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Create 3 years of the following financial statements required for a business plan. a) Monthly

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1. Create 3 years of the following financial statements required for a business plan. a) Monthly… 1 answer below » 1. Create 3 years of the following financial statements required for a business plan. a) Monthly Cash Budgets b) Year-End Income Statements c) Year-End Balance Sheets Spreadsheet Assignment #2 Restaurant Business Startup Due Monday, April 29th (via e-mail) Assignment: 1. Prepare three years of monthly cash budgets, yearly income statements, and yearly balance sheets for the restaurant start-up business described below. 2. You may work in groups of two or less. 3. Please e-mail me one spreadsheet for your group. The spreadsheet should include all group members’ last names at the top of the View complete question » 1. Create 3 years of the following financial statements required for a business plan. a) Monthly Cash Budgets b) Year-End Income Statements c) Year-End Balance Sheets Spreadsheet Assignment #2 Restaurant Business Startup Due Monday, April 29th (via e-mail) Assignment: 1. Prepare three years of monthly cash budgets, yearly income statements, and yearly balance sheets for the restaurant start-up business described below. 2. You may work in groups of two or less. 3. Please e-mail me one spreadsheet for your group. The spreadsheet should include all group members’ last names at the top of the first sheet and in the file name. This should be e-mailed Document Preview: Create 3 years of the following financial statements required for a business plan. a) Monthly Cash Budgets b) Year-End Income Statements  c) Year-End Balance Sheets
Spreadsheet Assignment #2 Restaurant Business Startup Due Monday, April 29th (via e-mail) Assignment: 1. Prepare three years of monthly cash budgets, yearly income statements, and yearly balance sheets for the restaurant start-up business described below. 2. You may work in groups of two or less. 3. Please e-mail me one spreadsheet for your group. The spreadsheet should include all group members’ last names at the top of the first sheet and in the file name. This should be e-mailed to me by the start of class on April 29th. Notes: 1. This is a start-up restaurant business. 2. It is cash-based (i.e., there are no accounts receivable or accounts payable) 3. Assume it is a sole proprietorship, so there are no corporate taxes. (the income of the business is taxed as personal income to the business owner). Sales Forecast 2013 Month Sales January $22,814 February 24,399 March 25,984 April 27,569 May 30,769 June 32,324 July 35,494 August 38,664 September 38,664 October 32,324 November 29,154 December 25,984 Assume sales grow at 10% annually in 2014 and 2015. Maintain the seasonal pattern of sales. Salaries and Wages Open 15 hours per day x 364 days = 5,460 hours Part-time help will work 5 hours per day x 364 = 1,820 hours 1 Wait person 5,460 x $2.19=$11,957.40 1 Cook 5,460 x $6.00=$32,760.00 1 Dishwasher/busboy 5,460 x $4.25=$23,205.00 Part-time wait person 1,820 x $2.19=$3,985.80 Part-time cook 1,820 x $6.00=$10,920.00 Manager Salary (Owner) $10,000.00 Total Annual Salaries and Wages $92,828.20 Equity Contribution (these are the initial assets and owner’s equity) Land $45,000 Equipment 5,000 Liquor License 2,000 Cash 5,000 Total $57,000 Loan Information Borrow $175,000, 20 years @ 11.25% interest. Loan will be disbursed on January 1 and payments will be made starting in January of the first year. The loan… Attachments: Q..docx Q.-Attachment….pdf View less » Sep 11 2015 02:27 PM


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