Accounting: Financial Statement Analysis

Anne’s Beauty Salon, Inc

Income Statement

For the Year 20XX

Sales (Revenue)

$125,000.00

Cost of Goods Sold

25,000.00

Gross Profit

100,000.00

Payroll Expense

67,500.00

Sales, General, Administrative Expense

5,000.00

Rent Expense

1,400.00

Utilities Expense

1,670.00

Insurance Expense

500.00

Depreciation Expense

2,500.00

Total Operating Expense

78,570.00

Total Operating Income

21,430.00

Income Taxes

6,430.00

Net Income

$15,000.00

Anne’s Beauty Salon, Inc

Statement of Retained Earnings

For the Month Ending December 31, 20XX

Retained Earnings, December 1

$5,000.00

Add: Net Income

15,000.00

Subtract: Dividends

(2,402.50)

Retained Earnings, December 31

$17,597.50

Anne’s Beauty Salon, Inc

Balance Sheet

At December 31, 20XX

Assets

Liabilities

Current Assets

Current Liabilities

Cash

$949.50

Accounts Payable

$5,000.00

Accounts Receivable

11,948.00

Unearned Revenue

200.00

Supplies

20,500.00

Total Current Liabilities

5,200.00

Prepaid Rent

8,400.00

Prepaid Insurance

6,000.00

Total Current Assets

47,797.50

Note Payable

15,000.00

Equipment

$25,000.00

Total Liabilities

20,200.00

Less: Accumulated

Stockholders’ Equity

Depreciation

(5,000.00)

20,000.00

Common Stock

30,000.00

Total Long-Term Assets

Retained Earnings

17,597.50

Total Assets

$67,797.50

Total Liabilities and

$67,797.50

Stockholders’ Equity

Term 2 Unit 2 Discussions

Unit 2 DB: What makes the brain “tick”? (PSY101 Fundamentals of Psychology)

For this discussion, answer the following questions:

· What are three (3) facts you learned about the brain that you didn’t know before? Please be sure to provide examples.

· Why do you personally think that learning more about the brain is helpful in studying psychology? Please be sure to provide examples.

· If you could choose any nervous system disorder to study, which disorder would you choose, and why? Look up three (3) facts about your chosen disorder to share with your classmates.

Unit 2: Themes in artworks (ARTS1101 Art Appreciation)
What themes do we find in Jacob Lawrence’s artwork? Why is a series a more appropriate method of delivering his themes?

Unit 2 DB: Visit The IRS (ACC330 Federal Income Taxes)

The ability to research tax matters is a crucial skill for any tax professional, and even for DIY taxpayers. Visit the IRS website at www.irs.gov. Review the site and report back on your thoughts as to it’s useability to the taxpayer and tax professional. Report on something you discovered on the site. Something interesting or unexpected.

Unit 2.1 DB: Gender Identity (PSY101 Introduction to Psychology)

Discuss gender identity and how society has evolved over the past decade in their interpretations. Within this discussion be sure to include how sex/gender differ and societal responses to this expanding understanding of gender. How might this understanding of gender cause conflict with current social institutions or practices?

You must support your response with scholarly sources in APA format. Simply stating your opinion is not enough, back up your opinion with citations. Refer to the DB Grading Rubric for more details.

Unit 2.2 DB: Social Media (PSY101 Introduction to Psychology)

Discuss the cultural changes in regard to social media and the growing online technology that has significantly lowered face to face/ human interactions with new generations. Do the technological benefits outweigh its effects on socialization?

You must support your response with scholarly sources in APA format. Simply stating your opinion is not enough, back up your opinion with citations. Refer to the DB Grading Rubric for more details.

Unit 2 Discussion (ACC150 – Accounting Essentials)

Anne Marie, the owner of Anne’s Beauty Salon continues to ask you questions about her financial statements:

1. What does net income mean on the income statement?

2. The income statement says that I made $15,000 net income, but I only have 949.50 cash. I don’t understand why I have so much net income and so little cash.

3. I did several haircuts during the last week of the year and sent bills to all the customers? When is that counted?

4. In December I was paid $200 in advance for some hair coloring I will do in January next year. My accountant tells me that’s a liability. That does not make sense.

Please respond in your own words to each of these questions? See: Anne Fin Statements.docx