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Cash

Accounts

Inventories

Equipment

Prepaid

=

Short-term

Interest

Wages Payable

Owners’ Equity

Description of Transaction

Receivable

Expenses

Loans

Payable

Jan. 2006

US$10,000.00

         

US$10,000.00

     

Loan (from 2 cousins, 6% annual interest rate)

 

US$1,000.00

               

US$1,000.00

Investment

Mar. 2006

(US$1,200.00)

     

US$1,200.00

         

Prepaid RENT

 

(US$3,300.00)

 

US$3,300.00

             

INVENTORY

 

(US$250.00)

   

US$250.00

           

Cash Register (refundable deposit)

 

(US$100.00)

 

US$100.00

             

store SUPPLIES

 

(US$150.00)

     

US$150.00

         

Prepaid ADVERTISING

 

(US$2,000.00)

   

US$2,000.00

           

Computer

Apr. 2 2006

       

(US$150.00)

       

(US$150.00)

“used” advertising

SUBTOTAL

US$4,000.00

US$0.00

US$3,400.00

US$2,250.00

US$1,200.00

 

US$10,000.00

US$0.00

US$0.00

US$850.00

Jan 1 - Mar 31 2006

TOTAL

US$10,850.00

         

TOTAL

US$10,850.00

     

May. 2006

(US$1,800.00)

   

US$1,800.00

           

Sewing Machine

 

US$7,400.00

US$320.00

             

US$7,720.00

Wedding Arrangements

 

(US$1,510.00)

             

US$90.00

(US$1,600.00)

Salary

 

(US$1,800.00)

               

(US$1,800.00)

RENT

 

(US$2,900.00)

 

US$2,900.00

             

INVENTORY

     

(US$2,100.00)

           

(US$2,100.00)

used inventory

     

(US$80.00)

           

(US$80.00)

used supplies

SUBTOTAL

US$3,390.00

US$320.00

US$4,120.00

US$4,050.00

US$1,200.00

 

US$10,000.00

US$0.00

US$90.00

US$2,990.00

Apr 1 - Jun 30 2006

TOTAL

US$13,080.00

         

TOTAL

US$13,080.00

     
               

US$300.00

 

(US$300.00)

Part of Loan

       

(US$60.00)

         

(US$60.00)

Depreciation (sewing machine)

       

(US$250.00)

         

(US$250.00)

Depreciation (computer)

SUBTOTAL

US$3,390.00

US$320.00

US$4,120.00

US$3,740.00

US$1,200.00

 

US$10,000.00

US$300.00

US$90.00

US$2,380.00

 

TOTAL

US$12,770.00

         

TOTAL

US$12,770.00

     

RIBBONS AN’ BOWS, INC. Income Statement As of June 30, 2006

Revenues Less Cost of Goods Sold

US$7,720.00

US$2,100.00

Gross Profit

US$5,620.00

Less Operating Expenses Supplies Salaries Rent Advertisement Less Depreciation and Amortization Depreciation of Computer Depreciation of Sewing Machine Other Expenses

US$80.00

US$1,600.00

US$1,800.00

US$150.00

US$250.00

US$60.00

Operating Profit

US$1,680.00

Interest Expense

US$300.00

Net Income

US$1,380.00

RIBBONS AN’ BOWS, INC. Balance Sheet As of June 30, 2006

Assets

Current Assets Cash Accounts Receivable Inventory Prepaid Expenses

US$3,390

US$320

US$4,120

US$1,200

Total Current Assets

US$9,030

Fixed Assets Property, Plant and Equipment Less Accumulated Depreciation

US$4,050

(US$310)

Total Net Fixed Assets

US$3,740

Total Assets

US$12,770

Liabilities and Owners’ Equity

Current Liabilities Short-term Loans Interest Payable Wages Payable

US$10,000.00

US$300.00

US$90.00

Total Liabilities

US$10,390.00

Owners’ Equity Carmen Diaz, capital Retained Earnings

US$1,000.00

US$1,380.00

Total Owners’ Equity

US$2,380.00

Total Liabilities and Owners’ Equity

US$12,770.00