A K U w X 1 2 3 3 5 7 3 Financial statements & Ratios If these elements are the only financial activities of Shoe Shop X. could you please give Mr. X the Balance sheet and Income Statement for the first month? To open a shoe store in Paris, Mr. Xloans from his bank 30 000 with an interest rate at 5% (per year) for 5 years. He opens a bank account for this shop with an annual bank fee of 780. Automatic transfer on the 25th of each month. He signed a lease of 6 years with a rent of 7 800 per month for a store of 200m2. The Bank transfers the rent of previous month automatically to the landlord on the 2nd working day each month. (Ex. for March, the rent will be paid in the 2nd working day in April). Mr.X hired 1 person at full time, the monthly salary is 1300. There's also a temporary staff who comes only during the weekend and busy days. Temporary staff's contract was signed with Manpower: 64h per month at 15 per hour. Salaries are always paid the last working day of the month. To buy all the furnitures, X spent 22 000, he planned to use these furnitures for 8 years. To launch the business, he paid 15 000 to buy shoes (delivery fees included) and decided to sell them with 50% Gross margin. He also spent 400 for the cashier, which he decided to depreciate it within 5 years. The 1st month was a great success, the sales reached 24 000 Mr.X ordered another 15 000 shoes during this month (delivered but not paid) and decided to sell them also with 50% gross margin X checked on "Engie.fr", electricity cost were 350 for the first month and "Orange" charges 150 by month for internet and phone, but he didn't receive these bills yet. 0 1 2 3 4 5 6 7 8 9 * You may don't need all the lines! 0 Assets * You may don't need all the linesi Income statement (1st month) (Nature) (Amount) Sales Cost of Goods sold Gross margin Rent Depreciation Blance Sheet (at the end of 1st month) Liabilities and equity (Amount) (Nature) (Amount) 0 0 (Nature) Cash Receivable Inventories Current assets -236 0 0 SGLA expenses 0 Current Liabilities Long-term debt Common stock -236 Retained earnings -236 -236 Total liabilities and equity Cumulated depre. Fixed assets Total assets 0 +2 13 24 5 6 7 08 29 10 11 2 13 14 15 6 16 17 18 99 10 11 2 -236 EBIT Interests Net Income -236 "Please put costs on negative (-)