Diamond Gem Cleaning and Maintenance Service

Balance Sheet
Year Ended December 31, 20XX
Polly's Pet Products

Balance Sheet as of December 31, 2018

ASSETS

CURRENT ASSETS

Cash
Accounts receivable 50,000
Other assets 25,000

Total current assets

LONG TERM ASSETS

Fixed Assets 75,000

TOTAL ASSETS

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

Accounts payable 75,000

Accrued expenses
Income tax payable 5,000
Current portion of notes payable 12,000
Deferred income taxes 1,500

Total current liabilities 123,500

LONG TERM LIABILITIES

Notes payable (long term)

TOTAL LIABILITIES 161,500

STOCKHOLDERS' EQUITY

Common stock 5,000

Additional paid-in capital 15,000

Retained Earnings

Total stockholders' equity

 Diamond Gem Cleaning and Maintenance Service
Balance Sheet
Year Ended December 31, 20XX

TOTAL LIABILITIES AND STOCKHOLDERS EQUITY

 Diamond Gem Cleaning and Maintenance Service
Statement of Income and Retained Earnings
Year Ended December 31, 20XX
Polly's Pet Products

Income Statement as of December 31, 2018

Revenues 650,000

Operating Costs

Gross Profit 205,000

General and Administrative Expenses 75,000

Operating Income

Other Expense 60,000

Income Before Provision for Income Taxes

Provision for Income Taxes 5,000

Net Income

Retained Earnings, Beginning Balance 103,500

Net Income

Retained Earnings, Ending Balance

Polly's Pet Products

Statement of Cash Flows as of December 31, 2018

Cash Flows from Operating Activities

Cash received from customers 600,000
Cash paid out to suppliers and employees
Interest paid (5,000)
Taxes paid (10,000)
Net cash provided by operating activities 185,000

Cash Flows from Investing Activities

Purchase of fixed assets (25,000)
Net cash used in investing activities (25,000)

Cash Flows from Financing Activities

New loans 50,000
Repayments on loans (45,000)
Issuance of common shares of stock 5,000
Net cash provided by financing activities

Net change in Cash

Cash balance, beginning of year 30,000

Cash balance, end of year