Using the Score Financial Projections Template (See Below) analyze the pictures in their entirety for any aspects that may not be obvious to the common financial statement user. Explain each of these areas of possible confusion. Also,Please provide assumptions regarding financial statement content at the end of the first fiscal year. The spreadsheet did not show up on word like I wanted it to. If the person looking at this would like a copy of the excel spreadsheet I would be happy to send it to them.
Balance Sheet Years 1-3
Prepared By:
Company Name:
Owner
Company 1
ASSETS
2017
2018
2019
Current Assets
Cash
1,310,816
1,969,222
2,684,686
Accounts Receivable
155,892
155,892
155,892
Inventory
59,323
118,299
188,091
Prepaid Expenses
29,796
14,898
-
Other Initial Costs
1,333
667
-
Total Current Assets
$ 1,557,161
$ 2,258,978
$ 3,028,669
Fixed Assets
Real Estate -- Land
-
-
-
Real Estate -- Buildings
48,000
48,000
48,000
Leasehold Improvements
20,000
20,000
20,000
Equipment
10,500
10,500
10,500
Furniture and Fixtures
30,000
30,000
30,000
Vehicles
12,000
12,000
12,000
Other
-
-
-
Total Fixed Assets
$ 120,500
$ 120,500
$ 120,500
(Less Accumulated Depreciation)
$ 12,564
$ 27,721
$ 42,879
Total Assets
$ 1,665,096
$ 2,351,756
$ 3,106,290
LIABILITIES & EQUITY
Liabilities
Accounts Payable
(568,392)
(568,392)
(568,392)
Commercial Loan Balance
26,777
23,252
19,396
Commercial Mortgage Balance
-
-
-
Credit Card Debt Balance
-
-
-
Vehicle Loans Balance
-
-
-
Other Bank Debt Balance
-
-
-
Line of Credit Balance
(15,680)
(39,374)
(63,068)
Total Liabilities
$ (557,294)
$ (584,513)
$ (612,063)
Equity
Common Stock
84,694
84,694
84,694
Retained Earnings
2,260,940
3,098,062
4,003,389
Dividends Dispersed/Owners Draw
123,243
246,486
369,729
Total Equity
$ 2,222,391
$ 2,936,270
$ 3,718,354
Total Liabilities and Equity
$ 1,665,096
$ 2,351,756
$ 3,106,290
Balance sheet in or out of balance?
$ -
$ -
$ -
Balanced!
Balanced!
Balanced!
Using the Score Financial Projections Template (See Below) analyze the pictures in their entirety for any aspects that may not be obvious to the common financial statement user. Explain each of these areas of possible confusion. Also,Please provide assumptions regarding financial statement content at the end of the first fiscal year. The spreadsheet did not show up on word like I wanted it to. If the person looking at this would like a copy of the excel spreadsheet I would be happy to send it to them.
Balance Sheet Years 1-3 | |||
Prepared By: | Company Name: | ||
Owner | Company 1 | ||
ASSETS | 2017 | 2018 | 2019 |
Current Assets | |||
Cash | 1,310,816 | 1,969,222 | 2,684,686 |
Accounts Receivable | 155,892 | 155,892 | 155,892 |
Inventory | 59,323 | 118,299 | 188,091 |
Prepaid Expenses | 29,796 | 14,898 | - |
Other Initial Costs | 1,333 | 667 | - |
Total Current Assets | $ 1,557,161 | $ 2,258,978 | $ 3,028,669 |
Fixed Assets | |||
Real Estate -- Land | - | - | - |
Real Estate -- Buildings | 48,000 | 48,000 | 48,000 |
Leasehold Improvements | 20,000 | 20,000 | 20,000 |
Equipment | 10,500 | 10,500 | 10,500 |
Furniture and Fixtures | 30,000 | 30,000 | 30,000 |
Vehicles | 12,000 | 12,000 | 12,000 |
Other | - | - | - |
Total Fixed Assets | $ 120,500 | $ 120,500 | $ 120,500 |
(Less Accumulated Depreciation) | $ 12,564 | $ 27,721 | $ 42,879 |
Total Assets | $ 1,665,096 | $ 2,351,756 | $ 3,106,290 |
LIABILITIES & EQUITY | |||
Liabilities | |||
Accounts Payable | (568,392) | (568,392) | (568,392) |
Commercial Loan Balance | 26,777 | 23,252 | 19,396 |
Commercial Mortgage Balance | - | - | - |
Credit Card Debt Balance | - | - | - |
Vehicle Loans Balance | - | - | - |
Other Bank Debt Balance | - | - | - |
Line of Credit Balance | (15,680) | (39,374) | (63,068) |
Total Liabilities | $ (557,294) | $ (584,513) | $ (612,063) |
Equity | |||
Common Stock | 84,694 | 84,694 | 84,694 |
Retained Earnings | 2,260,940 | 3,098,062 | 4,003,389 |
Dividends Dispersed/Owners Draw | 123,243 | 246,486 | 369,729 |
Total Equity | $ 2,222,391 | $ 2,936,270 | $ 3,718,354 |
Total Liabilities and Equity | $ 1,665,096 | $ 2,351,756 | $ 3,106,290 |
Balance sheet in or out of balance? | $ - | $ - | $ - |
Balanced! | Balanced! | Balanced! |