1) Utah Night Skies finished up its 1st 6 months in business. You are asked to prepare a quick forecast (Profit & Loss) for the next fiscal year anticipating a 75% growth in revenue except for vehicle lease revenue which is expected to grow 200%; expenses are also expected to grow in proportion (excluding other income, depreciation, loss - flood, gain/(loss) - sale). Use the provided Profit & Loss statement as your starting point. 1 2 34 Utah Night Skies, LLC Profit and Loss December 2023 5 7 Income 6 61 8 UNS Backpack Sales 9 UNS Excursion Revenue 10 UNS Other Income 11 UNS Sales Discounts 12 UNS Sales Returns & Allowances 13 UNS Sleeping Bag Sales 14 UNS Vehicle Lease Revenue 15 Total Income 16 Cost of Goods Sold 17 UNS Cost of Sales - Backpack 18 UNS Cost of Sales - Sleeping Bags 19 Total Cost of Goods Sold 20 Gross Profit Dec 2023 Total Jan - Dec 2023 (YTD) 26,875.00 225,635.00 50,800.00 172,075.00 20.00 -193.50 -1,122.70 -10,750.00 -10,750.00 36,380.00 36,380.00 38,250.00 11,500.00 $ 114,611.50 $ 460,487.30 10,125.00 133,455.00 21,658.00 21,658.00 $ 31,783.00 $ 155,113.00 $ 82,828.50 $ 305,374.30 21 Expenses 22 UNS Advertising 3,500.00 21,000.00 23 UNS Bad Debt Expense 6,277.15 14,718.75 24 UNS Bank Service Charge 0.00 25 UNS Business Meals 573.50 26 UNS Cell Phone 160.00 644.00 27 UNS Charitable Contributions 34,580.00 34,808.00 28 UNS Custodial/Cleaning 225.00 1,615.00 29 UNS Dues / Membership Fees 1,250.00 30 UNS Insurance (Building) 275.00 1,650.00 31 UNS Insurance (Liability) 311.11 1,866.66 32 UNS Interest Expense 508.60 33 UNS Internet 360.00 2,660.00 34 UNS Legal & Accounting 7,100.00 10,400.00 35 UNS Mileage Per Diem 1,928.98 11,107.71 36 UNS Office Supplies 615.00 4,037.00 37 UNS Postage/Delivery 133.00 851.00 38 UNS Repairs & Maintenance 1,770.00 8,644.00 39 UNS Salaries Expense 19,600.00 61,900.00 40 UNS Taxes - Payroll 2,107.00 6,738.25 41 UNS Telephone 161.00 942.00 42 UNS Utilities 1,245.00 7,159.00 43 UNS Worker's Compensation 150.00 600.00 44 Total Expenses $ 80,498.24 $ 193,673.47 45 Net Operating Income $ 2,330.26 $ 111,700.83 46 Other Income 47 UNS Interest Income 250.75 702.34 48 UNS Other Income (Misc.) 49 UNS Gain (Loss) on Sale of Fixed Assets -156.25 50 Total UNS Other Income (Misc.) $ 0.00 -$ 156.25 51 Total Other Income $ 250.75 $ 546.09 52 Other Expenses 53 UNS Depreciation 1,992.13 10,448.38 54 UNS Loss Due to Fire 1,000.00 1,000.00 55 Total Other Expenses $ 2,992.13 $ 11,448.38 56 Net Other Income 57 Net Income -$ 2,741.38 -$ 10,902.29 -$ 411.12 $ 100,798.54