Description
In Excel prepare the Balance Sheet and the Income Statement for Wools Vest Plus. Make sure to include the proper items on each statement. Answer all the questions in the pdf regarding Wools Vest Plus as well. Please use the writing rubric for the questions.
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Explanation & Answer
Financial assignment completed
Balance Sheet
WOOLS VEST PLUS
For the Years Ending [Dec 31, 2016 Dec 31, 2017 and Dec 31, 2018]
Assets
2016
2017
2018
Total current assets $
5,000
10,000
2,000
17,000
$
15,000
20,000
2,000
37,000
15,000
40,000
2,000
57,000
Total fixed assets $
2,000
25,000
27,000
$
1,500
20,000
(5,400)
16,100 $
$
44,000
$
53,100
$
62,200
Total current liabilities $
5,000
5,000
$
7,000
7,000
$
5,000
5,000
Total long-term liabilities $
-
$
10,000
10,000
$
8,200
8,200
Total owner's equity $
39,000
39,000
$
36,100
36,100
$
49,000
49,000
$
44,000
$
53,100
$
62,200
Current Assets
Cash
Accounts receivable
Inventory
$
Fixed (Long-Term) Assets
Computers
Property, plant, and equipment
(Less accumulated depreciation)
Total Assets
[42]
1,000
15,000
(10,800)
5,200
Liabilities and Owner's Equity
Current Liabilities
Accounts payable
Long-Term Liabilities
Long-term debt
Owner's Equity
Owner's investment
Total Liabilities and Owner's Equity
{42}
{42}
Common Financial Ratios
Debt Ratio (Total Liabilities / Total Assets)
Current Ratio (Current Assets / Current Liabilities)
Working Capital (Current Assets - Current Liabilities)
Assets-to-Equity Ratio (Total Assets / Owner's Equity)
Debt-to-Equity Ratio (Total Liabilities / Owner's Equity)
0.11
3.40
12,000
1.13
0.13
0.32
5.29
30,000
1.47
0.47
0.21
11.40
52,000
1.27
0.27
WOOLS VESTS PLUS
Income Statement
For the Years Ending [Dec 31, 2016 Dec 31, 2017 and Dec 31, 2018]
Revenue
Sales revenue
Total Revenues
2016
2017
2018
35,000
60,000
80,000
35,000
60,000
80,000
[42]
[42]
Expenses
Total Expenses
Net Income
Advertising
Cost of goods sold
Depreciation Expense
Insurance
Interest expense
Rent
Salaries and wages
Travel
Telephone Expenses
675
10,000
5,400
1,120
3,000
1,000
1,250
500
700
20,000
5,400
1,120
769.06
3,000
4,000
1,500
500
800
40,000
5,400
1,120
1,459.71
3,000
5,000
2,000
500
Registration Expenses
1,000
1,000
1,000
Legal Expenses
1,500
1,500
1,500
25,445
39,48...