PDID 92010064

Name Varun Kumar

FSET Template of Cool Breeze Inc for the period of 1st Jan 2012 to December 31, 2012

Balance Sheet
Transactions
Cash Asset + Non Cash Asset Contra =
Issuance of Common Stock 100,000
Issuance of debt (Notes Payable) 40,000

Sale/Revenue/Account Receivables 181,000 36,000

Cash collacted for sale is 181,000 excluding Gift
Cards which are recorded in next line.

Sale of Gift cards & Adjustment of redeemed

gift cards 15,000
(Revenue earned via Gifts card is 15000-7000 ,
remaining is Unearned revenue from Gift
cards)

COGS/Inventory/Accounts Payable
COGS = Opening Bal +Purchases-Closing -37,600 5,000
Balance (0+80,000-5000)

Wages & Wages Payable

(Wages for the year is 26400 out of which -20,000
20,000 is paid and 6400 is payable at the end
of the year)

Advertising (Prepaid Expenses)

(From Feb to Dec, charges for 11 months in this
year which remaining 1 month will carry fwd as -6,000 500
Prepaid Exp for advertising)

Equipment -91,200 91,200

Depreciation
(since the life of equipment is 8 years, it is -11,400
assumed that it will be depreciated over the
lifetime without salvage value)

Rent Expenses (Prepaid Rent Exp)

-15,000 3,000
Rent is paid every 5 months and 15000 paid
during the year. Which means 3 months rent is
paid in advance)
Utilities Expenses (Accrued Exp)
(Since utility exps are paid in next month, dec -5,500
2012 expenses will be paid in Jan 2013 but exp
will be recognised in 2012)
Interest on Notes payable @5% per year -2,000
Tax @ 35% -30,345

128,355 135,700 -11,400

Balance Sheet Income Statement
Liabilities + Contributed Capital + Earned Capital Revenue - Expenses = Net Income
100,000
40,000

217,000 217,000 217,000

7,000 8,000 8,000 8,000

42,400 -75,000 75,000 -75,000

6,400 -26,400 26,400 -26,400

-5,500 5,500 -5,500

-11,400 11,400 -11,400

-12,000 12,000 -12,000

 500 -6,000 6,000 -6,000

-2,000 2,000 -2,000

-30,345 30,345 -30,345

96,300 100,000 56,355 225,000 168,645 56,355

 500
5500
Income Statement of Cool Breeze Inc for the Period of 1st Jan 2012 to December 31, 2012

Revenue 225,000
Cost of Goods Sold -75,000
Gross Profit 150,000

Operating Expenses
Rent 12,000
Wages 26,400
Advertising 5,500
Utilities 6,000
Depreciation 11,400 -61,300

Operating Profit 88,700

Interest Exp -2,000

Profit Before Tax 86,700

Tax @ 35% -30,345

Net Income 56,355

 Balance Sheet of Cool Breeze Inc at December 31, 2012

Assets Amount Liabilities & Equity

Cash 128,355 Accounts Payable
Inventory 5,000 Wages Payable
Accounts Receivable 36,000 Accrued Expenses (Utility Exp)
Prepaid Advertising Exp 500 Unearned Gift Cards
Prepaid Rent 3,000

Total current Assets 172,855 Total current Liabilities

Equipment 91,200 Notes Payable

Accu Dep -11,400 79,800 Total Liabilities
Equity
Common Stock
Retained Earnings

Total Equity

Total Assets 252,655 Total Liabilities and Equity

0.00
Amount
42,400
6,400
500
7,000

56,300

40,000
96,300

100,000
56,355

156,355

252,655