A new company statement of affairs example

Here is an example of a new company statement of affairs:

Statement of Affairs

Company Name: XYZ Inc. Date: March 31, 2023

Assets:

  1. Cash: $10,000 (in the company's bank account)
  2. Accounts Receivable: $20,000 (amounts owed to the company by customers)
  3. Inventory: $15,000 (goods and materials held for sale or in the process of production)
  4. Prepaid Expenses: $5,000 (amounts paid in advance for goods and services)
  5. Equipment: $30,000 (office equipment, machinery, and vehicles)
  6. Furniture and Fixtures: $10,000 (office furniture and fixtures)
  7. Intangible Assets: $5,000 (patents, copyrights, and trademarks)

Total Assets: $90,000

Liabilities:

  1. Accounts Payable: $15,000 (amounts owed by the company to suppliers and creditors)
  2. Loans Payable: $20,000 (amounts borrowed from banks and other lenders)
  3. Accrued Expenses: $10,000 (amounts owed for services and goods received but not yet paid for)
  4. Taxes Payable: $5,000 (amounts owed to the government for taxes)

Total Liabilities: $50,000

Net Worth:

  1. Share Capital: $30,000 (amount invested by shareholders)
  2. Retained Earnings: $10,000 (profits reinvested in the business)
  3. Accumulated Depreciation: $5,000 (depreciation of assets)

Total Net Worth: $45,000

Total Liabilities and Net Worth: $95,000

This statement of affairs provides a snapshot of the company's financial position as of the date specified. It shows the company's assets, liabilities, and net worth, which can be used to assess its financial health and make informed decisions about its operations and future direction.

Note: This is a simplified example and actual statements of affairs may be more complex and detailed, depending on the company's specific circumstances and accounting requirements.