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Pass the Gear

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by

Sarah Salman

on 22 October 2012

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Transcript of Pass the Gear

Introduction - Driving School in Mississauga

- Consists of 4 partners (Partnership)

-The initial investment put into the business is merely $500,000

-The service consists of: Written test, purchase the Ontario Driver's Handbook In addition our main focus is on the students to teach them the proper road skills and to prepare them for anything. Pricing -G1 License (Written Test) - $125.00
-G2 Road Test- $75.00
-Driving lesson per class- $30.00
-Classroom lessons-$25.00 By: Maheen, Radhika, Monika and Sarah Pass the Gear Fixed Assets of the business Land Building
$150,000 $100,000 Furniture Office Equipment Computers Cars $6,000 $1500 $10,000 $ 146,944.00 Fixed Assets Realistic Balances Transactions 1. Bank Loan 2.Customer's Pay for Classroom Lessons-(Sales) Bank 3.Paying for the Driving Lessons (Sales) 4.Purchase Licenses Plate for 8 cars 5.(Sales) Ontario Driver's Handbook 6. Advertising fee of $1000 7. Written Tests- G1 (Sales) of 37 ,500 Bank Loan 30,500 30,500 Cash Revenue 7,500 7,500 Cash Revenue 37,500 37,500 Cash License Expense 1,000 1,000 Cash Revenue 300 300 Cash Advertising Fee 1,000 1.000 Bank Revenue 37,500 37,500 8. 75 customers failed G1 test, payed $50 to do it again after 1 hour Bank Revenue 3,750 3,750 9.Owner's bought building for $100,000 Bank Building 100,000 100,000 10.Payed for employee's wages Cash Wages Expense 14,000 14,000 11. $150,000 lease payment for land Cash Lease Expense 150,000 150,000 12. Purchased 8 cars for146,944 Cash Automobile 146,944 146,944 13. Gas refill for all 8 cars Cash Gas Expense 3,200 3,200 14. Monthly electricity bill of $500 Cash Utilities Expense 500 500 15. $1,500 worth of dummy trial tests 1,500 1,500 Cash Revenues Beginning Balance Sheet Trial Balances Updated Balance Sheet Invoices Source Documents Income Statement Health of the Business -High cash flow
-All financial statements prove excellent net income, surplus and capital
-Revenue outnumbered Expenses
-Assets gave positive value Thank You for listening :) Current Assets Bank Classroom Supplies
$530,500 $800 Accounts Bank Supplies 1,600 2,400 Land Building Auto 150,000 100,000 146,944 100,000 150,000 146,944 Bank Loan 30,500 30,500 Advertising Fee Gas Expense Utilities Expense Wages Expense 1000 3,200 500 14,000 1,000 3,200 500 14,000 30,500
7,500
800
37,500
300
375,000
3,750
1,500
1,000
1,600
100,000
14,400
150,000
146,944
3,200 500 50 100,000 10,000 1,500 456,050 53,5944 79,894 800 Maintenance Expense 100,000 100,000 Fees Earned 7,500
37,500
300
375,000
3,750
1,500 425,550 789 Bancraft Drive,
Mississauga, ON,
L5V 2Y6
Full transcript