Cash??? Operating loan??? Equipment??? Mortgage??? Accounts receivable??? Land??? Total Liabilities???
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1 Basic Financial Statements -- General Review Balance Sheet Balance Sheet for XYZ, Inc; September 30, 20XX Cash??? Operating loan??? Equipment??? Mortgage??? Accounts receivable??? Land??? Total??? Total??? Net Worth (Equity)??? Income Statement July 1, 20XX to Sept. 30, 20XX Revenue; product A??? Revenue; product B??? Total Income??? Input supplies??? Utilities??? Labor (wages)??? Repairs and Maintenance??? Total Cost??? Net Income (Profit or Loss)??? Cash Flow Statement July 1, 20XX to Sept. 30, 20XX July August September October Beginning cash balance??????? Cash sale??? Owner Contribution??? Loan borrowed??? Total Cash Available??? Supplies???? Labor (Wages)???? Utilities???? Loan principal paid???? Interest on loan???? Total Cash Needs???? Ending cash balance?????
2 Series of business transactions intended to illustrate how each transaction impacts each financial statement. Assume this is a new business so the first transaction is the owner depositing cash in a new checking account for the recently created business. The following pages suggest what each financial statement would report if they were prepared immediately after each business transaction. The purpose of the example is to illustrate how each transaction is reported on the financial statements. BS means balance sheet, CF means cash flow statement, and IS means income statement. 1) Start a business with $100,000 cash CF 100,000 cash inflow BS 100,000 cash; 100,000 asset; no debt; 100,000 equity IS no income 2) Buy input inventory for $30,000 cash CF 30,000 outflow BS 70,000 cash and 30,000 inventory of input, 100,000 asset; no debt; 100,000 equity IS no expense 3) Buy item of processing equipment for $40,000; $10,000 is paid in cash and $30,000 is borrowed from seller. CF 10,000 outflow BS 60,000 cash, 30,000 inventory of input, 40,000 equipment, 130,000 asset; 30,000 debt; 100,000 equity IS no expense 4) Use 2/3 of inventory ($20,000) to produce a product worth $25,000 CF none BS 60,000 cash; inventory of input at 10,000; inventory of product at 25,000, 40,000 equipment; 135,000 in asset; 30,000 debt; 105,000 equity IS 25,000 produce and 20,000 cost; 5,000 gain 5) Sell $15,000 of product for cash CF 15,000 cash inflow BS 75,000 cash, 10,000 product inventory, 10,000 input inventory; 40,000 equipment; 135,000 asset; 30,000 debt; 105,000 equity IS no income or expense 6) Borrow $50,000 CF 50,000 cash inflow BS ,000 cash; 10,000 product inventory; 10,000 input inventory, 40,000 equipment; 185,000 asset; 80,000 debt; 105,000 equity IS no transaction 7) Buy land for $40,000 CF 40,000 cash outflow BS 85,000 cash; 10,000 product inventory; 10,000 input inventory; 40,000 equipment, 40,000 land; 185,000 asset; 80,000 debt; 105,000 equity IS no cost 8) Buy input inventory for $50,000 cash CF 50,000 cash outflow BS 35,000 cash; 10,000 product inventory; 60,000 input inventory; 40,000 equipment, 40,000 land; 185,000 asset; 80,000 debt; 105,000 equity IS no cost 9) Produce product with 2/3 of inventory ($40,000) worth $50,000 CF none BS 35,000 cash; 60,000 product inventory; 20,000 input inventory; 40,000 equipment, 40,000 land; 195,000 asset; 80,000 debt; 115,000 equity IS 50,000 produce with 40,000 cost; 10,000 gain
3 10) Pay $5,000 in wages CF 5,000 outflow BS 30,000 cash; 60,000 product inventory; 20,000 input inventory; 40,000 equipment 40,000 land; 190,000 asset; 80,000 debt; 110,000 equity IS 5,000 cost 11) Sell $10,000 worth of inventory for only $8,000 CF 8,000 inflow BS 38,000 cash; 50,000 product inventory; 20,000 input inventory; 40,000 equipment, 40,000 land; 188,000 asset; 80,000 debt; 108,000 equity IS 2,000 negative adjustment on income statement 12) Recognize depreciation of equipment; $2,000 CF no cash flow BS 38,000 cash; 50,000 product inventory; 20,000 input inventory; 38,000 equipment, 40,000 land; 186,000 asset; 80,000 debt; 106,000 equity IS 2,000 negative adjustment on income statement 13) Make payment to equipment seller; $4,000 ($1,000 interest and $3,000 principal) CF 4,000 outflow BS 34,000 cash,; 50,000 product inventory; 20,000 input inventory; 38,000 equipment, 40,000 land; 182,000 asset; 77,000 debt; 105,000 equity IS 1,000 negative adjustment on income statement
4 After transaction 1 Total Cash Available 100,000 Total Cash Needs 0 Ending cash balance 100,000 Cash 100,000 Total 0 Total 100,000 Net Worth (Equity) 100,000 Total Income 0 Total Cost 0 Net Income (Profit or Loss) 0
5 After transaction 2 Total Cash Available 100,000 Total Cash Needs 30,000 Ending cash balance 70,000 Cash 70,000 Input inventory 30,000 Total 0 Total 100,000 Net Worth (Equity) 100,000 Total Income 0 Total Cost 0 Net Income (Profit or Loss) 0
6 After transaction 3 Total Cash Available 100,000 Total Cash Needs 40,000 Ending cash balance 60,000 Cash 60,000 Equipment debt 30,000 Input inventory 30,000 Total 30,000 Total 130,000 Net Worth (Equity) 100,000 Product produced 0 Total Income 0 Input used 0 Total Cost 0 Net Income (Profit or Loss) 0
7 After transaction 4 Total Cash Available 100,000 Total Cash Needs 40,000 Ending cash balance 60,000 Cash 60,000 Equipment debt 30,000 Input inventory 10,000 Product Inventory 25,000 Total 30,000 Total 135,000 Net Worth (Equity) 105,000 Total Income 25,000 Total Cost 20,000 Net Income (Profit or Loss) 5,000
8 After transaction 5 Total Cash Available 110,000 Total Cash Needs 40,000 Ending cash balance 75,000 Cash 75,000 Equipment debt 30,000 Input inventory 10,000 Product Inventory 10,000 Total 30,000 Total 135,000 Net Worth (Equity) 105,000 Total Income 25,000 Total Cost 20,000 Net Income (Profit or Loss) 5,000
9 After transaction 6 Loan proceeds 50,000 Total Cash Available 165,000 Total Cash Needs 40,000 Ending cash balance 125,000 Cash 125,000 Equipment debt 30,000 Input inventory 10,000 Loan 50,000 Product Inventory 10,000 Total 80,000 Total 185,000 Net Worth (Equity) 105,000 Total Income 25,000 Total Cost 20,000 Net Income (Profit or Loss) 5,000
10 After transaction 7 Loan proceeds 50,000 Total Cash Available 165,000 Purchased land 40,000 Total Cash Needs 80,000 Ending cash balance 85,000 Cash 85,000 Equipment debt 30,000 Input inventory 10,000 Loan 50,000 Product inventory 10,000 Land 40,000 Total 80,000 Total 185,000 Net Worth (Equity) 105,000 Total Income 25,000 Total Cost 20,000 Net Income (Profit or Loss) 5,000
11 After transaction 8 Loan proceeds 50,000 Total Cash Available 165,000 Purchased land 40,000 Purchased input 50,000 Total Cash Needs 130,000 Ending cash balance 35,000 Cash 35,000 Equipment debt 30,000 Input inventory 60,000 Loan 50,000 Product inventory 10,000 Land 40,000 Total 80,000 Total 185,000 Net Worth (Equity) 105,000 Total Income 25,000 Total Cost 20,000 Net Income (Profit or Loss) 5,000
12 After transaction 9 Loan proceeds 50,000 Total Cash Available 165,000 Purchased land 40,000 Purchased input 50,000 Total Cash Needs 130,000 Ending cash balance 35,000 Cash 35,000 Equipment debt 30,000 Input inventory 20,000 Loan 50,000 Product inventory 60,000 Land 40,000 Total 80,000 Total 195,000 Net Worth (Equity) 115,000 Product produced 50,000 Total Income 75,000 Input used 40,000 Total Cost 60,000 Net Income (Profit or Loss) 15,000
13 After transaction 10 Loan proceeds 50,000 Total Cash Available 165,000 Purchased land 40,000 Purchased input 50,000 Wages paid 5,000 Total Cash Needs 135,000 Ending cash balance 30,000 Cash 30,000 Equipment debt 30,000 Input inventory 20,000 Loan 50,000 Product inventory 60,000 Land 40,000 Total 80,000 Total 190,000 Net Worth (Equity) 110,000 Product produced 50,000 Total Income 75,000 Input used 40,000 Wages paid 5,000 Total Cost 65,000 Net Income (Profit or Loss) 10,000
14 After transaction 11 Loan proceeds 50,000 Cash sales 8,000 Total Cash Available 173,000 Purchased land 40,000 Purchased input 50,000 Wages paid 5,000 Total Cash Needs 135,000 Ending cash balance 38,000 Cash 38,000 Equipment debt 30,000 Input inventory 20,000 Loan 50,000 Product inventory 50,000 Land 40,000 Total 80,000 Total 188,000 Net Worth (Equity) 108,000 Product produced 50,000 Adjust value of product -2,000 Total Income 73,000 Input used 40,000 Wages paid 5,000 Total Cost 65,000 Net Income (Profit or Loss) 8,000
15 After transaction 12 Loan proceeds 50,000 Cash sales 8,000 Total Cash Available 173,000 Purchased land 40,000 Purchased input 50,000 Wages paid 5,000 Total Cash Needs 135,000 Ending cash balance 38,000 Cash 38,000 Equipment debt 30,000 Input inventory 20,000 Loan 50,000 Equipment 38,000 Product inventory 50,000 Land 40,000 Total 80,000 Total 186,000 Net Worth (Equity) 106,000 Product produced 50,000 Adjust value of product -2,000 Total Income 73,000 Input used 40,000 Wages paid 5,000 Depreciation 2,000 Total Cost 67,000 Net Income (Profit or Loss) 6,000
16 After transaction 13 Loan proceeds 50,000 Cash sales 8,000 Total Cash Available 173,000 Purchased land 40,000 Purchased input 50,000 Wages paid 5,000 Interest payment 1,000 Principal payment 3,000 Total Cash Needs 139,000 Ending cash balance 34,000 Cash 34,000 Equipment debt 27,000 Input inventory 20,000 Loan 50,000 Equipment 38,000 Product inventory 50,000 Land 40,000 Total 77,000 Total 182,000 Net Worth (Equity) 105,000 Product produced 50,000 Adjust value of product -2,000 Total Income 73,000 Input used 40,000 Wages paid 5,000 Depreciation 2,000 Interest 1,000 Total Cost 68,000 Net Income (Profit or Loss) 5,000
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