Maria Hernandez & Associates

Maria Hernandez & Associates

Cash

Office Supplies

Equip &S/W

Prepaid Rent

Loan

Capital

2 Jul, 2004

$12,000

$5,000

$27,000

$6,000

$20,000

$30,000

Operations of two months

1.

$ 40,000

2.

($ 900)

$ 900

3.

($ 39,000)

$ 3,000

4.

($ 5,500)

$ 11,000

1. Interest Payment

$ 200

2. Depreciation Expense

($ 1,500)

Net Income

$ 4,600

Balance

($ 6,600)

$ 4,200

$ 36,500

$ 6,000

$20,200

$34,600

Maria Hernandez & Associates

Income Statement as at Aug 31, 2004

$

Revenue

47,000

Less:

Operating Expenses:

Salaries Expense

(33,000)

Rent Expense

(6,000)

Office Supplies Expense

(1,700)

Depreciation Expense

(1,500)

Interest Expense

(200)

Net Income

4,600

Maria Hernandez & Associates

Depreciation and Interest as at Aug 31, 2004

Depreciation Calculations

Equipment (Purchased June 29, 2004)

Equipment and Software

Cost

27,000

Residual Value

-

Estimated Life

3

Depreciation calculation - Straight Line Method

Yearly Depreciation

9,000

Monthly Depreciation

750

Assumptions

Equipment and ...