Create a financial statement for your hypothetical new business venture. Using the attached Excel template, and based on surveying a specific market place, make a best-guess estimated statement exhibiting profit and loss. In business, accuracy counts, so make sure to check and recheck your numbers before submitting your financial statements. Your grade will be based on the completeness and accuracy of the Income Statement.This is all of the information that I have. The hypothetical business is for a residential moving company. Revenue:Gross SalesLess: Sales Returns and AllowancesNet SalesCost of Goods Sold:Beginning InventoryAdd: PurchasesDirect LaborIndirect ExpensesLess: Ending InventoryCost of Goods SoldGross Profit (Loss)Expenses:AdvertisingBank ChargesCommissionsContract LaborCredit Card FeesDelivery ExpensesDues and SubscriptionsInsuranceInterestMaintenanceMiscellaneousOffice ExpensesPayrollPermits and LicensesPostageProfessional FeesProperty TaxesRentTelephoneTravelUtilitiesTotal ExpensesNet Operating IncomeOther Income:[Your Company Name]Income StatementFor the Year Ended [Month/Date/Year]Gain (Loss) on Sale of AssetsInterest IncomeTotal Other IncomeNet Income (Loss)$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00

Introduction:The numbers mentioned are hypothetical.Please fill the date in as required i.e., 31st…

Answered: Create a financial statement for your…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Create a financial statement for your hypothetical new business venture. Using the attached Excel template, and based on surveying a specific market place, make a best-guess estimated statement exhibiting profit and loss. In business, accuracy counts, so make sure to check and recheck your numbers before submitting your financial statements. Your grade will be based on the completeness and accuracy of the Income Statement.

This is all of the information that I have. The hypothetical business is for a residential moving company.

Revenue:
Gross Sales
Less: Sales Returns and Allowances
Net Sales
Cost of Goods Sold:
Beginning Inventory
Add: Purchases
Direct Labor
Indirect Expenses
Less: Ending Inventory
Cost of Goods Sold
Gross Profit (Loss)
Expenses:
Advertising
Bank Charges
Commissions
Contract Labor
Credit Card Fees
Delivery Expenses
Dues and Subscriptions
Insurance
Interest
Maintenance
Miscellaneous
Office Expenses
Payroll
Permits and Licenses
Postage
Professional Fees
Property Taxes
Rent
Telephone
Travel
Utilities
Total Expenses
Net Operating Income
Other Income:
[Your Company Name]
Income Statement
For the Year Ended [Month/Date/Year]
Gain (Loss) on Sale of Assets
Interest Income
Total Other Income
Net Income (Loss)
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
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