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Financial Statements

Create basic financial statements, including a balance sheet and income statement.
JH
Justin Hales
General Ledger
Period
Account
Account Group
Value
% of Revenue
Accounts Payable (A/P)
Current Liabilities
​
0.0%
Cash
Current Assets
​
0.0%
Accounts Receivable (A/R)
Current Assets
​
0.0%
Allowance for doubtful accounts
Current Assets
​
0.0%
Prepaid expenses
Current Assets
​
0.0%
Credit Card
Current Liabilities
​
0.0%
Inventory
Current Assets
​
0.0%
Other Current Asset
Current Assets
​
0.0%
Fixed Asset
Long-Term Assets
​
0.0%
Other Asset
Long-Term Assets
​
0.0%
Long Term Liability
Long-Term Liability
​
0.0%
Current Liability
Current Liabilities
​
0.0%
Equity
Stockholders Equity
​
0.0%
Revenue
Income
$2,100,000
100.0%
COGS
COGS
​
0.0%
Gross Margin
Gross Margin
​
0.0%
Salaries & Wages
Operating Expenses
​
0.0%
Rent & Utilities
Operating Expenses
​
0.0%
Office Supplies
Operating Expenses
​
0.0%
Advertising
Operating Expenses
​
0.0%
Depreciation & Amort.
Operating Expenses
​
0.0%
Operating Income
Operating Income
​
0.0%
Interest Expense
Other Expenses
​
0.0%
Tax Expense
Other Expenses
​
0.0%
Net Income
Net Income
​
0.0%
Accounts Payable (A/P)
Current Liabilities
$20,000
0.9%
Cash
Current Assets
$245,000
10.7%
Cash equivalents
Current Assets
$2,400
0.1%
Accounts Receivable (A/R)
Current Assets
$479,000
20.8%
Allowance for doubtful accounts
Current Assets
-$23,000
-1.0%
Prepaid expenses
Current Assets
$300
0.0%
Credit Card
Current Liabilities
$3,000
0.1%
Inventory
Current Assets
$1,298,560
56.5%
Other Current Asset
Current Assets
$0
0.0%
Other Asset
Long-Term Assets
$3,400
0.1%
Long Term Liability
Long-Term Liability
$0
0.0%
Current Liability
Current Liabilities
$32,000
1.4%
Office Supplies
Operating Expenses
$100
0.0%
Advertising
Operating Expenses
$700
0.0%
Depreciation & Amort.
Operating Expenses
$250
0.0%
Operating Income
Operating Income
$1,298,000
56.4%
Interest Expense
Other Expenses
$130
0.0%
Tax Expense
Other Expenses
$1,320,870
57.4%
Net Income
Net Income
-$23,000
-1.0%
Cash equivalents
Current Assets
​
0.0%
Accounts Payable (A/P)
Current Liabilities
​
0.0%
Cash
Current Assets
​
0.0%
Cash equivalents
Current Assets
​
0.0%
Accounts Receivable (A/R)
Current Assets
​
0.0%
Allowance for doubtful accounts
Current Assets
​
0.0%
Prepaid expenses
Current Assets
​
0.0%
Credit Card
Current Liabilities
​
0.0%
Inventory
Current Assets
​
0.0%
Other Current Asset
Current Assets
​
0.0%
Fixed Asset
Long-Term Assets
​
0.0%
Other Asset
Long-Term Assets
​
0.0%
Long Term Liability
Long-Term Liability
​
0.0%
Current Liability
Current Liabilities
​
0.0%
Equity
Stockholders Equity
​
0.0%
Revenue
Income
$2,200,000
100.0%
COGS
COGS
$1,000,000
45.5%
Gross Margin
Gross Margin
$1,200,000
54.5%
Salaries & Wages
Operating Expenses
$500
0.0%
Rent & Utilities
Operating Expenses
$450
0.0%
Office Supplies
Operating Expenses
$100
0.0%
Advertising
Operating Expenses
$700
0.0%
Depreciation & Amort.
Operating Expenses
$250
0.0%
Operating Income
Operating Income
$1,198,000
54.5%
Interest Expense
Other Expenses
$130
0.0%
Tax Expense
Other Expenses
$1,215,870
55.3%
Net Income
Net Income
-$18,000
-0.8%
Accounts Payable (A/P)
Current Liabilities
$25,000
1.0%
Cash
Current Assets
$357,000
14.9%
Cash equivalents
Current Assets
$2,400
0.1%
Accounts Receivable (A/R)
Current Assets
$518,000
21.6%
Allowance for doubtful accounts
Current Assets
-$30,000
-1.3%
Prepaid expenses
Current Assets
$500
0.0%
Credit Card
Current Liabilities
$5,000
0.2%
Inventory
Current Assets
$2,549,887
106.2%
Other Current Asset
Current Assets
$0
0.0%
Fixed Asset
Long-Term Assets
$959,000
40.0%
Other Asset
Long-Term Assets
$3,400
0.1%
Long Term Liability
Long-Term Liability
$0
0.0%
Current Liability
Current Liabilities
$24,000
1.0%
Equity
Stockholders Equity
$3,569,005
148.7%
Revenue
Income
$2,400,000
100.0%
COGS
COGS
$1,000,000
41.7%
Gross Margin
Gross Margin
$1,400,000
58.3%
Salaries & Wages
Operating Expenses
$500
0.0%
Rent & Utilities
Operating Expenses
$450
0.0%
Office Supplies
Operating Expenses
$100
0.0%
Advertising
Operating Expenses
$700
0.0%
Depreciation & Amort.
Operating Expenses
$250
0.0%
Operating Income
Operating Income
$1,398,000
58.3%
Interest Expense
Other Expenses
$130
0.0%
Tax Expense
Other Expenses
$1,394,630
58.1%
Net Income
Net Income
$3,500
0.1%
Accounts Payable (A/P)
Current Liabilities
$27,000
1.1%
Allowance for doubtful accounts
Current Assets
-$52,000
-2.1%
Credit Card
Current Liabilities
$13,000
0.5%
Inventory
Current Assets
$2,156,894
86.3%
Other Current Asset
Current Assets
$0
0.0%
Fixed Asset
Long-Term Assets
$120,567
4.8%
Other Asset
Long-Term Assets
$3,400
0.1%
Long Term Liability
Long-Term Liability
$500,000
20.0%
Current Liability
Current Liabilities
$18,000
0.7%
Equity
Stockholders Equity
$4,345,990
173.8%
Revenue
Income
$2,500,000
100.0%
Gross Margin
Gross Margin
$1,500,000
60.0%
Salaries & Wages
Operating Expenses
$500
0.0%
Rent & Utilities
Operating Expenses
$450
0.0%
Office Supplies
Operating Expenses
$100
0.0%
Fixed Asset
Long-Term Assets
$899,004
39.1%
Equity
Stockholders Equity
$2,569,905
111.7%
Revenue
Income
$2,300,000
100.0%
COGS
COGS
$1,000,000
43.5%
Gross Margin
Gross Margin
$1,300,000
56.5%
Salaries & Wages
Operating Expenses
$500
0.0%
Rent & Utilities
Operating Expenses
$450
0.0%
Prepaid expenses
Current Assets
$1,200
0.0%
COGS
COGS
$1,000,000
40.0%
Accounts Payable (A/P)
Current Liabilities
​
0.0%
Fixed Asset
Long-Term Assets
​
0.0%
Advertising
Operating Expenses
$700
0.0%
Depreciation & Amort.
Operating Expenses
$250
0.0%
Operating Income
Operating Income
$1,498,000
59.9%
Interest Expense
Other Expenses
$130
0.0%
Tax Expense
Other Expenses
$1,497,870
59.9%
Cash
Current Assets
​
0.0%
Cash equivalents
Current Assets
​
0.0%
Accounts Receivable (A/R)
Current Assets
​
0.0%
Allowance for doubtful accounts
Current Assets
​
0.0%
Prepaid expenses
Current Assets
​
0.0%
Credit Card
Current Liabilities
​
0.0%
Inventory
Current Assets
​
0.0%
Other Current Asset
Current Assets
​
0.0%
Other Asset
Long-Term Assets
​
0.0%
Long Term Liability
Long-Term Liability
​
0.0%
Current Liability
Current Liabilities
​
0.0%
Equity
Stockholders Equity
​
0.0%
Revenue
Income
$2,600,000
100.0%
COGS
COGS
​
0.0%
Gross Margin
Gross Margin
​
0.0%
Salaries & Wages
Operating Expenses
​
0.0%
Rent & Utilities
Operating Expenses
​
0.0%
Office Supplies
Operating Expenses
​
0.0%
Advertising
Operating Expenses
​
0.0%
Depreciation & Amort.
Operating Expenses
​
0.0%
Interest Expense
Other Expenses
​
0.0%
Net Income
Net Income
​
0.0%
Accounts Payable (A/P)
Current Liabilities
​
0.0%
Cash
Current Assets
​
0.0%
Cash equivalents
Current Assets
​
0.0%
Accounts Receivable (A/R)
Current Assets
​
0.0%
Allowance for doubtful accounts
Current Assets
​
0.0%
Prepaid expenses
Current Assets
​
0.0%
Credit Card
Current Liabilities
​
0.0%
Inventory
Current Assets
​
0.0%
Other Current Asset
Current Assets
​
0.0%
Fixed Asset
Long-Term Assets
​
0.0%
Other Asset
Long-Term Assets
​
0.0%
Long Term Liability
Long-Term Liability
​
0.0%
Current Liability
Current Liabilities
​
0.0%
Equity
Stockholders Equity
​
0.0%
Revenue
Income
$2,700,000
100.0%
COGS
COGS
​
0.0%
Gross Margin
Gross Margin
​
0.0%
Salaries & Wages
Operating Expenses
​
0.0%
Rent & Utilities
Operating Expenses
​
0.0%
Office Supplies
Operating Expenses
​
0.0%
Advertising
Operating Expenses
​
0.0%
Depreciation & Amort.
Operating Expenses
​
0.0%
Operating Income
Operating Income
​
0.0%
Interest Expense
Other Expenses
​
0.0%
Tax Expense
Other Expenses
​
0.0%
Net Income
Net Income
​
0.0%
Accounts Payable (A/P)
Current Liabilities
​
0.0%
Cash
Current Assets
​
0.0%
Cash equivalents
Current Assets
​
0.0%
Accounts Receivable (A/R)
Current Assets
​
0.0%
Allowance for doubtful accounts
Current Assets
​
0.0%
Prepaid expenses
Current Assets
​
0.0%
Credit Card
Current Liabilities
​
0.0%
Inventory
Current Assets
​
0.0%
Other Current Asset
Current Assets
​
0.0%
Fixed Asset
Long-Term Assets
​
0.0%
Other Asset
Long-Term Assets
​
0.0%
Long Term Liability
Long-Term Liability
​
0.0%
Current Liability
Current Liabilities
​
0.0%
Equity
Stockholders Equity
​
0.0%
Revenue
Income
$2,800,000
100.0%
COGS
COGS
​
0.0%
Gross Margin
Gross Margin
​
0.0%
Salaries & Wages
Operating Expenses
​
0.0%
Rent & Utilities
Operating Expenses
​
0.0%
Office Supplies
Operating Expenses
​
0.0%
Advertising
Operating Expenses
​
0.0%
Depreciation & Amort.
Operating Expenses
​
0.0%
Operating Income
Operating Income
​
0.0%
Interest Expense
Other Expenses
​
0.0%
Tax Expense
Other Expenses
​
0.0%
Net Income
Net Income
​
0.0%
Accounts Payable (A/P)
Current Liabilities
​
0.0%
Cash
Current Assets
​
0.0%
Cash equivalents
Current Assets
​
0.0%
Accounts Receivable (A/R)
Current Assets
​
0.0%
Allowance for doubtful accounts
Current Assets
​
0.0%
Prepaid expenses
Current Assets
​
0.0%
Credit Card
Current Liabilities
​
0.0%
Inventory
Current Assets
​
0.0%
Other Current Asset
Current Assets
​
0.0%
Fixed Asset
Long-Term Assets
​
0.0%
Other Asset
Long-Term Assets
​
0.0%
Long Term Liability
Long-Term Liability
​
0.0%
Current Liability
Current Liabilities
​
0.0%
Equity
Stockholders Equity
​
0.0%
Revenue
Income
$2,900,000
100.0%
COGS
COGS
​
0.0%
Gross Margin
Gross Margin
​
0.0%
Salaries & Wages
Operating Expenses
​
0.0%
Rent & Utilities
Operating Expenses
​
0.0%
Office Supplies
Operating Expenses
​
0.0%
Advertising
Operating Expenses
​
0.0%
Depreciation & Amort.
Operating Expenses
​
0.0%
Operating Income
Operating Income
​
0.0%
Interest Expense
Other Expenses
​
0.0%
Tax Expense
Other Expenses
​
0.0%
Net Income
Net Income
​
0.0%
Accounts Payable (A/P)
Current Liabilities
​
​
Cash
Current Assets
​
​
Cash equivalents
Current Assets
​
​
Accounts Receivable (A/R)
Current Assets
​
​
Allowance for doubtful accounts
Current Assets
​
​
Prepaid expenses
Current Assets
​
​
Credit Card
Current Liabilities
​
​
Inventory
Current Assets
​
​
Other Current Asset
Current Assets
​
​
Fixed Asset
Long-Term Assets
​
​
Other Asset
Long-Term Assets
​
​
Long Term Liability
Long-Term Liability
​
​
Current Liability
Current Liabilities
​
​
Equity
Stockholders Equity
​
​
Revenue
Income
​
​
COGS
COGS
​
​
Gross Margin
Gross Margin
​
​
Salaries & Wages
Operating Expenses
​
​
Rent & Utilities
Operating Expenses
​
​
Office Supplies
Operating Expenses
​
​
Advertising
Operating Expenses
​
​
Depreciation & Amort.
Operating Expenses
​
​
Operating Income
Operating Income
​
​
Interest Expense
Other Expenses
​
​
Tax Expense
Other Expenses
​
​
Net Income
Net Income
​
​
Accounts Payable (A/P)
Current Liabilities
​
​
Cash
Current Assets
​
​
Cash equivalents
Current Assets
​
​
Accounts Receivable (A/R)
Current Assets
​
​
Allowance for doubtful accounts
Current Assets
​
​
Prepaid expenses
Current Assets
​
​
Credit Card
Current Liabilities
​
​
Inventory
Current Assets
​
​
Other Current Asset
Current Assets
​
​
Fixed Asset
Long-Term Assets
​
​
Other Asset
Long-Term Assets
​
​
Long Term Liability
Long-Term Liability
​
​
Current Liability
Current Liabilities
​
​
Equity
Stockholders Equity
​
​
Revenue
Income
​
​
COGS
COGS
​
​
Gross Margin
Gross Margin
​
​
Salaries & Wages
Operating Expenses
​
​
Rent & Utilities
Operating Expenses
​
​
Office Supplies
Operating Expenses
​
​
Advertising
Operating Expenses
​
​
Depreciation & Amort.
Operating Expenses
​
​
Operating Income
Operating Income
​
​
Interest Expense
Other Expenses
​
​
Tax Expense
Other Expenses
​
​
Net Income
Net Income
​
​
Cash
Current Assets
$569,000
22.8%
Cash equivalents
Current Assets
$2,650
0.1%
Accounts Receivable (A/R)
Current Assets
$956,000
38.2%
Net Income
Net Income
$22,100
0.9%
Operating Income
Operating Income
​
0.0%
Tax Expense
Other Expenses
​
0.0%
EBITDA
EBITDA
-$15,000
-0.7%
EBITDA
EBITDA
-$18,000
-0.8%
EBITDA
EBITDA
-$23,000
-1.0%
EBITDA
EBITDA
$3,500
0.1%
EBITDA
EBITDA
$22,100
0.9%
EBITDA
EBITDA
$56,000
2.2%
EBITDA
EBITDA
$78,000
2.9%
EBITDA
EBITDA
$124,000
4.4%
EBITDA
EBITDA
$146,900
5.1%
EBITDA
EBITDA
​
​
EBITDA
EBITDA
​
​
There are no rows in this table
297
Count
⁠

Balance Sheet

Show the following periods:
⁠
⁠
Account Group
Account
Period
Value
Value
Value
Current Assets
Cash
$569,000
$245,000
$357,000
Accounts Receivable (A/R)
$956,000
$479,000
$518,000
Allowance for doubtful accounts
-$52,000
-$23,000
-$30,000
Prepaid expenses
$1,200
$300
$500
Inventory
$2,156,894
$1,298,560
$2,549,887
Other Current Asset
$0
$0
$0
Cash equivalents
$2,650
$2,400
$2,400
Long-Term Assets
Fixed Asset
$120,567
$899,004
$959,000
Other Asset
$3,400
$3,400
$3,400
Current Liabilities
Accounts Payable (A/P)
$27,000
$20,000
$25,000
Credit Card
$13,000
$3,000
$5,000
Current Liability
$18,000
$32,000
$24,000
Long-Term Liability
Long Term Liability
$500,000
$0
$0
Stockholders Equity
Equity
$4,345,990
$2,569,905
$3,569,005
⁠

Income Statement

Show the following periods:
⁠
⁠
Income
Revenue
$2,500,000
$2,200,000
$2,300,000
$2,400,000
COGS
COGS
$1,000,000
$1,000,000
$1,000,000
$1,000,000
Gross Margin
Gross Margin
$1,500,000
$1,200,000
$1,300,000
$1,400,000
Operating Expenses
Salaries & Wages
$500
$500
$500
$500
Rent & Utilities
$450
$450
$450
$450
Office Supplies
$100
$100
$100
$100
Advertising
$700
$700
$700
$700
Depreciation & Amort.
$250
$250
$250
$250
Operating Income
Operating Income
$1,498,000
$1,198,000
$1,298,000
$1,398,000
Other Expenses
Interest Expense
$130
$130
$130
$130
Tax Expense
$1,497,870
$1,215,870
$1,320,870
$1,394,630
EBITDA
EBITDA
$22,100
-$18,000
-$23,000
$3,500
Net Income
Net Income
$22,100
-$18,000
-$23,000
$3,500
⁠

Periods
⁠

Accounts

⁠
Add account
⁠
⁠
Statement Type
Group
Account
What for
When to add
Add to General Ledger
14
7
Cash
Track business checking, savings, money market, and petty cash accounts.
You can also add bank accounts to track your cash in drawer amount if you have a cash register..
Add to GL
Cash equivalents
Assets that you can easily turn into cash such as checking accounts, savings accounts, money market and CD accounts.
You can also add Current Asset account to track: Accounts receivable Inventory
Add to GL
Accounts Receivable (A/R)
Track transactions related to customers who owe you money.
You can use accounts receivable reports and graphs to track the:
Customers who owe you money
Invoices that are unpaid
Number of days that an invoice is past due
Add to GL
Allowance for doubtful accounts
Contra account to
@Accounts Receivable (A/R)
⁠
​
Add to GL
Prepaid expenses
​
​
Add to GL
Inventory
Things that you sell as part of your typical business operations
​
Add to GL
Other Current Asset
Items that can be converted to cash or used up within one year such as prepaid expenses, employee cash advances, inventory, or loans from your business.
You can also use it to track supplies, deferred income taxes, estimated future income tax benefits, security deposits, and investment property.
Add to GL
2
Fixed Asset
Items with a minimum cost that you have to sell in order to generate cash. Examples are automobile, equipment and land. Consult your accountant or tax prepare to determine the actual minimum cost that you should use to determine fixed asset.
You can also add Fixed Asset accounts to track:
Construction and landscaping machines; music, photographic, and printing equipment
Fixtures and fittings (automotive or photographic shop fixtures, etc.)
Office equipment (cell /telephones, computers, copiers, printers, fax machines, projectors, etc.)
Office furniture (chairs, desks, filing cabinets, lamps, etc.)
Add to GL
Other Asset
Items that are neither Fixed Asset nor Other Current Assets such as goodwill, long term notes receivable and security deposits that have been paid by you.
You can also use Other Asset for tracking Intellectual property, confidential information, copyrights, designs, formulas, patents, and trademarks.
Add to GL
3
Accounts Payable (A/P)
Tracks transactions related to money you owe to vendors.
You can use accounts payable reports and graphs to track the:
Vendors you need to pay
Outstanding bills you need to pay
Amounts you owe your vendors
Add to GL
Credit Card
Credit card purchases for the business.
You can add multiple business credit card accounts if:
You have one or more employees who need a company credit card to make business-related purchases.
You want to use different cards for different types of purchases (one for travel expenses, one for office supplies, one for building supplies, etc.).

Note: If you have multiple business credit cards for one charge account, create only one Credit Card account for the statement.
Add to GL
Current Liability
Money that your business owes and expects to pay within one year such as Sales tax, Security deposits, and payroll taxes.
You can also use it to track benefits, contracts, entitlements, and salaries and wages. NOTE: If you have one or more loans for your business, you should create different Loan accounts for each one. For example, if you have loans to fund for equipment, inventory, or working capital, you should create different Loan accounts to track the principal you owe for each one.
Add to GL
1
Long Term Liability
Money that your business owes and expects to pay back over more than one year such as Mortgages, Long-term loans, and notes payable.
You may also add the account to track Bonds payable, Lease payments, and Deferred income tax payments.
Add to GL
1
Equity
The net worth of the company. It represents the difference between your liabilities and assets. If you sold all your assets today, and if you paid off your liabilities with the money received from the sale of your assets, the money you would have left is your equity.
You can also create additional Equity accounts to track:
Owner’s equity
Owner’s draws
Capital investments
Capital stocks.
Add to GL
13
1
Revenue
​
​
Add to GL
1
COGS
​
​
Add to GL
1
Gross Margin
​
​
Add to GL
5
Salaries & Wages
​
​
Add to GL
Rent & Utilities
​
​
Add to GL
Office Supplies
​
​
Add to GL
Advertising
​
​
Add to GL
Depreciation & Amort.
​
​
Add to GL
1
EBITDA
Earnings before interest, taxes, depreciation, and amortization
​
Add to GL
1
Operating Income
​
​
Add to GL
2
Interest Expense
​
​
Add to GL
Tax Expense
​
​
Add to GL
1
Net Income
​
​
Add to GL
3
1
Change in net working capital
Changes in net working capital
​
Add to GL
1
Capital expenditures
Cash spent on property, plant and equipment.
​
Add to GL
1
Free cash flow
​
​
Add to GL
⁠

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