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.
Due today
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 |