Create a Balance sheet for start up costs using the information provided.

Equity: Must be 25% of the Total Assets

Startup costs for an online business

For the physical location where the online store operates:

Cash: $30,000

Prepaid rent for 3 months: $3,500/month

3 Office chairs: $49.99 each

3 Office desks: $150 each

1 Office shelving unit: $300

1 Filling cabinet: $49.99

3 Computers: $799.99 each

1 laptop: $499.99

1 printer: $30.99

3 Recycling and garbage bins: $24.99 each

1 Toilet: $160

1 Sink: $299.99

Expenses:

Phone, internet expense 3 term/months: $210

Security expense: $55.99

Hydro water expense for 12 months: $260

Enbridge heat and gas expense for 12 months: $150

Permits/licensing expense for 1 term (months): $2,500

Employee training wages for 120hrs x 2 employees: $16 an hour

Bookkeeper/Accountant for 3 months prepaid: $500

To set up an online store:

12 months Domain name: $10/year

3 months Shopify membership: $29.99/month

Inventory: $1,000 one time payment

Payment processing 2-3% of Revenue for each product: $1040

G suite account: $5/month

Website theme: $200 one time payment

Logo design: $200 one time payment

Marketing: $100 one time payment

Storage unit for 3 months: $100/ month

Product photos: $1000 one time payment

3 months Email marketing software: $30/month

3 months Apps and plugins: $200/month

Must look like this:

 

Transcribed Image Text:

Current Assets Non Current Liabilities Cash and Cash Equivalents Prepaid Expenses Training/Wages Supplies Total Current Assets 2$ 40,000.00 Mortgage 25,936.75 12,212.59 Long-Term Borrowings 3,360.00 Total Non Current Liabilities 154,931.78 $ 180,868.53 3,209.33 2$ 58,781.92 Total Liabilities $ 180,868.53 Non-Current Assets Equity Building Equipment 143,348.00 30,144.75 7,307.32 2$ Fencing Office Equipment 30,144.75 6,323.00 Total Equity 60,289.51 Company Vehicle Outdoor Equipment $ 23,000.00 2,397.80 Total Long Term Assets 182,376.12 Total Assets 241,158.04 Total Equity & Liabilities 241,158.04 Current Assets Non Current Liabilities Cash and Cash Equivalents Prepaid Expenses Training/Wages Supplies Total Current Assets 2$ 40,000.00 Mortgage 25,936.75 12,212.59 Long-Term Borrowings 3,360.00 Total Non Current Liabilities 154,931.78 $ 180,868.53 3,209.33 2$ 58,781.92 Total Liabilities $ 180,868.53 Non-Current Assets Equity Building Equipment 143,348.00 30,144.75 7,307.32 2$ Fencing Office Equipment 30,144.75 6,323.00 Total Equity 60,289.51 Company Vehicle Outdoor Equipment $ 23,000.00 2,397.80 Total Long Term Assets 182,376.12 Total Assets 241,158.04 Total Equity & Liabilities 241,158.04

Answer rating: 100% (QA)

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