Keiser's
Kustom
Skateboards
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Current Assets:
Cash: $10,000
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Accounts Receivable: $13,200
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Inventory: $2,751.96
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Total Current: $25,951.96
Fixed Assets:
Assets
Total Of All Assets: $29,809.78
Plant & Equipment: $1,408.80
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(less accumulated depreciation): $704.40
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Furniture & Fixtures: $3,939.28
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(less accumulated depreciation): $785.86
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Total Fixed: $3,857.82
My business is starting with $10,000 in the asset cash on hand. In the accounts receivable asset, I am bringing in about $13,200 every year for selling custom boards with grip tape. I have about $2,751.96 in the inventory asset with spray-paint, clear coat, utility knives, tape, decks, grip tape, and other equipment. The cost of my plants and equipment $1,408.80 for the sander, printer, computer and other tools that I need for my business or $704.40 for the less accumulated depreciation lasting about 2 years before having to renew. The cost of my furniture and fixtures is about $3,939.28 for a chair, table and other fixtures or $785.86 for the less accumulated depreciation lasting about 5 years before having to renew. The total cost of my assets for my business is $29,809.78.
Liabilities & Owners' Equity
Current Liabilities:
Accounts Payable: $3,835.25
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Taxes Payable: $4110.89
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Accrued Payroll: $20,288
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Total Current Liabilities: $28,174.14
Long-term Liabilities:
Other: $635.64
Total Long-term Liabilities: $635.64
My business liability Accounts payable is about $3,835.25 for supplies and reoccurring equipment expenses. The tax payable liability account is about $4,110.89. My accrued payroll liability account is about $20,288. My other long–term liabilities cost $635.64 for rent. My retained earnings is about $1,000. My business total liability and equity is $29,809.78.
Shareholders' Equity
Retained Earnings: $1,000
Total Shareholders' Equity: $1,000