Objective: Resource management is essential for project completion on time and under budget. Below are financial statements I created for the Financial Accounting: Foundations course.
Degree: University of Illinois Urbana-Champaign Financial Management Specialization.
Created: December 8, 2018
Prompt: The client Michael has owned his health food store for two years. He invested $15,000 of his own money into the store.
Startup Location: South Florida
Date Startup Created: January 1, 2016.
He received a 6 year $30,000 bank loan in January 2016. (10% annual interest rate).
At the end of year 1, Michael considered hiring a project manager to expand his business. Michael chose not to proceed with the project due to budget concerns.
Business improved. Michael is now ready to begin his expansion project.
The project manager requires knowledge of Michael’s assets to set a project budget.
Michael’s accountant is sick again but left his files from year 2017.
Reminder:
The corporate tax rate is 50%
Michael needs to declare (but not pay) dividends of $2,000
Michael needs the following 2017 financial statements created:
Transaction Worksheet
Balance Sheet
Income Statement
