ACC445 P4 DB 2-6-07 - Kimberly Wilson ACC445-0701A-01 Sun...

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Kimberly Wilson ACC445-0701A-01 Sun Shine Orange Grove 2006 Budget Income Statement 2003-2004 2004-2005 2006 Beget Revenue Sales + 1,015,000 + 510,000 5,812,500 Sales Discounts + 15,000 + 10,000 62,000 Net Sales + 1,000,000 + 500,000 5,750,500 Cost of Goods Sold + 692,400 + 273,700 3,740,000 Gross Margin + 307,000 + 226,300 2,010,500 Expenses Depreciation 0 0 150,000 Salaries + 5,000 + 30,000 100,000 Office/Warehouse Rent + 5,000 0 50,000 Bad Debt Expense + 3,000 + 11,000 28,000 Supplies + 1,000 + 3,000 7,000 Miscellaneous + 1,000 + 1,000 4,000 Total Expenses + 15,000 + 45,000 339,000 Net Income Before Taxes + 292,600 +181,300 1,671,500 Balance Sheet Assets Current Assets Cash + 15,000 + 10,000 67,500 Accounts Receivable + 2,000 + 2,000 10,000 Inventory + 80,000 + 100,000 510,000 Total Current Assets + 97,000 + 112,000 587,500 Plant Equipment - 150,000 - 150,000 1,050,000 Total Assets - 53,000 - 38,000 1,637,500 Current Liabilities Accounts Payable + 3,000 + 1,000 12,000 Equities Owners' Equity 0 0 1,600,000 Retained Earnings - 56,000 - 39,000 25,500 Total Owners' Equity - 56,000 - 39,000 1,625,500 Total Liabilities/OE + 292,600 +181,300 1,637,500
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ACC445-0701A-01 Phase 4 5-Feb-07 Sun Shine Orange Grove Income Statement Budget 2006 Revenue Sales $6,302,000 Sales Discounts 60,000 Net Sales $6,242,000 COGS 4,105,940 Gross Margin $2,136,060 Expenses Depreciation $150,000 Salaries 95,000 Office and Warehouse Rent
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ACC445 P4 DB 2-6-07 - Kimberly Wilson ACC445-0701A-01 Sun...

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