A B C D E LL F G H You inherited $150,000 from your grandparents' life insurance. Your grandparents and you shared a dream of someday starting a family business. Now that you are a management student and you have the money, you feel the time to start the business is now! 1 Decided on a business - preferably Retail or Service 2 Decided which expenses are fixed and what expenses are variable 3 Complete the Fixed Expense Sheet (next sheet) 4 Complete the CM (Contribution Margin sheet 5 Calculate break-even (BE Sheet) 6 Prepare a budget - at the break-even level. 7 The budget must included the following items 8 Sales Budget 9 Capital Equipment Budget 10 Human Resources Budget 11 Income statement 12 Statement of Owners Equity (you do not need to invest the entire $150,000) 13 Accounts Receivable Schedule 14 Accounts Payable Schedule 15 Cash Flow 16 Balance sheet 17 Recalculate the budget for a profit of $50,000 - your Owners Withdrawal If you decided to start a manufacturing company, please see me