Sheet1 W13 Financial Statement Project 5 Projected Financial Statements For Laie Ukuleles Assumptions Price per unit$ 150 A/R % of sales10% Var Cost per unit$ 80 Inv % of COGS25% Annual Growth...

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Sheet1 W13 Financial Statement Project 5 Projected Financial Statements For Laie Ukuleles Assumptions Price per unit$ 150A/R % of sales10% Var Cost per unit$ 80Inv % of COGS25% Annual Growth Rate50%A/P % of COGS15% General expense$ 1,500Equipment Life in months60 Sales in Units202122 DecJanFebMar P&L Statement Sales Cost of Goods Sold Gross profit General Expenses Depreciation Total Expenses Net IncomeMarch Net Income = (31) Statement of Cash Flows Operating Activities CSRAdmin1: CSRAdmin1: Converts from Accrual basis to cash basis using changes of current assets and liabilities Net Income Changes in Cur. Assets and Liabilites Change in Accounts Receivable CSRAdmin1: CSRAdmin1: Increases are negative numbers. Decreases are positive numbers. Change in Inventory Lundin: Lundin: Increases are negative numbers. Decreases are positive numbers. Change in Accounts Payable Lundin: Lundin: Increases are positive numbers. Decrease are negative numbers. Non-cash expenses Depreciation Cash Flow from Operating Activities Investing Activities Lundin: Lundin: Increases are negative numbers. Decreases are positive numbers. Change in Equipment Cash Flow from Investing Activities Financing Activities Change in Notes Payable Lundin: Lundin: Increases are positive numbers. Decrease are negative numbers. CSRAdmin1: CSRAdmin1: Converts from Accrual basis to cash basis using changes of current assets and liabilities Change in Capital Invested Lundin: Lundin: Increases are positive numbers. Decrease are negative numbers. Change in Less: Owner's Draw Lundin: Lundin: Increases are negative numbers. Decreases are positive numbers. CSRAdmin1: CSRAdmin1: Increases are negative numbers. Decreases are positive numbers. Lundin: Lundin: Increases are negative numbers. Decreases are positive numbers. Lundin: Lundin: Increases are positive numbers. Decrease are negative numbers.Cash Flow from Financing Activities Net increase/(decrease) in cash Cash--beginning of month Cash--end of monthMarch Cash = 1,378 Balance Sheet Assets Cash$ 5,000 Accounts Receivable- 0 Inventory- 0 Equipment- 0 Less Accumulated Depreciation Total Assets$ 5,000 Liabilities Accounts Payable$ - 0 Notes Payable- 0 Total Liabilities Owner's Equity Owner's Capital$ 5,000 Less: Owner's Draw- 0 Retained Earnings Total Owner's Equity$ 5,000 Total Liabilities and Owner's Equity January activity Start business with $5,000 cash which was contributed by the owner in December Purchase $3,000 equipment with cash in January. Calculate depreciation over 60 months. After completing budgeted financial statements, answer the following: If the price per unit increases to $175, what is the profit or loss in February and the cash balance at the end of February? After answering the question, change the "Price Per Unit" back to $150 and save your spreadsheet. Instructions 1. Based on the assumptions included in the Financial Statement Project download spreadsheet, build the financial statements using formulas whenever possible. · First build the P&L statement. · Then build the Balance Sheet. · Then build the Statement of Cash Flows.  2. Appropriate line items for each of the financial statements are included in the spreadsheet.  3. Ensure the following tips and hints are applied to your spreadsheet: · You need Net Income from the P&L statement to complete Retained Earnings on the Balance Sheet. · The Balance Sheet accounts, including Accounts Receivable, Inventory and Accounts Payable are to be populated with formulas linking the percent assumption for each account with the corresponding sales or COGS amount for each month.  · The Balance Sheet includes zero balances for the month prior to the beginning month to assist in completing the formulas in the Statement of Cash Flows that require the change from one month to another.  · Regarding the Statement of Cash Flows, remember the change formulas for Assets are previous month minus current month and for Liabilities and Capital it is the reverse: current month minus previous month.  · For the Cash on the Balance Sheet, enter a formula in that line item equal to Ending Cash from the Statement of Cash Flows for each month. · You may use past assignments to help you on this project.  · You may not use any other person or source to help you complete this project.  4. Ensure your Balance Sheet balances. 5. Answer the question below the Balance Sheet by typing your answer into your spreadsheet.  6. Change the Price Per Unit back to $150. 7. Save your spreadsheet and submit your file.