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Prepared& GROVE
Financial StatementsLLC
For the Year Ended December 31, 2024
Prepared by a Certified Professional Accountant · QuickBooks Cleanup & Catch-Up Bookkeeping

PROFIT & LOSS STATEMENT

2024 2023

REVENUE

Product Sales $185,000 $162,000

Service Revenue $47,500 $39,000

Other Income $3,200 $2,800

TOTAL REVENUE $235,700 $203,800

COST OF GOODS SOLD

Inventory / Materials $82,000 $71,000

Direct Labor $24,000 $21,500

TOTAL COGS $106,000 $92,500

GROSS PROFIT $129,700 $111,300

OPERATING EXPENSES

Salaries & Wages $48,000 $43,000

Rent & Utilities $18,000 $16,800

Marketing & Advertising $9,500 $8,200

Software & Subscriptions $4,200 $3,800

Professional Fees $6,000 $5,500

Depreciation $3,800 $3,500

Other Expenses $2,100 $1,900

TOTAL OPERATING EXPENSES $91,600 $82,700

NET INCOME $38,100 $28,600

Net Income Margin: 16.2% | YoY Revenue Growth: 15.7%

Dec 31, 2024 Dec 31, 2023

ASSETS

Current Assets

Cash & Cash Equivalents $52,400 $38,700

Accounts Receivable $28,600 $24,100

Inventory $19,800 $17,500

Prepaid Expenses $4,200 $3,600

Total Current Assets $105,000 $83,900

Non-Current Assets

Property & Equipment $86,000 $86,000

Less: Accumulated Depreciation $-22,400 $-18,600

Net Fixed Assets $63,600 $67,400

TOTAL ASSETS $168,600 $151,300

LIABILITIES & EQUITY

Current Liabilities

Accounts Payable $18,400 $16,200

Short-Term Loans $12,000 $15,000

Accrued Expenses $5,800 $4,900

Total Current Liabilities $36,200 $36,100

Long-Term Liabilities

Long-Term Debt $42,000 $51,000

Total Long-Term Liabilities $42,000 $51,000

Owner's Equity

Paid-In Capital $52,500 $52,500

Retained Earnings $38,100 $28,600

Less: Owner's Drawings $-200 $-16,900

Total Owner's Equity $90,400 $64,200

TOTAL LIABILITIES & EQUITY $168,600 $151,300

Current Ratio: 2.90 | Debt-to-Equity: 0.86 | Working Capital: $68,800

2024 2023

OPERATING ACTIVITIES

Net Income $38,100 $28,600

Add: Depreciation $3,800 $3,500

(Increase) in Accounts Receivable $-4,500 $-3,200

(Increase) in Inventory $-2,300 $-1,800

Increase in Accounts Payable $2,200 $1,900

Increase in Accrued Expenses $900 $700

Net Cash from Operating Activities $38,200 $29,700

INVESTING ACTIVITIES

Purchase of Equipment $0 $-12,000

Proceeds from Asset Sale $0 $4,500

Net Cash from Investing Activities $0 $-7,500

FINANCING ACTIVITIES

Repayment of Long-Term Debt $-9,000 $-9,000

Repayment of Short-Term Loan $-3,000 $-2,500

Owner's Drawings $-200 $-16,900

Net Cash from Financing Activities $-12,200 $-28,400

NET INCREASE IN CASH $26,000 $-6,200

Cash at Beginning of Year $38,700 $44,900

CASH AT END OF YEAR $52,400 $38,700

Free Cash Flow: $38,200 | Operating Cash Flow Margin: 16.2%

These financial statements were prepared by a Certified Professional Accountant using QuickBooks Online. This is a sample portfolio
document. All figures represent a fictional company for illustrative purposes only.