HHH Appliance Assignment 1 - Budget(1) (2).xlsx - Owner Name Business Name Income Statement Fiscal Year Harry Holloway HHH Appliance Schedule C 2019

HHH Appliance Assignment 1 - Budget(1) (2).xlsx - Owner...

This preview shows page 1 - 3 out of 12 pages.

Owner Name Harry Holloway Business Name HHH Appliance Income Statement Schedule C Fiscal Year 2019 Item January February March April May June July August September October November December Total Year Sales Info Service Revenue $ 3,200.00 $ 3,200.00 $ 3,200.00 $ 3,200.00 $ 3,200.00 $ 3,200.00 $ 3,200.00 $ 3,200.00 $ 3,200.00 $ 3,200.00 $ 3,200.00 $ 3,200.00 38,400.00 Gross receipts 55,375.00 49,837.50 49,837.50 49,837.50 49,837.50 49,837.50 49,837.50 49,837.50 49,837.50 49,837.50 55,375.00 55,375.00 614,662.50 Returns & allowances - - - - - - - - - - - - - Net Sales $ 58,575.00 53,037.50 53,037.50 53,037.50 53,037.50 53,037.50 53,037.50 53,037.50 53,037.50 53,037.50 58,575.00 58,575.00 653,062.50 Cost of Goods Sold $ 31,700.00 28,530.00 28,530.00 28,530.00 28,530.00 28,530.00 28,530.00 28,530.00 28,530.00 28,530.00 $31,700.00 $31,700.00 351,870.00 COGS % 54.12% 53.79% 53.79% 53.79% 53.79% 53.79% 53.79% 53.79% 53.79% 53.79% 54.12% 54.12% 6.46 Gross profit 26,875.00 24,507.50 24,507.50 24,507.50 24,507.50 24,507.50 24,507.50 24,507.50 24,507.50 24,507.50 26,875.00 26,875.00 301,192.50 Gross Profit % 45.88% 46.21% 46.21% 46.21% 46.21% 46.21% 46.21% 46.21% 46.21% 46.21% 45.88% 45.88% 46.12% Enter business miles driven =============> 5 8 8 8 8 8 8 8 8 11 17 25 Mileage rate: 0.535 2.68 4.01 4.01 4.01 4.01 4.01 4.01 4.01 4.01 6.02 9.03 13.54 Indirect Expenses Expenses: Advertising 2,550.00 1,950.00 1,950.00 1,950.00 1,950.00 1,950.00 1,950.00 1,950.00 1,950.00 1,950.00 1,950.00 1,950.00 24,000.00 Car & truck expenses 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 3,000.00 Contract labor 320.00 320.00 Depreciation expense 96.21 96.21 96.21 96.21 96.21 96.21 96.21 96.21 96.21 96.21 96.21 96.21 1,154.50 Employee Benefits - - - - - - - - - - - - - Property and Casualty Insurance 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 3,600.00 Interest (Van) 46.67 46.01 45.36 44.70 44.04 43.37 42.70 42.02 41.34 40.66 39.97 39.28 516.13 Legal & professional 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 4,800.00 Office expense 525.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 4,925.00 Rent 1,205.00 1,205.00 1,205.00 1,205.00 1,205.00 1,205.00 1,205.00 1,205.00 1,205.00 1,205.00 1,205.00 1,205.00 14,460.00 Repairs & maintenance 200.00 200.00 200.00 200.00 200.00 200.00 200.00 200.00 200.00 200.00 200.00 200.00 2,400.00 Supplies (not materials) - 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 275.00 Taxes & licenses 250.00 - - - - - - - - - - - 250.00 Business/travel meals & entertainment - - - - - - - - - - - - - Deductible meals & entertainment (50%) - - - - - - - - - - - - - Utilities 795.00 795.00 795.00 795.00 795.00 795.00 795.00 795.00 795.00 795.00 795.00 795.00 9,540.00 Wages 2,240.00 2,240.00 2,240.00 2,240.00 2,240.00 2,240.00 2,240.00 2,240.00 2,240.00 2,240.00 2,240.00 2,240.00 26,880.00 Postage expense 25.00 - - - - - - - - - - - 25.00 Other (change caption if necessary) - - - - - - - - - - - - - Total expenses 9,202.88 7,907.22 7,906.57 7,905.91 7,905.24 7,904.58 7,903.91 7,903.23 7,902.55 7,901.87 7,901.18 7,900.49 96,145.63 Net income (loss) 17,672.13 16,600.28 16,600.93 16,601.59 16,602.26 16,602.92 16,603.59 16,604.27 16,604.95 16,605.63 18,973.82 18,974.51 205,046.87
Image of page 1

Subscribe to view the full document.

HHH Appliance Balance Sheet January 31, 2019 Assets January Current assets Cash $ 15,416.59 $ (0.00) Accounts receivable $ 640.00 Merchandise inventory $7,040.00 Supplies $ 2,000.00 Prepaid insurance $ 5,100.00 Prepaid rent $ 75,000.00 Total current assets $ 105,196.59 Fixed Assets (Property, Plant & Equipment) Point of sale cash register $ 2,200.00 Accumulated depreciation—cash register $ 36.67 $ 2,236.67 Furniture $ 5,000.00 Accumulated depreciation—Furniture $ 59.54 $ 5,059.54 Van $ 10,000.00 Accumulated depreciation—Van $ - $ 10,000.00 Total property, plant and equipment $ 17,296.21 Total assets $ 122,492.80 Liabilities Current liabilities Accounts payable $ 63,080.67
Image of page 2
Image of page 3
  • Summer '19
  • Parker

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask 0 bonus questions You can ask 0 questions (0 expire soon) You can ask 0 questions (will expire )
Answers in as fast as 15 minutes