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Accounting & Finance
 Online Tutoring : Forum : Homework Help - Economics & Business Studies : Accounting & Finance
Topic Topic: creating a profit and loss statement Post ReplyNew Question
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Twist
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Joined: 28†April†2007
Posts: 1
Posted: 28†April†2007 at 7:05pm | IP Logged Quote Twist

Vista Corp.  was founded in January 2006 by Angus and Bonnie Walters, who share the management of the business. The Walters' began the business with an initial investment of $55,000 cash and a building valued at $110,000. The cash receipts totalled $180,000, which included: collections from customers; $15,000 invested by the Walters'; $50,000 borrowed from the bank in the name of the business; and $10,000 from a family inheritance. The business made credit sales of $115,000 that have not been collected at 31 December. The Walters' purchased bench tops, stoves and other inventory on credit for $160,000, inventory at 31 December 2005 was $70,000 and at 31 December 2006 was $110,000. The business paid suppliers $90,000 on account.

 

The 2006 cash expenses were $92,000. Additional miscellaneous expenses totalled $2,900 at yearís end. The cash expenses included the Waltersí household costs of $15,000 and interest on the business debt. The $5,500 of depreciation on the building was omitted.

 

Prepare a profit and loss statement from the above information, remembering to separate business from personal.

 

 

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