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Quick Lunch

The financial statements provide an overview of Quick Lunch's performance for the four months ended December 31, 2002. Key details include: net income of $5,979, total assets of $21,565 including $12,265 in cash, total liabilities of $3,936, and owner's capital of $17,629. The statement of cash flows shows $9,415 from operating activities, -$8,800 from investing activities including equipment purchases, and $11,650 from financing including the owner's initial investment.

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DV Villan
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364 views

Quick Lunch

The financial statements provide an overview of Quick Lunch's performance for the four months ended December 31, 2002. Key details include: net income of $5,979, total assets of $21,565 including $12,265 in cash, total liabilities of $3,936, and owner's capital of $17,629. The statement of cash flows shows $9,415 from operating activities, -$8,800 from investing activities including equipment purchases, and $11,650 from financing including the owner's initial investment.

Uploaded by

DV Villan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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1.

QUICK LUNCH
Income Statement
For the Four Months Ended December 31, 2002

Sales to customers $ 29,315.00


Sales to customers - Coupon Books $ 2,700.00
less: Discounts $ -225.00 $ 2,475.00
Net Sales $ 31,790.00
Less: Cost of sales $ -14,415.00
Gross Income $ 17,375.00
less: Expenses
City restaurant licenses
expenses $ 75.00
Rent expenses $ 4,975.00
Other operating expenses $ 90.00
Repairs Expenses - Coffee
urn $ 156.00
Lease Expenses $ 1,900.00
Loss on sale of equipment $ 4,200.00 $ 11,396.00
Net income $ 5,979.00

QUICK LUNCH
Balance Sheet
As of December 31, 2002

ASSET

Current Assets
Cash $ 12,265.00
Food and Supplies Inventory $ 750.00
Prepaid Lease $ 3,800.00
Prepaid City Restaurant Licenses $ 150.00
Total current assets $ 16,965.00

Non-Current Assets
Cooking Range $ 4,600.00

TOTAL ASSETS $ 21,565.00

LIABILITIES AND OWNER'S CAPITAL


Liabilities
Accrued Meat Payable $ 890.00
Accrued Rent Payable $ 1,515.00
Accrued Repairs Payable $ 156.00
Coupon Books Payable $ 1,375.00
Total liabilities $ 3,936.00

Owner's Capital
Bingham Capital 09/01/2002 $ 15,450.00
Add: Net income $ 5,979.00
$ 21,429.00
Less: Withdrawals $ 3,800.00
Bingham Capital,
12/31/2002 $ 17,629.00

TOTAL LIABILITIES AND OWNER'S CAPITAL $ 21,565.00


QUICK LUNCH
Statement of Cash Flows
For the Four Months Ended December 31, 2002

Cash flows from operating activities:


Receipts from Customers $ 33,165.00
Disbursements:
Purchase of Food and Supplies $ -14,275.00
Payment of city restaurant license $ -225.00
payment of rent $ -3,460.00
Payment of other operating expenses $ -90.00
Payment of lease agreement $ -5,700.00 $ -23,750.00
Net cash flows provided by operating activities $ 9,415.00

Cash flows from investing activities:


Proceeds from sale of old equipment $ 400.00
Purchase of old
equipment $ -4,600.00
Purchase of new equipment $ -4,000.00
Installation cost for new equipment $ -600.00
Net cash flows provided by investing activities $ -8,800.00

Cash flows from financing activities:


Initial investment by the owner $ 15,450.00
Withdrawals by the owner $ -3,800.00
Net cash flows from financing activities $ 11,650.00

Cash at the end of the period 12/31/2002 $ 12,265.00

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