Monday, May 24, 2010

IMPORTANT - INFO / ASSIGNMENTS FOR FINANCIAL STATEMENTS

FINANCIAL STATEMENTS WORKSHEET
EXCEL Version (Do Not Use - Use GOOGLE DOCS Instead)

CLICK ON THE OTHER DOCUMENTS FOR BUSINESS PLANS AND PAST ANNUAL REPORTS!!!

CAFE IMPRESA DOWNLOADS

CLICK HERE FOR OTHER CAFE IMPRESA DOCUMENTS
Fa2009 Business Plan / Presentation

CAFE IMPRESA ANNUAL REPORT - this has been shared with you on GOOGLE DOCS (Check your Email) - sign in to EDIT
CAFE IMPRESA CORPORATION INCOME TAX RETURN FORM 1120VE - this has been shared with you on GOOGLE DOCS (Check your Email) - sign in to EDIT

http://dl.dropbox.com/u/5046837/Virtual%20Enterprise/Financial%20Statements/Cafe%20Impresa/Cafe%20Impresa%20VE%20Bank%20Account%20Details.xls

CAFE IMPRESA SALES JOURNAL



------------------------------------------------------------------------------------------------
CARPE DIEM ADVERTISING

CLICK HERE FOR OTHER CARPE DIEM DOCS
Fa2009 Business Plan / Presentation
Spr2009 Annual Report

CARPE DIEM ANNUAL REPORT - this has been shared with you on GOOGLE DOCS(Check your Email) - sign in to EDIT

CARPE DIEM CORPORATION INCOME TAX RETURN FORM 1120VE - this has been shared with you on GOOGLE DOCS (Check your Email) - sign in to EDIT

CARPE DIEM FINANCIAL STATEMENTS WORKSHEET - this has been shared with you on GOOGLE DOCS (Check your Email) - sign in to EDIT
Sales Journal -
Julian, Tawhid

Income Statement -

Tsian, Kenneth, Agatha, Saranda

Sales (From Sales Journal)
Returns (Have You Heard $20k)
Cost of Goods Sold (N/A)
Salaries
Rent (annualized)
Depreciation
Advertising
Payroll Tax (Only Firm's Share)
Insurance
Utilities
Interest (Need to Create Amortization Schedule)
401(k) (amount of company match)
Supplies (Need to Inventory - Supply Closet)
Other Gains & Losses (Problems with Acct Receivable / Payable)
Corporate Tax



Balance Sheet
Tsian, Kenneth, Melissa, Gigi

ASSETS
Cash
Investment in Stocks
Accounts Receivable
Merchandise Inventory (N/A)
Supplies
Other Current Assets
Computers
Accumulated Depreciation (Comp)
Furniture & Fixtures
Accumulated Depreciation (F & F)
Office Equipment
Accumulated Depreciation (Off Equip)
Other
Accumulated Depreciation (Other)

LIABILITIES
Accounts Payable
Unearned Revenue
Sales Tax Payable
401(k) Payable
Corporate Tax Payable
Other Current Liabilities
Loan Payable
Other Long Term Liabilities


Cash Flow Statement
Chris, John

Cash in Bank 5/01/09
Total Receipts of Cash (Credits)
Total Payments of Cash (Debits)
Cash in Bank 4/30/10

Annual Report
Mandell, Pedro, Shani, Chris, John

New Website
Devin, Aaron





CAFE IMPRESA

Sales Journal
Emilio, Lisa, Javier

Income Statement
Geeta, Ruth, Fatima, Vincent

Sales (From Sales Journal)
Returns
Cost of Goods Sold (Determine from WHOLESALE MARKETPLACE)
Salaries
Rent (annualized)
Depreciation
Advertising
Payroll Tax (Only Firm's Share)
Insurance
Utilities
Interest (Need to Create Amortization Schedule)
401(k) (amount of company match)
Supplies (Need to Inventory - Supply Closet)
Other Gains & Losses (Problems with Acct Receivable / Payable)
Corporate Tax

Balance Sheet
Geeta, Ruth, Nadira, Tony

ASSETS
Cash
Investment in Stocks
Accounts Receivable
Merchandise Inventory (N/A)
Supplies
Other Current Assets
Computers
Accumulated Depreciation (Comp)
Furniture & Fixtures
Accumulated Depreciation (F & F)
Office Equipment
Accumulated Depreciation (Off Equip)
Other
Accumulated Depreciation (Other)

LIABILITIES
Accounts Payable
Unearned Revenue
Sales Tax Payable
401(k) Payable
Corporate Tax Payable
Other Current Liabilities
Loan Payable
Other Long Term Liabilities

Cash Flow Statement
Fatima, Nadira

Cash in Bank 5/01/09
Total Receipts of Cash (Credits)
Total Payments of Cash (Debits)
Cash in Bank 4/30/10

Annual Report
Tamika, Shanice, Alisa, Leo, Thaddaeus

THE INCOME STATEMENT


Income statement, also referred as profit and loss statement (P&L), earnings statement, operating statement or statement of operations,[1] is a company's financial statement that indicates how the revenue (money received from the sale of products and services before expenses are taken out, also known as the "top line") is transformed into the net income (the result after all revenues and expenses have been accounted for, also known as the "bottom line"). It displays the revenues recognized for a specific period, and the cost andexpenses charged against these revenues, including write-offs (e.g., depreciation and amortization of various assets) and taxes.[1] The purpose of the income statement is to show managers and investors whether the company made or lost money during the period being reported.

The important thing to remember about an income statement is that it represents a period of time. This contrasts with the balance sheet, which represents a single moment in time.


Usefulness and limitations of income statement

Income statements should help investors and creditors determine the past financial performance of the enterprise, predict future performance, and assess the capability of generating future cash flows through report of the income and expenses.

However, information of an income statement has several limitations:

  • Items that might be relevant but cannot be reliably measured are not reported (e.g. brand recognition and loyalty).
  • Some numbers depend on accounting methods used (e.g. using FIFO or LIFO accounting to measure inventory level).
  • Some numbers depend on judgments and estimates (e.g. depreciation expense depends on estimated useful life and salvage value).

Items on income statement

[edit]Operating section

  • Revenue - Cash inflows or other enhancements of assets of an entity during a period from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major operations. It is usually presented as sales minus sales discounts, returns, and allowances.
  • Expenses - Cash outflows or other using-up of assets or incurrence of liabilities during a period from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity's ongoing major operations.
    • General and administrative expenses (G & A) - represent expenses to manage the business (officer salaries, legal and professional fees, utilities, insurance, depreciation of office building and equipment, office rents, office supplies)
    • Selling expenses - represent expenses needed to sell products (e.g., sales salaries, commissions and travel expenses, advertising, freight, shipping, depreciation of sales store buildings and equipment)
    • Selling General and Administrative expenses (SG&A or SGA) - consist of the combined payroll costs (salaries, commissions, and travel expenses of executives, sales people and employees), and advertising expenses a company incurs. SGA is usually understood as a major portion of non-production related costs, opposing production related costs such as raw material and (direct) labour
    • R & D expenses - represent expenses included in research and development
    • Depreciation - is the charge for a specific period (i.e. year, accounting period) with respect to fixed assets that have been capitalised on the balance sheet.

[edit]Non-operating section

  • Other revenues or gains - revenues and gains from other than primary business activities (e.g. rent, patents). It also includes unusual gains and losses that are either unusual or infrequent, but not both (e.g. sale of securities or fixed assets)
  • Other expenses or losses - expenses or losses not related to primary business operations.

[edit]Irregular items

They are reported separately because this way users can better predict future cash flows - irregular items most likely will not recur. These are reported net of taxes.

  • Discontinued operations is the most common type of irregular items. Shifting business location, stopping production temporarily, or changes due to technological improvement donot qualify as discontinued operations.
  • Extraordinary items are both unusual (abnormal) and infrequent, for example, unexpected natural disaster, expropriation, prohibitions under new regulations. Note: natural disaster might not qualify depending on location (e.g. frost damage would not qualify in Canada but would in the tropics).
  • Changes in accounting principle is, for example, deciding to depreciate an investment property that has previously not been depreciated. However, changes in estimates (e.g. estimated useful life of a fixed asset) do not qualify.

[edit]Earnings per share

Because of its importance, earnings per share (EPS) are required to be disclosed on the face of the income statement. A company which reports any of the irregular items must also report EPS for these items either in the statement or in the notes.

Earnings Per Share = (Net Income - Preferred Stock Dividends) / Weighted Average of Common Stock Shares Outstanding

\text{Earnings per share} = \frac{\text{Net income} - \text{Preferred stock dividends}}{\text{Weighted average of common stock shares outstanding}}

There are two forms of EPS reported:

  • Basic: in this case "weighted average of shares outstanding" includes only actual stocks outstanding.
  • Diluted: in this case "weighted average of shares outstanding" is calculated as if all stock options, warrants, convertible bonds, and other securities that could be transformed into shares are transformed. This increases the number of shares and so EPS decreases. Diluted EPS is considered to be a more reliable way to measure EPS.
                                     24/7                              Family Fitness and Fun                                  STATEMENTS OF INCOME                             Revenues                             $12,580.2     $10,900.4       $8,290.3   Cost of sales                          6,740.2       5,650.1        4,524.2  ------------------------------------------------------------------------------  Gross profit                           6,835.0       5,657.3        3,270.1   Selling, general and administrative   expenses                               3,624.6       3,296.3        3,034.0   Other (income) expense, net            1,100.3         (20.0)          18.0       ------------------------------------------------------------------------------  Operating profit                       2,122.1       2,166.0        2,013.1   Interest expense, net                    119.7         124.1          142.8  ------------------------------------------------------------------------------  Income before income taxes             2,102.4       1,980.9        1,870.3   Provision for income taxes               680.3         620.6          582.0  ------------------------------------------------------------------------------  Net income                            $1,720.1      $1,421.3       $1,190.3  ------------------------------------------------------------------------------

Wednesday, May 19, 2010

THE BALANCE SHEET

The Balance Sheet is determined by the following equation:

ASSETS = LIABILITIES + OWNER'S EQUITY


NET WORTH = ASSETS - LIABILITIES


Balance Sheet of XYZ, Ltd. as of 31 December 2006

ASSETS

Current Assets
Cash and cash equivalents
Accounts receivable (debtors)
Inventories
Prepaid Expenses
Investments held for trading
Other current assets

Fixed Assets (Non-Current Assets)
Property, plant and equipment
Less : Accumulated Depreciation
Goodwill
Other intangible fixed assets
Investments in associates
Deferred tax assets

LIABILITIES and EQUITY

Creditors: amounts falling due within one year (Current Liabilities)
Accounts payable
Current income tax liabilities
Current portion of bank loans payable
Short-term provisions
Other current liabilities

Creditors: amounts falling due after more than one year (Long-Term Liabilities)
Bank loans
Issued debt securities
Deferred tax liability
Provisions
Minority interest


Equity
Share capital
Capital reserves
Revaluation reserve
Translation reserve
Retained earnings

Tuesday, May 11, 2010

How Much do I need to Save each Month to Pay for College

We have looked at the website below to calculate how much money we need to save each month for college.

http://www.timevalue.com/calculators/college-savings-calculator.aspx

We are going to recreate the same results by programming in EXCEL:

Click HERE for the Excel Spreadsheet that will compute how much you need to save every month to save for college.

Paying for College

Click HERE for the sample Award Package by Year.

Direct PLUS Loan
http://www.parentplusloan.com/

http://www.parentplusloan.com/plus-loans/

The Federal PLUS Loan is a loan borrowed by a parent on behalf of a child to help pay for tuition and school related expenses at an eligible college or university, or by a graduate student for graduate school. The student must be enrolled at least half time, and the parent or graduate student must pass a credit check in order to receive this loan.

Federal Unsubsidized Stafford Loans

http://www.staffordloan.com/stafford-loan-info/unsubsidized-student-loan.php

An Unsubsidized Stafford Loan is a federally guaranteed loan that is not based on financial need. Interest will accrue from the time the loan is disbursed to the school. You do not have to make interest or principal payments until six months after graduation, or six months after you drop below a half time status.
Unsubsidized Stafford Loan Benefits
Increased limits - borrow up to $2,000 more
Fixed interest rate - 6.8%
No payments required while enrolled in school
Click Here to Start Your Stafford Loan Application

Unsubsidized Stafford Loan Interest Rate information
The current interest rate on an Unsubsidized Stafford loan is 6.8% fixed. Interest begins accruing after the loan is disbursed to the school. You are not required to pay the interest while you are in school, but doing so can save you money. If you choose not to pay the interest while in school then the interest is capitalized when the loan enters repayment after being in school, in your grace period, or after deferment.

Federal Stafford Loan (Subsidized)

http://www.staffordloan.com/stafford-loan-info/

Stafford Loan Information
Stafford Loan Benefits:
Fixed interest rate - as low as 5.6%
No payments while in school at least half-time

This page will provide you with general Stafford Loan Information, and educate you about the Federal Stafford Loan Program.
Stafford Loans are federal student loans made available to college and university students to supplement personal and family resources, scholarships, grants, and work-study. Nearly all students are eligible to receive Stafford loans regardless of credit. Stafford loans may be subsidized by the U.S. Government or unsubsidized depending on the student's need.
Stafford Loan Information: Benefits
Low fixed interest rate, as low as 5.60%
Increased borrowing limits - borrow $2,000 more
No payments while enrolled in school
Acceptance not based on credit

Stafford Loan Information: Eligibility
You must be a U.S. citizen or national, a U.S. permanent resident, or eligible non-citizen accepted for enrollment or attending a school that participates in the Federal Family Education Loan Program. Additionally:
You must have submitted a FAFSA to be eligible for a Stafford loan
For subsidized Stafford, you must have financial need as determined by your school
You must be enrolled or plan to enroll at least half time
Stafford Loan Information: Fees
Stafford loans that have been disbursed between 7/1/2009 and 6/30/2010 will have up to a 1.5% fee. This is made up of a 0.5% federal origination fee and a 1% federal default fee.
Stafford Loan Interest Rates
Note: Graduate Stafford Loans (both subsidized and unsubsidized) have a fixed interest rate of 6.8% through 2013.
Academic Year Subsidized Rates Unsubsidized/Graduate Rates
2009-10 5.60% 6.80%
2010-11 4.50% 6.80%
2011-12 3.40% 6.80%
2012-13 6.80% 6.80%
Current Stafford Loan interest rates in effect from 07/01/2010 to 06/30/2011
Click Here to Start Your Stafford Loan Application

Stafford Loan Limits
Dependent Students Annual Loan Limits
First Year $5,500 ($3,500 subsidized/$2,000 unsubsidized)
Second Year $6,500 ($4,500 subsidized/$2,000 unsubsidized)
Third Year and Beyond $7,500 ($5,500 subsidized/$2,000 unsubsidized)
Independent Students Annual Loan Limits
First Year $9,500 ($3,500 subsidized/$6,000 unsubsidized)
Second Year $10,500 ($4,500 subsidized/$6,000 unsubsidized)
Third Year and Beyond $12,500 ($5,500 subsidized/$7,000 unsubsidized)
Graduate or Professional $20,500 ($8,500 subsidized/$12,000 unsubsidized)
Lifetime Limits
Undergraduate Dependent $31,000 (Up to $23,000 may be subsidized)
Undergraduate Independent $57,500
Graduate or Professional $138,500 (Up to $65,000 may be subsidized)
or $224,000 (for Health Professionals)
For loans first disbursed on or after July 1, 2008.

Federal Perkins Loan



The Federal Perkins Loan Program provides low-interest loans to help needy students finance the costs of postsecondary education. Students can receive Perkins loans at any one of approximately 1,800 participating postsecondary institutions. Institutional financial aid administrators at participating institutions have substantial flexibility in determining the amount of Perkins loans to award to students who are enrolled or accepted for enrollment. Borrowers who undertake certain public, military, or teaching service employment are eligible to have all or part of their loans canceled. In general, schools are reimbursed for 100 percent of the principal amount of the loan canceled, and the reimbursement must be reinvested in the school's revolving loan fund. These institutional reimbursements for loan cancellations are an entitlement.

Federal Pell Grant

http://www2.ed.gov/programs/fpg/index.html

The Federal Pell Grant Program provides need-based grants to low-income undergraduate and certain postbaccalaureate students to promote access to postsecondary education. Students may use their grants at any one of approximately 5,400 participating postsecondary institutions. Grant amounts are dependent on: the student's expected family contribution (EFC) (see below); the cost of attendance (as determined by the institution); the student's enrollment status (full-time or part-time); and whether the student attends for a full academic year or less.

Students may not receive Federal Pell Grant funds from more than one school at a time.


College Savings Calculator


http://www.timevalue.com/calculators/college-savings-calculator.aspx

Wednesday, May 5, 2010

VE LAPTOP ASSIGNMENTS

LAPTOP ASSIGNMENTS

UNTIL FURTHER NOTICE: ALL STUDENTS MUST EXCHANGE SCHOOL ID FOR THEIR ASSIGNED LAPTOP

CAFE IMPRESA

BESS, THADDAEUS #3
BROWN, SHANICE #4
CACERES, JAVIER #5
COATES, TAMIKA #6
DAFFEH, FATIMA #9
DIXON, TONY #25
PEREZ, RUTH #10
QUEZADA, LEO #12
REDZIC, ALISA #12
ROJAS, EMILIO #15
SAMNATH, LISA #17
SEWAH, NADIRA #18
TIMAL, GEETA #26
VALENTIN, VINCENT #27

CARPE DIEM ADVERTISING

ADDY, JULIAN #16
BINNIE, SHANI #10
DAUTAJ, AARON #3
ELM, MANDELL #24
FURCAL, AGATHA #17
HAYWOOD, TSIAN #26
HENLEY, KENNETH #27
MOREL, GIGI #4
NIKQI, SARANDA #5
PEREZ, PEDRO #25
RODRIGUEZ, DEVIN #6
RODRIGUEZ, JOHN #14
SANTANA, MELISSA #10
SMALL, CHRIS #16
SYED, TAHWID #9



Mr. Filipinas
- Posted using BlogPress from my iPhone

Monday, May 3, 2010

CAFE IMPRESA & CARPE DIEM W2 / W3 / 1040 VE

Julian / Melissa, Javier: Click HERE for the 1040 Reporting Form.

Right Click & Save Link as . . . 1040 Reporting Form for CompanyName

Click HERE for VEC Bank account #'s and Names of Employees

Copy and paste your companies Worksheet into the 1040 Reporting Form workbook.




CAFE IMPRESA

Click HERE for the W3 submitted to Virtual Enterprise International

Click HERE for the 1040 reporting form submitted to Virtual Enterprise International

These are the W2's and 1040's that have been submitted for :
(IF THE LINK DOES NOT WORK, I HAVE NOT RECEIVED IT)

Thaddaeus W2 1040VE
Shanice W2 1040VE
Tamika W2 1040VE
Fatima W2 1040VE
Tony W2 1040VE
Ruth W2 1040VE
Leo W2 1040VE
Alisa W2 1040VE
Emilio W2 1040VE
Lisa W2 1040VE
Nadira W2 1040VE
Geeta W2 1040VE
Vincent W2 1040VE

CARPE DIEM ADVERTISING

Click HERE for the W3 submitted to Virtual Enterprise International

Click HERE for the 1040 reporting form submitted to Virtual Enterprise International

These are the W2's and 1040's that have been submitted for :
(IF THE LINK DOES NOT WORK, I HAVE NOT RECEIVED IT)

Shani W2 1040VE
Mandell W2 1040VE
Agatha W2 1040VE
Tsian W2 1040VE
Kenneth W2 1040VE
Saranda W2 1040VE
Pedro W2 1040VE
Chris W2 1040VE
Tawhid W2 1040VE
Julian W2 1040VE
Aaron W2 1040VE
Gigi W2 1040VE
Devin W2 1040VE
John W2 1040VE



CONFIRM TO ATTEND SATURDAY MAY 8 WORKSHOP

This semester there is still space for the May 8th workshop if students attended the April 25th workshop. Students attending both workshops will receive a $75 gift certificate to Amazon. Please have any interested students sign by their names and fax it back to me ASAP. It will still be on a first come first serve basis.

Please advise your students to sign only if they are positive they will go. Fax it back to me ASAP as it is first come first serve. I will let you know by Wednesday, May 5 if they are approved


Furcal Agatha Attended SIGNED

Binnie Shani Attended SIGNED

Henley Kenneth Attended SIGNED

Morel Getangeli Attended SIGNED

Perez Ruth Attended SIGNED

Small Chris Attended SIGNED

Syed Tawhid Attended



Students should be at the workshop between 8:30 and 9. Breakfast will be served! The Agenda is HERE.

Address: Financial Backpack Workshop 2

Science & Business Library

188 Madison Ave & 34th St.

Nearby subway stops and trains are:

B,D,F,N,Q,R,V,W To 34th Street.

6 local TO 33rd Street.

Nadine

Nadine Laguardia
Work-Based Learning & College Liaison

Virtual Enterprises
NYC Department of Education
Martin Luther King, Jr., HS
122 Amsterdam Ave.

New York, NY 10023
Phone # 212 501-1176
Fax # 212 799-7528
nlaguar@schools.nyc.gov