Accounting

Do the two items (income statement and balance sheet) marked yellow in the doc file Q1 and 2, which can be done in the excel sheet.

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Tax Info

Obadiah Vineyard: Tax-basis Income Statement
Projected WITHOUT new planting Part 1: WITH new planting MACRS Rate
2001 2002 2003 2004 2005 2006 2007 2008 2005 2006 2007 2008 Year Rate
Revenue 0 0 24,000 59,200 81,200 103,200 103,200 103,200 1 10.00%
Labor Expense 0 0 32,250 32,250 32,250 32,250 32,250 32,250 2 18.00%
Gross Margin 0 0 (8,250) 26,950 48,950 70,950 70,950 70,950 3 14.40%
less: 4 11.52%
Depreciation 0 0 21,060 37,908 30,326 24,261 19,417 15,521 5 9.22%
Interest Expense 26,000 25,330 24,617 23,858 23,049 22,187 21,270 20,293 6 7.37%
SG&A 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 7 6.55%
Taxable Income (Loss) (28,100) (27,430) (56,027) (36,916) (6,525) 22,402 28,163 33,036 8 6.55%
less: Tax Payable before NOL @ 40% 0 0 0 0 0 8,961 11,265 13,214 9 6.56%
Tax Impact of NOL Carryforward 0 0 0 0 0 (8,961) (11,265) (13,214) 10 6.55%
Net Tax Basis Income (Loss) (28,100) (27,430) (56,027) (36,916) (6,525) 22,402 28,163 33,036
Obadiah Vineyard: Tax-basis Balance Sheet
Projected WITHOUT new planting Part 1: WITH new planting
2001 2002 2003 2004 2005 2006 2007 2008 2005 2006 2007 2008
Cash 233,247 162,595 94,342 51,210 41,957 54,705 87,252 119,800
Accounts Receivable 0 0 21,600 53,280 73,080 92,880 92,880 92,880
Total Current Assets 233,247 162,595 115,942 104,490 115,037 147,585 180,132 212,680
Property, Plant, and Equipment
Vines and Trellises 178,350 210,600 210,600 210,600 210,600 210,600 210,600 210,600
less: Accumulated Depreciation 0 0 (21,060) (58,968) (89,294) (113,556) (132,973) (148,494)
Land 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000
Total Assets 811,597 773,195 705,482 656,122 636,343 644,629 657,759 674,786
Secured Long-Term Debt 389,697 378,725 367,040 354,595 341,341 327,226 312,193 296,183
Common Stock 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000
Accumulated Deficit (28,100) (55,530) (111,557) (148,473) (154,998) (132,596) (104,433) (71,397)
Total Liabilities + Equity 811,597 773,195 705,483 656,122 636,343 644,630 657,760 674,786

GAAP Info

Obadiah Vineyard: US GAAP Income Statement
Projected WITHOUT new planting Part 2: WITH new planting
2001 2002 2003 2004 2005 2006 2007 2008 2005 2006 2007 2008
Revenue 0 0 24,000 59,200 81,200 103,200 103,200 103,200
Labor Expense 0 0 32,250 32,250 32,250 32,250 32,250 32,250
Gross Margin 0 0 (8,250) 26,950 48,950 70,950 70,950 70,950
less:
Depreciation 0 0 4,212 4,212 4,212 4,212 4,212 4,212
Interest Expense 26,000 25,330 24,617 23,858 23,049 22,187 21,270 20,293
SG&A 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100
Income (Loss) Before Tax (28,100) (27,430) (39,179) (3,220) 19,589 42,451 43,368 44,345
less: Tax Expense (Benefit) (11,240) (10,972) (15,672) (1,288) 7,836 16,980 17,347 17,738
Net Income (Loss) (16,860) (16,458) (23,507) (1,932) 11,754 25,471 26,021 26,607
Obadiah Vineyard: US GAAP Balance Sheet
Projected WITHOUT new planting Part 2: WITH new planting
2001 2002 2003 2004 2005 2006 2007 2008 2005 2006 2007 2008
Cash 233,247 162,595 94,342 51,210 41,957 54,705 87,252 119,800
Accounts Receivable 0 0 21,600 53,280 73,080 92,880 92,880 92,880
Total Current Assets 233,247 162,595 115,942 104,490 115,037 147,585 180,132 212,680
Property, Plant, and Equipment
Vines and Trellises 178,350 210,600 210,600 210,600 210,600 210,600 210,600 210,600
less: Accumulated Depreciation 0 0 (4,212) (8,424) (12,636) (16,848) (21,060) (25,272)
Land 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000
Deferred Tax Asset 11,240 22,212 44,623 59,389 61,999 53,039 41,773 28,559
Total Assets 822,837 795,407 766,953 766,055 775,000 794,375 811,445 826,566
Deferred Tax Liability 0 0 6,739 20,218 30,663 38,683 44,765 49,289
Secured Long-Term Debt 389,697 378,725 367,040 354,595 341,341 327,226 312,193 296,183
Total Liabilities 389,697 378,725 373,779 374,813 372,004 365,909 356,958 345,471
Common Stock 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000
Retained Earnings (Accumulated Deficit) (16,860) (33,318) (56,825) (58,757) (47,004) (21,533) 4,488 31,095
Total Liabilities + Equity 822,837 795,407 766,954 766,056 775,000 794,375 811,445 826,566