Unit 1 Discussion (ACC111) & ENG130)
Unit 1 Discussion
(ACC111)
Unit 1 DiscussionAnne Marie is the owner of Anne’s Beauty Salon, Inc. Her accountant prepares a monthly financial statement for her business. She doesn’t like to ask him questions about it. She would rather ask you as you are her friend and since she knows that you are taking an accounting course, she asks you the following questions:
- What does net income mean on the income statement? If I have enough cash at the end of the month then I assume I made money. This concept of net income seems complicated.
- My accountant told me that the balance sheet shows assets = liabilities plus equity. What does that mean?
- I don’t understand what the Statement of Retained Earnings is all about. What is retained earnings?
How would you respond to each of these questions?Please use this document as a guide:
Anne’s Beauty Salon Inc Financial Statements
Unit 1.1 DB: Tell us who you are.
(ENG130)
Unit 1.1 DB: Tell us who you are.Welcome to Unit 1!Important Information for all Discussion Board posts: {Please know that your initial posts to the Discussion Boards are due by 11:59 p.m. on the Wednesdays of the corresponding week. Be sure that all of your posts are typed directly onto the forum page and not an uploaded document; this will allow your instructor to correct your work in the Blackboard grading center. Respond to at least two of your peers’ initial posts by 11:59 p.m. on Sunday. (Note, peer responses are due by Friday in Unit 8). Please make sure all of your posts are scholarly and academic. When you respond to your peers’ posts, think of yourself as being in a classroom and asked to give feedback; it needs to be more than a “good job.” Remember to be respectful, academic, and content-based and pay close attention to the criteria for both the initial and peer posts. Have fun and help create a classroom environment that is engaging and focuses on success! }Initial Response: Please watch this fascinating video of two teenagers who toured the country seeking personal stories of unrests and triumphs, and compiled them into a novel titled, Tell Me Who You Are.
Watch Video
:
Winona Guo & Priya Vulchi: Lessons of cultural intimacyDuration: 7:25
User: n/a – Added: 5/26/19YouTube URL:
After viewing the video, tell us who you are. Your response should be at least two paragraphs and can focus on your history, or on a personal experience that reflects who you are.
Income Statement
| Anne’s Beauty Salon, Inc | Note, Income Statements should be monthly. This Income Statement is for training purposes, ONLY! | ||
| For the Year 2015 | |||
| Sales (Revenue) | $ 125,000.00 | ||
| Cost of Sales | $ 25,000.00 | ||
| Gross Profit | $ 100,000.00 | ||
| Payroll Expense | $ 67,500.00 | ||
| Sales, General, Administrative Expense | $ 5,000.00 | ||
| Rent Expense | $ 1,400.00 | ||
| Utilities Expense | $ 1,670.00 | ||
| Insurance Expense | $ 500.00 | ||
| Depreciation Expense | $ 2,500.00 | ||
| Total Operating Expense | $ 78,570.00 | ||
| Total Operating Income | $ 21,430.00 | ||
| Taxes 30% | $ 6,430.00 | ||
| Net Income | $ 15,000.00 |
Balance Sheet
| At December 31, 2015 | ||||
| Assets | Liabilities | |||
| Current Assets | Current Liabilities | |||
| Cash | $ 949.50 | Accounts Payable | ||
| Accounts Receivable | $ 11,948.00 | Unearned Revenue | $ 200.00 | |
| Supplies | $ 20,500.00 | Total Current Liabilities | $ 5,200.00 | |
| Prepaid Rent | $ 8,400.00 | |||
| Prepaid Insurance | $ 6,000.00 | |||
| Total Current Assets | $ 47,797.50 | Note Payable | ||
| Equipment | Total Liabilities | $ 20,200.00 | ||
| Less: Accumulated Depreciation | $ (5,000.00) | $ 20,000.00 | Stockholders’ Equity | |
| Total Long-Term Assets | Common Stock | $ 30,000.00 | ||
| Retained Earnings | $ 17,597.50 | |||
| Total Assets | $ 67,797.50 | Total Liabilities and Stockholders’ Equity |
Statement of RE
| Statement of Retained Earnings | |
| For the Month Ending December 31, 2015 | |
| Retained Earnings, December 1 | |
| Add: Net Income | |
| Subtract: Dividends | $ (2,402.50) |
| Retained Earnings, December 31 |