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Professor Office's Beach Cabana Balance Sheets As of December 31, 2014 and 2013

This balance sheet shows the assets, liabilities, and equity of Professor Office's Beach Cabana as of December 31, 2014 and 2013. Total assets increased from 2014 to 2013, driven primarily by increases in cash, accounts receivable, and merchandise inventory. Total liabilities remained relatively unchanged, while retained earnings and common stock increased, leading to an overall increase in total stockholder's equity.

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79 views3 pages

Professor Office's Beach Cabana Balance Sheets As of December 31, 2014 and 2013

This balance sheet shows the assets, liabilities, and equity of Professor Office's Beach Cabana as of December 31, 2014 and 2013. Total assets increased from 2014 to 2013, driven primarily by increases in cash, accounts receivable, and merchandise inventory. Total liabilities remained relatively unchanged, while retained earnings and common stock increased, leading to an overall increase in total stockholder's equity.

Uploaded by

Precious Uminga
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Professor Office's Beach Cabana

Balance Sheets
As of December 31, 2014 and 2013

2014 2013
Assets
Cash $ 33,000 $ 28,000
Marketable securities 20,000 22,000
Notes Receivable 5,000 3,000
Accounts Receivable 50,000 56,000
Merchandise Inventory 70,000 43,000
Prepaid expenses 6,000 4,000
Total current assets
Property, plant, and equipment 340,000 310,000
Total assets

Liabilities
Accounts payable $ 41,000 $ 38,000
Salaries payable 2,000 3,500
Taxes payable 4,000 2,000
Total current liabilities
Bonds payable, 5% 100,000 100,000
Total liabilities

Stockholder's equity:
Preferred stock 6%, 40,000 40,000
Common stock 175,000 145,500
Retained earnings 162,000 137,000

Total stockholder's equity

Total liabilities and stockholders equity $ - $ -


ASSETS
cash 120,150
acounts receivable 2,500
Offices supplies 1,850
Merchandaise Inventory 63,000
Furniture 35,000
Less: Accumulated Depreciation-Furniture $ 583.33
Computer 45,000
Less: Accumulated Depreciation-computer 750

Total Assets $ 266,166.67

LIABILITIES
accounts payable 77,600
Loans payable 100,000
Interest payable 666.67

Total liabilities 178,267

OWNERS AQUITY
Capital 100,000
Drawing 5,000

Total Owner's Aquity 95,000

273,267
Professor Office's Beach Cabana
Annual INCOME STATEMENTS
For years Ended 2014 and 2013

2014 2013
Amount Amount
Revenue
Sales $ 225,000 $ 195,000
Less: Sales returns and allowances $ 3,840 $ 2,750
Net Sales
Cost of goods sold
Merchandise inventory, January 1 $ 66,000 $ 72,000
Purchases less returns and allowances 98,000 80,000
Total Cost of merchandise available for sale
Less: Merchandise inventory, March 31 $ 60,225 $ 61,000
Cost of goods sold
Gross Profit
Operating expenses
Delivery expenses $ 467 $ 200
Depreciation expense-equipment 3,600 3,600
Payroll taxes expense 388 295
Salary expense 10,739 10,500
Supplies expense 204 300
Telephone expense 175 210
Utilities expense 1,907 1,500
Total operating expenses
Net Income before federal income tax
Federal income tax $ 12,123 $ 11,800
Net income after federal income tax

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