Toys 4 U

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TOYS 4 U

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Essay: Toys 4 U: Tyler has worked in a retail toy store for 8 years. Last year, Tyler’s wages were $35,000. Lately, Tyler has been unhappy with the shop’s owner. Convinced that he could run a toy store better at a lower cost, Tyler decided to go into business for himself and opened up Toys 4 U.

To get the business going, Tyler decided to invest heavily in advertising. He spent $10,000 on advertising aimed at consumers.  Tyler also purchased computers, printers, and other equipment needed for his retail store for $6,000. He estimated that the equipment he purchased can be used for about five years before maintenance costs would be too high and they would need to be replaced.  All equipment is estimated to be worth 10% of their original cost at the end of their life.

At the end of the first year of business, Tyler had received $100,000 in cash from customers, of which $5,000 was cash paid in advance for pre-ordered toys.

A review of Tyler’s checkbook shows he paid the following (in addition to those mentioned previously) during the first year of business:

Toys Merchandise Inventory          $45,000

Supplies                                                8,000

Wages—part-time assistant                9,500

Rent                                                      7,200

Insurance (two-year policy)                3,200

Utilities                                                2,500

Miscellaneous expenses                      1,700

Tyler’s utility bill for the last month of the fiscal year was $320. He has not recorded the bill and plans to pay it in the next 30 days.

At the end of the year, about $16,000 of toys inventory purchased during the year was in his store stock. In addition, $2,300 in supplies had not been used. Tylor’s corporate tax rate is 25%.

Requirement 1 (20 points) – Prepare an income statement for Toys 4 U for the fiscal year ended December 31, 20xx in proper form.

Requirement 2 (10 points)– Write a memo to Tyler stating whether you think it was a good idea for him to open the Toy shop or if he should have stayed employed at his old job. State your reasons for your opinion.  Do you have any recommendations for Tyler? Your memo should be at least 1 page, double spaced, and 12-point font.

You may attach 2 separate files for the requirements above or combine both the income statement and written memo into 1 document.  Acceptable file formats are Excel or Word.

 

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