So Thats Where The Money Goes
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Many small businesses do not understand why it is that the net profit for a month does not represent the amount of money in the checking account. The question is, "Where is the money if I made that much profit?" This Tom Shay provides insight to the solution. www.profitsplus.org
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So Thats Where The Money Goes
- 1. www.profitsplus.org Presented by Tom Shay of Profits Plus Solutions 727-464-2182 tomshay@profitsplus.org
- 4. 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
- 5. Month YTD Month last year YTD last year Budget Variance Sales 100% 100% 100% 100% COGS Gross profit % % % % Operating expenses Advertising expense Advertising E-Newsletter Website Advertising subtotal % % % % Occupancy expense Building repairs Maintenance Rent Utilities and telephone Occupancy subtotal % % % % Payroll expense Benefits Owner draw Payroll taxes Wages and salaries Workman's Comp and Health Insurance Payroll subtotal % % % % Accounting Balancing account Bank and merchant service fees Depreciation Dues and subscriptions Freight Business Insurance Legal Loss Meals and entertainment Miscellaneous Office expense Office supplies Merchandising Printing Postage and shipping Returned checks Software support Business & Personal Property Taxes Travel Total operating expenses % % % % Net income % % % %
- 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 $468,199.00www.profitsplus.org