Lone Pine Cafe

Noncurrent assets
Property, plant and equipment: Equipment

Noncurrent assets

$ 48 000.00

$ 54 600.00

Total Assets:

Assets
Current assets
Cash
Inventories
Prepaid Expenses
Accounts receivable
Total Current assets:

$ 21 000.00

Owners' equity:
Paid-in capital:

Assets
Current assets
Cash
$ 10 172.00
Inventories
$ 2 800.00
Prepaid Expenses
$ 1 428.00
Total Current assets:
$ 14 400.00

Lone Pine Cafe
Balance sheet
As of November 2, 2009
Liabilities and Owners' equity
Current liabilities
Notes payable, bank

$ 69 000.00

Total Liabilities and Owners' equity: $ 69 000.00

Lone Pine Cafe
Balance sheet
As of March 30, 2010
Liabilities and Owners' equity
Current liabilities
Accounts payable
$ 1 583.00
Notes payable, bank
$ 18 900.00
Total current liabilities:
$ 20 483.00

$ 1 341.00
$ 2 430.00
$
833.00
$
870.00
$ 5 474.00

Owners' equity:

Property, plant and equipment: Equipment
$ 54 600.00
Less: Accumulated
Depreciation
$ -2 445.00
Property, plant, equipment— net
$ 52 155.00
Total Assets:

Paid-in capital:

Net loss

$ 57 629.00

Total liabilities and owners' equity:

Lone Pine Cafe
Income Statement
For November 2, 2009 to March 30, 2010
Sales revenue
Cost of sales
Cross margin
Selling, general, and administrative expenses
Operating loss
Other revenues (expenses):
Interest expense
Loss before income taxes
Provision for income taxes
Net loss

$ 37 146.00

$
$
$
$
$

44 350.00
11 969.00
32 381.00
42 695.00
-10 314.00

$
540.00
$ -10 854.00
$
$ -10 854.00

Net sales = cash received from customers 43 480 + accounts receivable 870
Cost of sales = payed for food and beverages at the beginning 2 800 + amounts owed to suppliers 1 583 - food and beverages left over 2 430 + food and beverage suppliers 10 016
Selling, general, and administrative expenses = local operating licenses 1 428/12*5 + depreciation on the assets 2
445 + monthly payments to