,683 |
|
Gross Profit |
|
$293,564 |
|
Operating Expenses |
|
|
|
Advertising |
$22,150 |
|
|
Insurance |
$9,187 |
|
|
Depreciation |
|
|
|
Building |
$26,705 |
|
|
Autos |
$7,895 |
|
|
Equipment |
$11,200 |
|
|
Salaries |
$116,541 |
|
|
Uniforms |
$4,018 |
|
|
Repairs and Maintenance |
$9,097 |
|
|
Travel |
$2,658 |
|
|
Entertainment |
$2,798 |
|
|
Total Operating Expenses |
|
$212,249 |
|
General Expenses |
|
|
|
Utilities |
$7,987 |
|
|
Telephone |
$2,753 |
|
|
Professional Fees |
$3,000 |
|
|
Postage |
$1,892 |
|
|
Payroll Taxes |
$11,589 |
|
|
Total General Expenses |
|
$27,221 |
|
Other Expenses |
|
|
|
Interest Expense |
$21,978 |
|
|
Bad check Expense |
$679 |
|
|
Miscellaneous expense |
$1,248 |
|
|
Total Other Expenses |
|
$23,905 |
|
Total Expenses |
|
$263,375 |
|
Net Income |
|
$30,189 |
|
*Credit sales represented $289,484 of this total. year-end financial statements from their accountant. At their last meeting with their accountant, Shelley Edison, three months ago, the Edens had mentioned that they seemed to be having trouble paying their bills on time. “Some of our suppliers have threatened to put us on ‘credit hold,– said Joe. |
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