prepare a one-page income statement for the first year of thebusiness you are planning to open,...

Question

prepare a one-page income statement for the first year of the

business you are planning to open, using appropriate categories of revenue

and expenses. For assistance in identifying categories and sub-categories of

revenue and expenses, refer to the Financial Statements--Help in preparing

them link in the Class Resources area (particularly pages 6 through 8 of

"Financial Statement Preparation Guidance Instructions: Financial Statement

Entry Matrix") and/or IRS Form 1040, Schedule C.

For example, under operating expenses list rent, utilities, payroll,

depreciation expenses, insurance, and so on. This part of the assignment is

designed to help you with your business plan assignment. If you have a

service business and do not sell tangible items that require you to maintain

an inventory, you will not have to include a Cost of Goods Sold section in

your Income Statement. Please round off cents to the nearest whole dollar

value - do not show cents values. Completed in word or Excel

financial-income-statement-info-w5phvfdf.docx financialstatementsupportdoc-example-cukfzide.pdf

Sandeep · Accepted Answer

BUSINESS FINANCIAL INFO: 
Financials Outsourcing Services Inc.
10 Staff Accountants @ $52000 Annually. 5 Senior Accountants @ 
$20500 in Laptops and other IT equipment that should last 3 years.
Estimated Proceeds sales/Trips annually:  Gross sales 20 Clients @ $8,750/month.  $2,100,000
Expenses Annually: (NO LOANS)
Insurance cost $36,300 Prepaid (1 year both combined both boats)
Legal and Professional $61,000
Miscellaneous Expenses $22000
Website/App Hosting $4,200
Repair and Maintenance fees are $39,100.

prepare a one-page income statement for the first year of thebusiness you are planning to open, using appropriate categories of revenueand expenses. For assistance in identifying categories and...

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