2. Balance Sheet
Gemstar Productions, Inc
BALANCE SHEET
As of March 31, 2019
TOTAL
ASSETS
Current Assets
Bank Accounts
Cash 50,700.00
Total Bank Accounts $50,700.00
Accounts Receivable
Accounts Receivable (A/R) 0.00
Total Accounts Receivable $0.00
Other Current Assets
Deposit at Vendor 500.00
Supplies Inventory 1,333.33
Total Other Current Assets $1,833.33
Total Current Assets $52,533.33
Fixed Assets
Accumalated Depreciation -296.88
Vehicles 14,250.00
Total Fixed Assets $13,953.12
TOTAL ASSETS $66,486.45
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts Payable
Accounts Payable (A/P) 1,420.00
Total Accounts Payable $1,420.00
Other Current Liabilities
Interest Payable 233.33
Loan Payable 40,000.00
Total Other Current Liabilities $40,233.33
Total Current Liabilities $41,653.33
Total Liabilities $41,653.33
Equity
Common Stock 20,000.00
Retained Earnings
Net Income 4,833.12
Total Equity $24,833.12
TOTAL LIABILITIES AND EQUITY $66,486.45
Current Ratio= 1.26
Working Capital = 10,880
Debt to assets: .63
Return on assets: 0.07
Return on equity: 0.24
3. Profit and Loss
Gemstar Productions, Inc
BUDGET VS. ACTUALS: MARCH - FY19 P&L
March 2019
MAR 2019 TOTAL
ACTUAL BUDGET OVER
BUDGET
% OF
BUDGET
ACTUAL BUDGET OVER
BUDGET
% OF
BUDGET
Income
Event Revenue 3,400.00 -3,400.00 $0.00 $3,400.00 $ -3,400.00 0.00%
Sales 11,400.00 7,500.00 3,900.00 152.00 % $11,400.00 $7,500.00 $3,900.00 152.00 %
Uncategorized Income 1,000.00 -1,000.00 $0.00 $1,000.00 $ -1,000.00 0.00%
Total Income $11,400.00 $11,900.00 $ -500.00 95.80 % $11,400.00 $11,900.00 $ -500.00 95.80 %
Cost of Goods Sold
Cost of Goods Sold 2,500.00 -2,500.00 $0.00 $2,500.00 $ -2,500.00 0.00%
Total Cost of Goods Sold $0.00 $2,500.00 $ -2,500.00 0.00% $0.00 $2,500.00 $ -2,500.00 0.00%
GROSS PROFIT $11,400.00 $9,400.00 $2,000.00 121.28 % $11,400.00 $9,400.00 $2,000.00 121.28 %
Expenses
Depreciation 296.88 100.00 196.88 296.88 % $296.88 $100.00 $196.88 296.88 %
Equipment Rental 750.00 250.00 500.00 300.00 % $750.00 $250.00 $500.00 300.00 %
Insurance Expense 1,200.00 400.00 800.00 300.00 % $1,200.00 $400.00 $800.00 300.00 %
Interest Expense 233.33 50.00 183.33 466.66 % $233.33 $50.00 $183.33 466.66 %
Office Supplies 666.67 300.00 366.67 222.22 % $666.67 $300.00 $366.67 222.22 %
Payroll 3,200.00 4,000.00 -800.00 80.00 % $3,200.00 $4,000.00 $ -800.00 80.00 %
Purchases 350.00 -350.00 $0.00 $350.00 $ -350.00 0.00%
Unapplied Cash Bill Payment
Expense
50.00 -50.00 $0.00 $50.00 $ -50.00 0.00%
Uncategorized Expense 25.00 -25.00 $0.00 $25.00 $ -25.00 0.00%
Utilities 220.00 800.00 -580.00 27.50 % $220.00 $800.00 $ -580.00 27.50 %
Total Expenses $6,566.88 $6,325.00 $241.88 103.82 % $6,566.88 $6,325.00 $241.88 103.82 %
NET OPERATING INCOME $4,833.12 $3,075.00 $1,758.12 157.17 % $4,833.12 $3,075.00 $1,758.12 157.17 %
NET INCOME $4,833.12 $3,075.00 $1,758.12 157.17 % $4,833.12 $3,075.00 $1,758.12 157.17 %
4. Cash Flow
Gemstar Productions, Inc
STATEMENT OF CASH FLOWS
March 2019
TOTAL
OPERATING ACTIVITIES
Net Income 4,833.12
Adjustments to reconcile Net Income to Net
Cash provided by operations:
Accounts Receivable (A/R) 0.00
Deposit at Vendor -500.00
Supplies Inventory -1,333.33
Accumalated Depreciation 296.88
Vehicles -14,250.00
Accounts Payable (A/P) 1,420.00
Interest Payable 233.33
Loan Payable 40,000.00
Total Adjustments to reconcile Net Income to
Net Cash provided by operations:
25,866.88
Net cash provided by operating activities $30,700.00
FINANCING ACTIVITIES
Common Stock 20,000.00
Net cash provided by financing activities $20,000.00
NET CASH INCREASE FOR PERIOD $50,700.00
CASH AT END OF PERIOD $50,700.00
6. Key Terms & Concepts
Accounts - category in which is being put in on report
Balance Sheet - financial statement that reports all numbers
Cost of good sold - expenses it takes to create product or
service
Equity - assets subtracted by liabilities
Liability - any debt that has incurred
Net income - dollar amount earned in profits
Asset - anything that holds monetary value
7. References
Anamariahopartean. (2019, March 07). 30
Easy-to-learn English Terms for Accounting.
Retrieved from https://www.fluentu.com/
blog/business-english/english-for-accounting/
Internal Controls. (n.d.). Retrieved from
https://finance.uw.edu/fr/internal-controls
