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 |
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