New Horizons Balance Sheet as at December 31, 1997
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1 Balance Sheet as at December 31, 1997 CURRENT ASSETS: Cash $152,350 Accounts Receivable 74,000 Office Supplies 800 Total Current Assets $227,150 CAPITAL ASSETS: Office Furniture $5,000 Less: Accumulated Dep 500 $4,500 Office Equipment & Software 41,400 Less: Accumulated Dep 10,350 31,050 Total Capital Assets 35,550 Total Assets $262,700 LIABILITIES AND SHAREHOLDER'S EQUITY CURRENT LIABILITIES: Accounts Payable $1,500 Current Portion of Loan Payable 1,000 Unearned Revenue 10,000 Total Current Liabilities $12,500 LONG TERM LIABILITIES Loan Payable 38,000 Total Long Term Liabilities 38,000 Total Liabilities $50,500 SHAREHOLDER'S EQUITY Capital Stock $250,000 Retained Earnings (37,800) Total ShareHolder's Equity 212,200 Total Liabilities and Shareholder's Equity $262,270
2 Income Statement for the year ended December 31, 1997 Sales $174,000 Expenses: Dep Expense - Office $500 Dep Expense - Equipment 10,350 Administrative Salaries Expense 190,000 Advertising Expense 2,000 Interest Expense 3,000 Rent Expenses 1,000 Telephone Expense 100 Heat, Light and Water 200 Insurance 3,000 Office Supplies Expense 1,650 Total Expenses 211,800 Net Loss (37,800) New Horizons Statement of Retained Earnings For the year ended Dec 31, 1997 Retained Earnings Jan 1, 1997 $0.00 Add: Net Loss (37,800) Retained Earnings Dec 31, 1997 ($37,800)
3 Statement of Changes in Financial Position for the Year Ended December 31, 1997 Operating Cash Flow: Net Loss ($37,800) Net Working Capital for 1997 (62,300) Depreciation 10,850 Net Operating Cash Flow ($89250) Cash Flow from Capital Spending: Acquisitions of long-term assets (46,400) Net Cash Flow from Capital Spending (46,400) Cash Flows from Financing Activities: New Non-Current Borrowing $50,000 Re-payment of Non-Current Borrowing (12,000) Capital Contributions 250,000 Net Cash Flows from Financing Activities 288,000 Net Change in Cash and Cash Equivalents 152,350 Cash and Cash Equivalents Dec 31, 1997 $152,350 Cash and Cash Equivalents Jan 1, Net Change in Cash and Cash Equivalents $152,350
4 Balance Sheet as at December 31, 1998 CURRENT ASSETS: Cash $175,350 Accounts Receivable 172,850 Office Supplies 3,500 Total Current Assets 351,700 CAPITAL ASSETS: Office Furniture $5,000 Less: Accumulated Dep 1,000 $4,000 Office Equipment & Software 41,400 Less: Accumulated Dep 20,700 20,700 Total Capital Assets 24,700 Total Assets $376,400 LIABILITIES AND SHAREHOLDER'S EQUITY CURRENT LIABILITIES: Accounts Payable $1,000 Current Portion of Loan Payable 1,000 Unearned Revenue 4,350 Total Current Liabilities $6,350 LONG TERM LIABILITIES Loan Payable 26,000 Total Long Term Liabilities 26,000 Total Liabilities $32,350 SHAREHOLDER'S EQUITY Capital Stock $250,000 Retained Earnings 94,050 Total ShareHolder's Equity 344,050 Total Liabilities and Shareholder's Equity $376,400
5 Income Statement for the year ended December 31, 1998 Sales $391,500 Expenses: Dep Expense - Office $500 Dep Expense - Equipment 10,350 Administrative Salaries Expense 155,000 Advertising Expense 10,000 Interest Expense 3,000 Rent Expenses 1,000 Telephone Expense 100 Heat, Light and Water 200 Insurance 3,000 Office Supplies Expense 1,500 Total Expenses 184,650 Net Income $206,850 New Horizons Statement of Retained Earnings For the year ended Dec 31, 1998 Retained Earnings Jan 1, 1998 ($37,800) Add: Net Income 206,850 Drawings (75,000) Retained Earnings Dec 31, 1998 $94,050
6 Statement of Changes in Financial Position for the Year Ended December 31, 1998 Operating Cash Flow: Net Income $206,850 Net Working Capital for 1997 (107,700) Depreciation 10,850 Net Operating Cash Flow $110,000 Cash Flow from Capital Spending: Acquisitions of long-term assets 0.00 Net Cash Flow from Capital Spending 0.00 Cash Flows from Financing Activities: Re-payment of Non-Current Borrowing (12,000) Drawings (75,000) Net Cash Flows from Financing Activities (87,000) Net Change in Cash and Cash Equivalents $23,000 Cash and Cash Equivalents Dec 31, 1998 $175,350 Cash and Cash Equivalents Jan 1, ,350 Net Change in Cash and Cash Equivalents $23,000
7 Balance Sheet as at December 31, 1999 CURRENT ASSETS: Cash $145,000 Accounts Receivable 331,240 Office Supplies 3,500 Total Current Assets 479,740 CAPITAL ASSETS: Office Furniture $25,000 Less: Accumulated Dep 3,500 $21,500 Office Equipment & Software 41,400 Less: Accumulated Dep 31,050 10,350 Total Capital Assets 31,850 Total Assets $511,590 LIABILITIES AND SHAREHOLDER'S EQUITY CURRENT LIABILITIES: Accounts Payable $2,250 Current Portion of Loan Payable 1,000 Lease Payable 4,000 Salaries Payable 12,000 Unearned Revenue 8,000 Total Current Liabilities $27,250 LONG TERM LIABILITIES Loan Payable 14,000 Total Long Term Liabilities 14,000 Total Liabilities $41,250 SHAREHOLDER'S EQUITY Capital Stock $250,000 Retained Earnings 220,340 Total ShareHolder's Equity 470,340 Total Liabilities and Shareholder's Equity $511,590
8 Income Statement for the year ended December 31, 1999 Sales $627,840 Expenses: Dep Expense - Office $500 Dep Expense - Equipment 13,850 Administrative Salaries Expense 325,000 Advertising Expense 37,000 Interest Expense 3,000 Rent Expenses 15,000 Telephone Expense 200 Heat, Light and Water 500 Insurance 4,500 Office Supplies Expense 2,000 Total Expenses 401,550 Net Income $226,290 New Horizons Statement of Retained Earnings For the year ended Dec 31, 1999 Retained Earnings Jan 1, 1999 $94,050 Add: Net Income 226,290 Drawings (100,000) Retained Earnings Dec 31, 1999 $220,340
9 Statement of Changes in Financial Position for the Year Ended December 31, 1999 Operating Cash Flow: Net Income $226,290 Net Working Capital for 1997 (138,490) Depreciation 13,850 Net Operating Cash Flow $101,650 Cash Flow from Capital Spending: Acquisitions of long-term assets (20,000) Net Cash Flow from Capital Spending (20,000) Cash Flows from Financing Activities: Re-payment of Non-Current Borrowing (12,000) Drawings (100,000) Net Cash Flows from Financing Activities (112,000) Net Change in Cash and Cash Equivalents ($30,350) Cash and Cash Equivalents Dec 31, 1999 $145,000 Cash and Cash Equivalents Jan 1, ,350 Net Change in Cash and Cash Equivalents ($30,350)
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