1
SMITH STEELE CONSULTING
Balance Sheet
August 31, 2011
Assets
Current assets:
Cash................................. $
Accounts receivable.......
Supplies...........................
Salaries payable..............
Prepaid insurance..........
Total current assets…$
Property, plant, and
equipment:......................
Office equipment............ $
47,720
Less accum. depr............
Total Property, plant,
and equipment.............
Total assets.......................$
52,170 21,300
3,800
875
150
1,670
27,795
21,250 Liabilities
Current liabilities:
Accounts payable........ $ 1,250
Prepaid rent................. 2,050
Unearned fees.............. 1,150
Total liabilities..........…$ 4,450 Owner’s Equity
Sheila Shaw, capital....... 675
20,575
48,370 Total liabilities and
owner’s equity............. $ 2
SMITH STEELE CONSULTING
Income Statement
For the Month Ended August 31, 2011
Fees earned....................................................................................
24,325
Expenses:
Salary expense.......................................................................
Rent expense..........................................................................
Supplies expense....................................................................
Insurance expense.................................................................
Miscellaneous expense..........................................................
Interest expense.....................................................................
Bad Debt expense..................................................................
Repairs and Maintenance.....................................................
Utilities expense.....................................................................
Payroll Tax expense...............................................................
Office expense........................................................................
Total expenses....................................................................
6,930
Net income.....................................................................................
17,395 $
$1,550
1,200
1,250
1,000
715
65
150
200
150
125
525 $ 3
SMITH STEELE CONSULTING
Statement of Owner’s Equity
For the Month Ended August 31, 2011
Sheila Shaw, capital, August 1, 2007...........................................
Additional investments during the month..................................
36,000
Total................................................................................................
36,000
Net income for the month.............................................................
Less withdrawals...........................................................................
Increase in owner’s equity............................................................
12,395
Sheila Shaw, capital, August 31, 2007.........................................
48,395 $
$
$ 17,395
5,000
$ 4
SMITH STEELE CONSULTING
Statement of Cash Flows
For the Month Ended August 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income for the month:....................................................
Adjustment for depreciation.......................................
Cash provided by operating activities.................................
(Increase) in working capital items
Accounts receivable..........................................................
Supplies..............................................................................
Prepaid expenses...............................................................
Accounts payable..............................................................
Salaries payable.................................................................
Unearned fees....................................................................
Cash flows from operating activities...........................................
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of office equipment...........................................
Cash flows from investing activities............................................
$(21,250) $17,395
675
18,070
(3,800)
(875)
3,720
1,250
150
1,150
$18,990 (21,250) CASH FLOWS FROM FINANCING ACTIVITIES:
Advances from shareholder (net of withdrawals)..............
Cash flows from financing activities........................................... 31,000
$31,000 Net increase in cash....................................................................... $28,740 CASH-BEGINNING OF PERIOD..............................................
CASH-END OF PERIOD............................................................. $21,300

 

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Status NEW Posted 01 Jun 2017 04:06 AM My Price 20.00

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