Kevins_Kennels Page 100A - Kevin's Kennels Balance Sheet...

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Kevin's Kennels Balance Sheet December 31, 2008 Assets Liabilities Current Assets Current Liabilities Cash $71,900 Accounts Payable $35,000 Accounts Receivable 78,000 Wages Payable 6,000 Inventory 70,000 Taxes Payable 10,000 Prepaid Insurance 3,600 Rent Payable 8,000 Total Current Assets 223,500 Interest Payable 6,500 Current Maturities of Fixed Assets Long-Term Debt 20,000 Equipment 340,000 Total Current Liabilities 85,500 Less: Accumulated Depreciation (80,000) Long-Term Debt Subtotal 260,000 Note Payable 110,000 Land 120,000 Total Liabilities 195,500 Net Fixed Assets 380,000 Owners' Equity Other Assets Common Stock $300,000 Security Deposit 12,000 Retained Earnings 120,000 Total Owners' Equity 420,000 Total Assets $615,500 Total Liabilities and Owners' Equity $615,500
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Kevin's Kennels Statement of Owners' Equity For the Year Ended December 31, 2008 Common Stock Retained Earnings Totals Beginning Balance, 12/31/07 $160,000 $70,000 $230,000 Issuance of Stock 140,000 140,000 Net Earnings for the Year 63,000 63,000 Dividends Declared (13,000) (13,000) Ending Balance, 12/31/08 $300,000 $120,000 $420,000
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Kevin's Kennels Income Statement For the Year Ended December 31, 2008 Sales $1,200,000 Cost of Goods Sold 700,000 Gross Margin 500,000
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