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Wedding R Us Financial Overview 2014

The statement of comprehensive income for Wedding R US for May 31, 2014 shows total revenues of $71,700 from consulting and referral revenues with total expenses of $36,700 resulting in net income of $35,000. The statement of changes in equity shows owner Diaz's initial capital of $250,000 with additional net income of $35,000 less withdrawals of $14,000 for an ending capital balance of $271,000. The statement of financial position lists total assets of $546,700 including current assets of $71,700 and non-current assets of $475,000 with total liabilities of $275,700 and owner's equity of $271,000.

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Kaye Villaflor
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27 views2 pages

Wedding R Us Financial Overview 2014

The statement of comprehensive income for Wedding R US for May 31, 2014 shows total revenues of $71,700 from consulting and referral revenues with total expenses of $36,700 resulting in net income of $35,000. The statement of changes in equity shows owner Diaz's initial capital of $250,000 with additional net income of $35,000 less withdrawals of $14,000 for an ending capital balance of $271,000. The statement of financial position lists total assets of $546,700 including current assets of $71,700 and non-current assets of $475,000 with total liabilities of $275,700 and owner's equity of $271,000.

Uploaded by

Kaye Villaflor
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

WEDDING R US

STATEMENT OF COMPREHENSIVE INCOME


May 31, 2014

REVENUES
CONSULTING REVENUES 67,700.00
REFERRAL REVENUES 4,000.00
Total Revenues 71,700.00

EXPENSES
SALARIES EXP 15,600.00
SUPPLIES EXP 3,000.00
RENT EXP 4,000.00
INSURANCE EXP 1,200.00
UTILITIES EXP 4,400.00
DEP EXP - SV 4,000.00
DEP EXP - OE 1,000.00
MISC EXP -
INT EXP 3,500.00
Total Expenses 36,700.00
Net Income (Loss) 35,000.00

WEDDING R US
STATEMENT OF CHANGES IN EQUITY
May 31, 2014

Diaz, Capital, May 1, 2014 250,000.00


Add:
Additional Investments -
Net Income 35,000.00
285,000.00
Less:
Diaz, Withdrawals (14,000.00)
Diaz, Capital, May 31, 2014 271,000.00
WEDDING R US
STATEMENT OF FINANCIAL POSITION
May 31, 2014

ASSETS
Current Assets
Cash 22,200.00
Accounts Receivable 17,300.00
Supplies 15,000.00
Prepaid Rent 4,000.00
Prepaid Insurance 13,200.00
Total Current Assets 71,700.00
Non Current Assets
Service Vehicle 420,000.00
Accu. Dep.: SV (4,000.00)
Office Equipment 60,000.00
[Link].: OE (1,000.00)
Total Non-Current Assets 475,000.00
TOTAL ASSETS 546,700.00

LIABILITIES AND EQUITY


Notes Payable 210,000.00
Accounts Payable 53,000.00
Salaries Payable 1,800.00
Utilities Payable 1,400.00
Interest Payable 3,500.00
Uneared Referral Revenues 6,000.00
Total Liabilities 275,700.00

Diaz, Capital 271,000.00


Total Liabilities and Equity 546,700.00

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