Week 4 Project - Part 1

Task 1 - Understand the financial reports presented in Lesson 6 at beancounter's website, especially balance sheet and income statement - you will create and use these very often. The others are for more long term information and for business planning.
Task 2 -Exercises - use the corrected ending data that I posted for Week 3 (attached below) to generate an accurate balance sheet for Joe Potter's business following the last transaction. Also generate an income statement for the period of March 1 through March 30. If you find that you cannot complete either of these statements, because you lack data, immediately send a message to the group from the group's main page, advising us as to what is needed.
Part 2 - Set up an account at wave accounting.com with your userID and password, along with basic information about your own business (business name, address, etc.), and take a look at the different tools that are available to you.

Sunday is Easter - Not a good time to meet for a chat session. We can change one or all the chat sessions to any of Monday, Wednesday, or Thursday evenings. I can be available for any 90 minutes between 6:30 and 11:30 pm EDT, or we can try for another weekend time. We really need at least one reasonably well attended chat session each week to have any chance of covering the most common questions that people might have. So please try to make this one commitment to the class, if at all possible.
George

Views: 72

Attachments:

Replies to This Discussion

Here are my end of Week 4 files.  For the Income (Profit & Loss) statement, I cleared out all transactions before and after the month of March. I also deleted all T accounts except Revenue and expense accounts to simplify identification of the targeted accounts and transactions.

There was not enough detailed information passed along in the 4/11/2012 chat session to bother with posting a transcript.  June, Wes, Troy and George were present. It sounded like the concepts of balance sheets and income statements were fairly well understood.

Essential points of the balance sheet were that it comes pretty directly from a balanced expanded accounting equation, which is a form of trial balance. The equation had already been completed at the end of Week 3.

Income statement covers only Revenue from operations and operations related expenses for a set period of time.  Be careful about including income items that have been declared in previous periods, such as payments to accounts receivable where the revenue item originated in a previous accounting period.

Attachments:

Here is the Excel version of my end of Week 4 balance sheet.

Attachments:

RSS

Videos

  • Add Videos
  • View All

Use These Links to Support Us

Low cost flat lapping disc can be used on you potters wheel if you, drill bat pin holes in it, and provide a trickle of water to cool it. At amazon.com, 120 grit for aggressive material removal. Click the image to purchase 

Members have had great things to say about John Britt's new book, Mid-Range Glazes. Click the image to buy from Amazon.com

Purchase Glazes Cone 6 by Michael Bailey, The Potters Book of Glaze Recipes by Emmanuel Cooper, or Making Marks by Robin Hopper, all available at amazon.comMastering Cone 6 Glazes by John Hesselberth & Ron Roy is now out of print.

Harbor Freight is a great place to find unbeatable prices for better HVLP spray guns with stainless steel parts and serviceable economy models, as well as detail guns, all tested by our members for spraying glazes, as well as compressors to power the guns. As yet no one has tested and commented on the remarkably inexpensive air brushes at harbor freight.

The critter siphon gun is a spray alternative that is well liked by some of our members, and is available at amazon.

Amazon is also a competitive source for photo light tents for shooting professional quality pictures of your work. They also have the EZ Cube brand favored by several of our members. You might also want to purchase the book Photographing Arts, Crafts and Collectibles . . .

If you are up to creating videos of your work or techniques you might want to invest in a flip video camera

Following are a few scales useful for potters. Your final price could be less or more - things change.

American Weigh Black Blade Digital Scale, 1000g X 0.1g $11.08 

For the non-digitally inclined the old standard Ohaus Triple Pro Mechanical Triple Beam Balance, 2610g x 0.1g, with Tare $169.00

And finally a low cost clone of the OHaus. The Adam Equipment TBB2610T Triple Beam Mechanical Balance With Tare Beam $99.62

ebay is a great alternative for many tools and the equipment used in the ceramics studio - kilns, wheels, extruders, slab rollers are often listed there both new and used.

Tips for Members

If you just want to spout off, it is best accomplished as a blog posting. If you want to get more guidance and ideas from other members, ask a question as a new discussion topic. In the upper right corner of the lists for both types of posting, you will find an "+Add " button. Clicking it will open an editor where you create your posting. 4/16/2014

© 2021   Created by George Lewter.   Powered by

Badges  |  Report an Issue  |  Terms of Service