1. Balance Sheets By: Cheyenne McMillin

2. Assets  Cash – what I plan to have saved after one year - $1,000  Accounts Receivable – amount before profit - $53,701  Inventory – all supplies - $13,815  Equipment – items used for my business - $271  Furniture – all items permanently placed in my business - $10,750 / 10 = 1,750

3. Liabilities  Accounts Payable – regularly paid - $1,788  Taxes Payable – taxes that need paid - $6,528  Accrued payroll – employee pay for 1 year - $31,200  Long-term Liabilities – owe on loan - $13,985

4. Estimated  I had to estimate the cash I would have save after one year, I picked a reasonable number that wasn’t to large or to small. You will not make a large profit after just one year of owning a business…especially not at a salon. To make a larger profit and be able to save money I need to have a larger group of clientele. The clientele of my business will continue to grow which will make my profit and savings for a single year increase as well.

5. Profitable?  The total retained earnings of my business is $88,887. This means that my business is profitable, if this number was negative my business would not be profitable.  To find my retained earning I took that total amount of assets minus the total amount of liabilities to get the total retained earnings