Assignment:
What I need is a simple Income statement and a balance sheet in excel for a business plan.
Please make up the 2 financial sheets balanced and ready for me to view and understand. You may add numbers and make up fictional debits and credits, etc as you go. Just as long as it balances. The purpose is for me to be able to start up a business in assembling and selling furniture. NOTE: It must be done showing a 3 year projection in Excel.
Here is the following of what I have to start the business: (May cahnge as you please for rapidness and balancing)
1. $95,000 to start with
2. 2 small trucks
3. overhead rent is $500 per month
4. Electric is $125 per month
5. Already have tool and equipment at hand valued at 5,000
6. 2 employees (owners) salaries at 2,500 a month
7. 2 part time employees to be called in at $6.00 an hour averaging 20 hours a week
8. Bank loan is at $60,000 which is part of the initial start-up asset (if it can be considered an asset?)
9. Furniture purchase (To sell) is $6,000 1st year, $7,000 second year, $8,000 3rd
year.
10. picked up a 3 year contract account with chase bank of the Valley to assemble furniture at a contract of $20,000 the first year and with an additional 5 % increase each year after.
11. Picked up a 3 year contract account with Holiday in to asseble and repair furniture for $16,000 for the first year and a 5% increase for the coming years.
12. picked up an account with Montgomery Ward to assemble their furiniture for displays fo 3 years at $25,000 plus a 5% increase in the coming years.
13. projected furniture sales to individual customers are at $12,000, year 1, $13,000-year2, and $14,000 year 3.
14. road services and individual public customer furniture assembly is expected to range from year 1-$10,000, Year 2-$11,000, and Year 3- $12,000.
15. Other Expenses - Fuel, auto repairs, etc...Please make up a figure>
16. Liabilities and owners equity? -- Please use your imagination.