Page 1

Crème

Hannah Hooks

Personal Financial Statement ASSETS Personal Net Worth

Checking and Savings Accounts Institution Name

Account Type and #

Chase Bank

Checking Account (#...)

Chase Bank

Current Balance $1,876

Credit (#...)

$500

Total Checking and Savings Accounts

$2,376

Time Deposit Accounts Institution Name NONE

Account #

Maturity Date

Current Balance

N/A

$0

N/A

Total Time Deposit Accounts

$0

Cash on Hand/Miscellaneous Cash (Drawers, Safety Deposit Box, Etc.) Cash on hand

$100

Total Miscellaneous Cash Total Assets

$100 $2,476

I briefly described and estimated the current value of everything I own, (even if I owe money against it). I listed the approximate cash balance in each of my financial accounts; and that included accounts in bank, savings, credit union, and any other institutions. I made an estimate of how much a particular item is worth now, and I will verify it at a later time; I provided the market value, the price for which I can sell the particular piece of property today. Items such as marketable securities, life insurance cash value, accounts and notes receivable, trust deeds and mortgages, real estate, personal property, and other assets are not applicable for me to present at the present time.


Crème

Hannah Hooks

Personal Financial Statement LIABILITIES & NET WORTH

Credit Cards and Revolving Credit Accounts Name of Creditor

Amount Owed

VISA (Chase Freedom)

$500

Total Credit Cards and Revolving Credit Accounts

$500

Other Liabilities Name of Creditor

Terms

School Loans [Bauder College Tuition & Art Institute of Atlanta Tuition]

Total Other Liabilities

Total Liabilities Total Net Worth (Total Assets Minus Total Liabilities)

Amount Owed $35,000

$35,000

$35,500 -$33,024

I calculated and listed everything that I owe to others. I provided a list of bank cards and/or revolving accounts; I also provided student loan expenses for the present time. Items such as unsecured loans, loans secured by real estate, loans secured by personal property, loans against life insurance policies, and other liabilities are not applicable for me to present at the present time.


Crème

Hannah Hooks

Startup Expenses and Capitalization 1.

Start-Up Costs:

$1,100.00

Business License…………………………………………………………………………………………………………………..………...$200.00 Corporation Filing……………………………………………………………………………………………………..………….…………$300.00 Legal Fees…………………………………………………………………………………………………………………………..………..…$500.00 Other Start-Up Costs…………………………………………………………………………..……………….……….…………………$100.00

2.

Inventory Purchases:

$500.00 (Monthly)

Cash Out for Goods Intended for Resale (Ingredients, Product Containers)

3.

Variable Expenses (Selling) Advertising/Marketing………………………………………………............................……..$900.00 (Monthly) Freight………………………………………………………………………….…………………………………………..…….$0.00 Fulfillment of Orders……………………………………………………………………...……...……$300.00 (Monthly) Packaging Costs……………………………………………………………………………...…………$1,000.00 (Monthly) Sales Salaries/Commissions…………………..……………………………………..….…..…..$5,000.00 (Monthly) Travel………………………………………………………..……………………………..………….………$100.00 (Monthly) Miscellaneous Variable Expense…………………………….……………………………..……..$200.00 (Monthly)

Total Selling Expenses………………………………………………..………………………………...…….………$7,500.00 (Monthly)

4.

Fixed Expenses (Administrative) Financial Administration…………………………………….……..……………………………………………$1,500.00 Insurance…………………………………………………………………………………………….…….$200.00 (Monthly) Licenses/Permits………………………………………………………………………………………..………..……$200.00 Office Salaries……………………………………………………………………………..……..….$100.00 (6-Monthly) Rent Expenses……………………………………………………………………………………………….……...………$0.00 Utilities…………………………………………………………………………………………………………….……….…..$0.00 Miscellaneous Fixed Expense…………….……………….………………………………..…...$100.00 (Monthly)

Total Administrative Expenses……………………………………..……………………………….…………….$2,100.00 (Monthly)

5.

Assets (Long-Term Purchases) Cash to be Paid Out in Current Period

$2,476.00

6.

Liabilities Cash Outlay for Retiring Debts, Loans, and/or Accounts Payable

$35,500.00

7.

Owner Equity Cash to be Withdrawn by Owner -$2,000 per month to live on x 12 months-

Total Cash to Be Paid Out [Total Cash Needed to Fund Start-Up Business] {1 Month} =

$24,000.000

$68,224.00

Contingencies Expense = Miscellaneous Expenses Sources: http://sos.georgia.gov/firststop/faqs.htm http://www.columbusareachamber.com/store/plans/SalesForecast.pdf http://www.ilrc.mb.ca/programs/uedp/BusinessPlanSample.pdf SBA for Women Terms of Proposed Loans-Investor: http://www.sba.gov/about-offices-content/1/2895 These expenses were total maximum estimates of what it would cost to start a business [in Georgia] and essential requirements for opening an online-base skin-care line; information was obtained through [above] sources.


Crème

Hannah Hooks

12-Month Profit and Loss Projection JAN

FEB

MAR

APR

MAY

JUN

6Month Totals

JUL

AUG

SEP

OCT

NOV

DEC

12Month Totals

$0 $500 $0

$0 $500 $0

$0 $500 $0

$0 $500 $0

$700 $500 $0

$700 $500 -$0

$14,000 $3,000 -$0

$700 $500 -$0

$700 $500 -$0

$1K $500 -$0

$1K $500 -$0

$1K $500 -$0

$2K $500 -$0

$20,400 $6,000 -$0

$500 $0

$500 $0

$500 $0

$500 $0

$500 $200

$500 $200

$3,000 $11,000

$500 $200

$500 $200

$500 $500

$500 $500

$500 $500

$500 $1.5K

$6,000 $14,400

$900 $0 $300

$900 $0 $300

$900 $0 $300

$900 $0 $300

$900 $0 $300

$900 $0 $300

$5,400 $0 $1,800

$900 $0 $300

$900 $0 $300

$900 $0 $300

$900 $0 $300

$900 $0 $300

$900 $0 $300

$10,800 $0 $3,600

$1 K

$1 K

$1 K

$1 K

$1 K

$1 K

$6,000

$1 K

$1 K

$1 K

$1 K

$1 K

$1 K

$12,000

$5 K

$5 K

$5 K

$5 K

$5 K

$5 K

$30,000

$5 K

$5 K

$5 K

$5 K

$5 K

$5 K

$60,000

$100 $200

$100 $200

$100 $200

$100 $200

$100 $200

$100 $200

$600 $12,000

$100 $200

$100 $200

$100 $200

$100 $200

$100 $200

$100 $200

$12,000 $24,000

$0 $7.5 K

$0 $7.5 K

$0 $7.5 K

$0 $7.5 K

$0 $7.5 K

$0 $7.5 K

$0 $45,000

$0 $7.5 K

$0 $7.5 K

$0 $7.5 K

$0 $7.5 K

$0 $7.5 K

$0 $7.5 K

$0 $90,000

$1.5 K $200 $200

$0

$0

$0

$0

$0

$1,500

$0

$0

$0

$0

$0

$3,000

$200 $0

$200 $0

$200 $0

$200 $0

$200 $0

$12,000 $200

$1.5 K $200 $0

$200 $0

$200 $0

$200 $0

$200 $0

$200 $0

$24,000 $200

$100

$0

$0

$0

$0

$0

$100

$100

$0

$0

$0

$0

$0

$200

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0 $100

$0 $100

$0 $100

$0 $100

$0 $100

$0 $100

$0 $600

$0 $100

$0 $100

$0 $100

$0 $100

$0 $100

$0 $100

$0 $1,200

$0 $2.5 K $10 K

$0 $2.2 K $9.7 K

$0 $2.2 K $9.7 K

$0 $2.2 K $9.7 K

$0 $2.2 K $9.7 K

$0 $2.2 K $9.7 K

$0 $13,500

$0 $2.3 K $9.8 K

$0 $2.2 K $9.7 K

$0 $2.2 K $9.7 K

$0 $2.2 K $9.7 K

$0 $2.2 K $9.7 K

$0 $2.2 K $9.7 K

$0 $26,800

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Income (1)Net Sales (2)COGS a)Begin. Inventory b)Purchases (3)Gross Profit Expenses (1)Variable (Selling) Expenses a)Advertising b)Freight c)Fulfillment of Orders d)Packaging Costs e)Sales Salaries/ Commissions f)Travel g)Misc. Variable Expense h)Depreciation Total Variable Expenses (1)Fixed (Admin) Expenses a)Financial Administration b)Insurance c)Licenses/ Permits d)Office Salaries e)Rent Expenses f)Utilities g)Misc. Fixed Expense h)Depreciation Total Fixed Expenses Total Operating Expense Net Income fr. Operations Other Income (Interest) Other Expense (Interest) Taxes: State NET PROFIT (LOSS) [After Tax]

$58,500

$97,000

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$240

$240

$240

$240

$240

$240

$240

$240

$240

$240

$240

$240

$1,440

$2,880 $85,480 LOSS


Crème

Hannah Hooks

This profit (loss) projection statement was calculated through estimations of actual costs; and precautious type estimates were accumulated. All information was compiled from realistic-based business transactions that occur in my industry. This projection statement showcases my business financial activity over a period of time (1 year), including taxes, and will help me assess my business. After conducting financial research in my industry and stating my findings, I have totaled a net loss of $85,480 for my first year [Introduction Stage]. I can clearly see that by obtaining substantial assets and decreasing expenses, such as variable and fixed, liabilities, and (of course) loans, will aid in generating an actual net profit, rather than a loss. I also plan on always searching and utilizing cost-efficient methods and techniques for the overall production of the business.

Four-Year Profit Projection I have decided not to develop a Four-Year Profit Projection simply due to not being completely applicable to assume total estimates. Within the last 6 – 12 months left in the Introduction Stage (the first year), I will compose a three – four year profit (loss) projection based off of actual data-occurrences and sales.


Crème

Hannah Hooks

Projected Cash Flow (Year 1 – Introduction Stage) JAN.

FEB.

MAR.

APR.

MAY

JUN.

JUL.

AUG.

SEP.

OCT.

NOV.

DEC.

Beginning Cash Balance Cash Receipts a)Sales/ Revenues b)Receivables

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

12Month Totals $0

$0

$0

$0

$0

$700

$700

$700

$700

$1,000

$1,000

$1,000

$2,000

$20,400

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

c)Interest Income Total Cash Available Cash Payments A)COGS

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$700

$700

$700

$700

$1,000

$1,000

$1,000

$2,000

$20,400

1)Purchases

$500

$500

$500

$500

$500

$500

$500

$500

$500

$500

$500

$500

$6,000

2)Material

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

3)Labor

$100

$100

$100

$100

$100

$100

$100

$100

$100

$100

$100

$100

$1,200

Total COGS

$600

$600

$600

$600

$600

$600

$600

$600

$600

$600

$600

$600

$7,200

B)Variable (Selling) Expenses 1)Advertising

$900

$900

$900

$900

$900

$900

$900

$900

$900

$900

$900

$900

$10,800

2)Freight

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

3)Fulfillment of Orders 4)Packaging Costs 5)Sales/ Salaries

$300

$300

$300

$300

$300

$300

$300

$300

$300

$300

$300

$300

$3,600

$1,000

$1,000

$1,000

$1,000

$1,000

$1,000

$1,000

$1,000

$1,000

$1,000

$1,000

$1,000

$12,000

$5,000

$5,000

$5,000

$5,000

$5,000

$5,000

$5,000

$5,000

$5,000

$5,000

$5,000

$5,000

$60,000

6)Travel

$100

$100

$100

$100

$100

$100

$100

$100

$100

$100

$100

$100

$1,200

7)Misc. Variable Expense Total Variable Expenses C)Fixed Expenses 1)Financial Admin 2)Insurance

$200

$200

$200

$200

$200

$200

$200

$200

$200

$200

$200

$200

$2,400

$7,500

$7,500

$7,500

$7,500

$7,500

$7,500

$7,500

$7,500

$7,500

$7,500

$7,500

$7,500

$90,000

$1,500

$0

$0

$0

$0

$0

$1,500

$0

$0

$0

$0

$0

$3,000

$200

$200

$200

$200

$200

$200

$200

$200

$200

$200

$200

$200

$2,400

$200

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$200

$100

$0

$0

$0

$0

$0

$100

$0

$0

$0

$0

$0

$200

3)License/ Permits 4)Office Salaries


Crème

Hannah Hooks

5)Rent Expenses 6)Utilities

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

7)Misc. Fixed Expense Total Fixed Expenses D)Interest Expense

$100

$100

$100

$100

$100

$100

$100

$100

$100

$100

$100

$100

$1,200

$2,100

$300

$300

$300

$300

$300

$1,900

$300

$300

$300

$300

$300

$7,000

$0

$0

$0

$0

$0

$100

$100

$100

$100

$150

$150

$180

$880

E)Federal Income Tax F)Other Uses

$240

$240

$240

$240

$240

$240

$240

$240

$240

$240

$240

$240

$2,880

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

G)Long-Term Asset Payments H)Loan Payments I)Owner Draws Total Cash Paid Out ~(Ending Balance)~ Cash Balance /Deficiency Loans To Be Received Equity Deposits

$0

$0

$247.6

$247.6

$247.6

$247.6

$247.6

$247.6

$247.6

$247.6

$247.6

$247.6

$2,476

$0

$0

$0

$0

$0

$500

$500

$500

$500

$500

$500

$500

$3,500

$2,000

$2,000

$2,000

$2,000

$2,000

$2,000

$2,000

$2,000

$2,000

$2,000

$2,000

$2,000

$24,000 $158,336 ~($ - )~ $0

$0

$0

$0

$0

$0

$500

$500

$500

$500

$500

$500

$500

$3,500

$0

$0

$6,000

$0

$0

$6,000

$0

$0

$6,000

$0

$0

$6,000

$24,000

In order to complete my projected Cash Flow for my first year of business (Introduction Stage), I first started off projecting a realistic beginning cash balance for that month. I then projected my Cash Receipts utilizing a realistic selling cycle for my industry for that month; adding my beginning cash balance with my cash receipts determined my Total Cash Available. I then projected cash payments to be made for cost of goods to be sold (COGS); items listed under COGS were inventory items needed in order to fulfill my sales projection. I then projected Variable, Fixed, and Interest Expenses for that month. I then projected cash to be paid out on Taxes and other uses, Long-Term Assets, Loan Repayments, and Owner Draws. Lastly, I calculated Total Cash Paid Out; and after calculating my final cash balance/deficiency, loans to be received, and my equity deposits, I came to a conclusion that I will not have Cash on Hand.


Crème

Hannah Hooks

Opening Day Balance Sheet Business Name: Crème

Date of Entry: #

ASSETS

LIABILITIES

Current Assets

Current Liabilities

Cash Petty Cash Accounts Receivable Inventory Short-Term Investments Prepaid Expenses Long-Term Investments

$1,876 $500 $0 $500 $0 $700 $0

Fixed Assets

Accounts Payable Notes Payable Interest Payable Taxes Payable Federal Income Tax Self-Employment Tax State Income Tax Sales Tax Accrual Property Tax

Payroll Accrual Land (Valued at Cost)

$0

Buildings

$0

1. 2.

Cost Less Acc. Depr.

Improvements 1. 2.

1. 2.

1. 2.

$45,504

TOTAL LIABILITIES =

$49,080

$0 NET WORTH (EQUITY) $0

Proprietorship (100%)

{$ -}

Cost Less Acc. Depr.

Autos/Vehicles 1. 2.

$5,000

$0

Cost Less Acc. Depr.

Furniture

$240 $0 $240 $0 $0

Long-Term Liabilities Notes Payable

Cost Less Acc. Depr.

Equipment

$0 $8,100 $35,500

$0

Cost Less Acc. Depr.

Other Assets: TOTAL ASSETS =

TOTAL NET WORTH Assets – Liabilities = Net Worth

$0 $3,576

And Liabilities + Equity = Total Assets

{-$45,504}


Crème

Hannah Hooks

My Balance Sheet is a financial statement showcasing the financial position of my business as of a fixed date; it was calculated towards the close of an accounting period. It is basically a picture of what my business owns and owes at a particular given moment, and it showcases-determines whether my financial position is strong or weak. For my balance sheet, I divided it into three categories: Assets, Liabilities, and Net Worth (Capital); and as seen above, my liabilities out-weigh my assets. It is apparent that my business owes more money to creditors than it possesses in assets, (which is why I have a negative net worth); this all conclusively means that I need to lower my debts as well as have a larger amount of assets before I start any business, even if I am undergoing a proprietorship business structure. By regularly preparing this statement, I will be able to identify and analyze trends in the financial strengths of my business and thus implement timely modifications.


Crème

Hannah Hooks

Break-Even Analysis 6

5

4

3

2

1

0 1

2

3

4

5

6

7

8

9

10

 Note: Figures shown in 10’s of thousands of dollars.

 My break-even point was when my variable cost line intersected with my total revenue line.

 I was able to determine my projection utilizing my fixed costs for period, variable costs, as well as my total sales volume.

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