Basic Financials 101

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Tom Shay's presentation on understanding the various parts of a profit and loss statement, balance sheet and key metrics of retailing. www.profitsplus.org

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Basic Financials 101

  1. 1. www.profitsplus.org Presented by Tom Shay of Profits Plus Solutions 727-464-2182 tomshay@profitsplus.org
  2. 2. Income Statement Cash Sales 62,000 Cost of Goods Sold 39,370 Gross Profit 22,630 Gross Profit Percentage 36.5% Operating Expenses: Wages 12,000 Payroll Taxes 960 Property Taxes - Rent 8,000 Telephone & Utilities 2,400 Repairs 150 Advertising 1,575 Accounting & Legal 200 Automobile 140 Bank Charges 210 Computer Operations 175 Dues & Subscriptions 300 Insurance - General & Workman's Compensation 800 Licenses & Taxes (not sales tax) 100 Office & Store Supplies 300 Outside Services 250 Travel 1,000 Total Operating Expenses 28,560 Operating Income (5,930) Other Income and Expenses: Miscellaneous Income - Interest Income 265 Interest Expense - Net Income Before Taxes (5,665) Federal Income Tax - Net Income (Loss) (5,665)www.profitsplus.org
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  13. 13. 12/31 ASSETS Current Assets: Cash on hand $1,500.00 Checking Account $17,500.00 Savings Account $3,050.00 Accounts Receivable $14,215.87 Bank Card Receivable $1,340.34 Inventory $275,654.23 Total Current Assets: $313,260.44 Investments: Cooperative Stock $23,125.46 Cooperative Notes $12,597.47 Total Investments: $35,722.93 Long Term Assets: Property and Equipment: Fixtures and Equipment $126,245.11 Building $325,465.88 Total Property and Equipment: $451,710.99 Accumulated Depreciation: $207,950.25 Total Net Property and Equipment: $117,515.63 Other Assets: Utility Deposits $1,700.00 Total Other Assets: $1,700.00 Total Assets: $468,199.00 LIABILITIES AND EQUITY Current Liabilities: Accounts Payable $47,850.00 Building mortage - current $24,000.00 Note payable - current $45,000.00 Long Term Liabilites: Building mortgage $62,000.00 Note payable $84,000.00 Total Liabilities: $262,850.00 Stockholders' Equity Capital Stock $65,000.00 Retained Earnings $114,664.00 Current Income $25,685.00 Total Stockholders' Equity $205,349.00 Total Liabilities and Equity $468,199.00 www.profitsplus.org
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  20. 20.  Adding up the profits  Contributed capital  + Current income  + Retained Earnings  Stockholder equity www.profitsplus.org
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