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.
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Balance Sheet Years 1-3
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Prepared By:
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Company Name:
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Owner
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Company 1
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ASSETS
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2017
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2018
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2019
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Current Assets
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Cash
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1,310,816
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1,969,222
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2,684,686
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Accounts Receivable
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155,892
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155,892
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155,892
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Inventory
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59,323
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118,299
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188,091
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Prepaid Expenses
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29,796
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14,898
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-
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Other Initial Costs
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1,333
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667
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-
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Total Current Assets
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$ 1,557,161
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$ 2,258,978
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$ 3,028,669
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Fixed Assets
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Real Estate -- Land
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-
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-
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-
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Real Estate -- Buildings
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48,000
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48,000
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48,000
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Leasehold Improvements
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20,000
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20,000
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20,000
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Equipment
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10,500
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10,500
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10,500
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Furniture and Fixtures
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30,000
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30,000
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30,000
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Vehicles
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12,000
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12,000
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12,000
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Other
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-
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-
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-
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Total Fixed Assets
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$ 120,500
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$ 120,500
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$ 120,500
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(Less Accumulated Depreciation)
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$ 12,564
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$ 27,721
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$ 42,879
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Total Assets
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$ 1,665,096
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$ 2,351,756
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$ 3,106,290
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LIABILITIES & EQUITY
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Liabilities
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Accounts Payable
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(568,392)
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(568,392)
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(568,392)
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Commercial Loan Balance
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26,777
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23,252
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19,396
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Commercial Mortgage Balance
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-
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-
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-
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Credit Card Debt Balance
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-
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-
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-
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Vehicle Loans Balance
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-
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-
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-
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Other Bank Debt Balance
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-
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-
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-
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Line of Credit Balance
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(15,680)
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(39,374)
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(63,068)
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Total Liabilities
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$ (557,294)
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$ (584,513)
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$ (612,063)
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Equity
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Common Stock
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84,694
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84,694
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84,694
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Retained Earnings
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2,260,940
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3,098,062
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4,003,389
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Dividends Dispersed/Owners Draw
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123,243
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246,486
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369,729
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Total Equity
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$ 2,222,391
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$ 2,936,270
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$ 3,718,354
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Total Liabilities and Equity
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$ 1,665,096
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$ 2,351,756
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$ 3,106,290
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Balance sheet in or out of balance?
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$ -
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$ -
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$ -
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Balanced!
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Balanced!
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Balanced!
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