This is the instructors comments. I don’t understand what I need to do to my spreadsheet. This i

This is the instructors comments. I don't understand what I need to do to my spreadsheet. This is a fictious balance sheet that I made up for a fictious company.

I hope things are going well. On your Balance Sheet, your retained earnings amount must match and be the exact same dollar amount as you annual net profit/loss amount from your F1. Profit and Loss Statement. You will need to update this retained earnings amount and then adjust your balance sheet accordingly so it will balance. You currently have this amount listed as cash, which is incorrect. In addition, under Long-term Liabilities, these amounts should just be the balance of the loan (what you still owe on the loan) at the end of the first year. Please let me know if you have any questions or need anything else.

Monthly Profit and Loss Month 1 Month 2 Month 3 Month 4 Month 12 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 11 REVENUE (Sales): 96,450 115,740 138,888 166,666 199,999 239,999287,998 3 45,598 414,717 497,661 597,193 716,632 3,817,540 OPERATING EXPENSES: Salaries 50,000 50,000 50,000 50,000 50,000 50,000 70,000 70,000 70,000 70,000 70,000 70,000 720,000 Truck Maintenance 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 Gas and Operating Expenses 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000 Insurance 900 900 900 900 900 900 900 900 10,800 900 300 Taxes 300 300 300 300 300 300 300 300 300 3,600 Building 30 year Mortgage 500 500 500 500 500 500 500 500 6,000 Truck Payments (5 year term) 2,000 2,000 2,000 2,000 2,000 2,000 2,500 2,500 2,500 2,500 2,500 2,500 27,000 Marketing Services 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 18,000 1,500 500 Utilities 500 500 500 500 500 500 500 500 500 500 500 6,000 827,400.00 79200.0 Total Operating Expenses: 58700 58700 58700 58700 58700 58700 79200 79200.00 79200.00 79200.00 79200.00 Profit before Interest Interest Expense 37750 57040 8 0188 107966 141299 181299 2 08798 266397.80 335517.30 418460.80 ######## 637431. 60 2,990,139.50 Projected Balance Sheet ASSETS Current Assets Accounts Receivable Prepaid insurance Supplies 2.990.13950 Long-Term Asses: Trucks 70,000.00 Total Assets 5 126,000.00 1161190 LIABILITIES: S 63743160 Long-Term Liabilities: Truck payment 70,000.00 126.000.00 262,431 GO Total Liabilities Owner Equity 5 2.252,707.90 Total Liabilities and 5 116,119 50

 

Looking for a Similar Assignment? Hire our Top Uk Tutors while you enjoy your free time! All papers are written from scratch and are 100% Original. Try us today! Active Discount Code FREE15