# Understanding Where You Stand: A Simple Guide To Your FINANCIAL STATEMENTS

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1 Understanding Where You Stand: A Simple Guide To Your FINANCIAL STATEMENTS

7 Max Computer Company, Income Statement Net Sales Revenue or income. Gross sales is before returns and allowances. Net sales is after returns and allowances. Selling Expenses Salaries and expenses related to sales only Operating Income (or Loss) Shows how the business performed Net Sales , % Less Cost of Goods Sold (cost to make products): Beginning Inventory ,000 8% Purchases (to make product) ,000 39% Labor (to make product only) ,000 22% Total (75K+350K+200K) ,000 69% Less: Ending Inventory ,000 9% Cost of Goods Sold (625K less 85K) ,000 60% Gross Profit (900K less 540K) ,000 40% Operating Expenses: Selling Expenses ,000 10% General and Administrative ,000 19% Total Expenses (90K + 170K) ,000 29% Operating Income (360K less 260K) ,000 11% Less: Interest Expense (on loans) ,000 2% Net Profit before taxes (100K less 20K) ,000 9% Less: All Income Taxes ,000 3% Net Profit (80K less 27K) ,000 6% Gross Profit This is your profit margin General & Administrative All other expenses used to run the company Net Profit Profit left after all expenses have been paid To get a more accurate picture of your financial performance, compare percentages instead of numbers. First, convert numbers from the Income Statement into percentages Next, compare these percentages from this period to those from the previous period Are the percentages increasing or decreasing? F O R E X A M P L E Gross Profit of \$360,000 Total Sales of \$900,000 = 40% If gross profit was 35% last year, it has increased by 5% U N D E R S T A N D I N G W H E R E Y O U S T A N D 7

9 Loan Principal Loan principal appears here but not in the Income Statement. If the loan was used for real estate, furniture, fixtures and equipment or machinery, that portion will be depreciated over time (as allowed by the IRS) on the Income Statement. Loan Payment Loan received a month before these projections. Purchases are paid, up to date. They are now taking advantage of 30-day payment terms. The Income Statement will record the purchases as an Accounts Payable but it won't be recorded here until paid. Jan Feb Mar April May June July Aug Sept Oct Nov Dec Total A. CashOn Hand (Beginning of month) 10,000 5,627 13,741 10,470 13,830 15,190 11,498 15,202 22,157 30,997 39,372 48,601 B. Cash Receipts 1. Cash Sales 2. Collections from Credit Accounts 32,813 75,000 76,250 81,250 85,000 85,750 88,500 90,000 88,750 84,250 81,500 78, Loan or Other Cash injection (specify) C. Total Cash Receipts (B1+B2+B3) 32,813 75,000 76,250 81,250 85,000 85,750 88,500 90,000 88,750 84,250 81,500 78,750 D. Total Cash Available (A+C, before cash paid) 42,813 80,627 89,991 91,720 98, ,940 99, , , , , ,351 E. Cash Paid Out: 1. Purchases (Merchandise) 0 30,000 42,500 42,500 44,000 45,000 45,000 42,500 41,000 40,000 37,500 37, , Gross Wages (excludes withdrawals) 10,758 10,758 11,364 11,970 11,970 12,334 12,576 12,576 11,970 11,606 11,364 10, , Payroll Expenses (Taxes, etc.) 1,076 1,076 1,136 1,197 1,197 1,233 1,258 1,258 1,197 1,161 1,136 1,076 14, Outside Services , Supplies (Office and operating) , Repairs and maintenance , Advertising 4,200 4,200 4,200 4,200 4,200 4,200 4,200 4,200 4,200 4,200 4,200 4,200 50, Car, Delivery and Travel 2,700 2,700 2,800 2,900 2,900 2,960 3,000 3,000 2,900 2,840 2,800 2,700 34, Professional Services (Accounting, legal, etc.) 1, , , , Rent 1,950 1,950 1,950 1,950 1,950 1,950 1,950 1,950 1,950 1,950 1,950 1,950 23, Telephone , Utilities , Insurance , Taxes (real estate, etc.) , Interest (on loans) , Other/Miscellaneous Expenses (specify) Subtotal 24,893 54,591 67,223 69,590 70,337 71,137 71,488 69,735 66,597 66,559 62,953 60, ,888 F. Other Operating Costs: 1. Loan Principal Payment , Capital Purchases (ex., Buy a computer) , , Other Start-up Costs Reserve and/or Escrow (ex., Pay \$100K loan) 10,000 10,000 10,000 5,000 10,000 10,000 10,000 10,000 10,000 5,000 5,000 5, , Owner s Withdrawal 2,000 2,000 2,000 3,000 3,000 3,000 3,000 3,000 3,000 4,000 4,000 4,000 36,000 G. Total Cash Paid Out (E17 + F1 through F5) 37,186 66,886 79,521 77,890 83,640 89,442 84,796 83,045 79,910 75,875 72,271 70,106 H. Cash Position (End of month, D minus G) 5,627 13,741 10,470 13,830 15,190 11,498 15,202 22,157 30,997 39,372 48,601 57,245 I. Essential Operating Data (Non-cash flow info) 1. Accounts Receivable (End of month) 117, , , , , , , , , , , , Bad Debt (End of month, if applicable) Inventory on Hand (End of month) 77,500 82,500 85,000 86,500 89,000 90,000 87,500 83,500 81,000 77,500 75,000 75, Accounts Payable (End of month) 71,000 83,500 83,500 85,000 86,000 86,000 83,500 82,000 81,000 78,500 78,500 78,500 Cash Position This company has a positive cash flow. Summary Good information to calculate U N D E R S T A N D I N G W H E R E Y O U S T A N D 9

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