Earlier in this course, you chose a type of business and form of ownership for your health care company. Youve also come up with a mission statement, values and vision statement, and corporate goals. The final step is to create a Profit and Loss (AKA Income) Statement based on your health care business. Please complete the following steps for the health care business that you are creating in this class: STEP 1: Review the Profit and Loss video to learn how to create your Profit and Loss Statement. STEP 2: Open and save the Profit and Loss Statement template. Answer each question and scenario below using the template and figures as your guide. 1. Set up the attached Profit and Loss Statement for your health care business according to the Profit and Loss video. 2. After determining what your net profit is for the year, increase revenue for half of the year by 20% and raise expenses in each category by 5%. 3. Increase cost of goods by 25% and analyze how this affects your net profit. Please note that you will not have cost of goods sold if you are not selling inventory. 4. Write a one page summary of your projected revenue and expense increase based on your analysis. How does this affect your staff, productivity, or salaries? 5. Assume that next year your insured clients will pay 1/2 of what they did for your product/service during the first year of your company's business. How will this affect your bottom line? Twelve-month profit and loss projection Jan-10 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 YEARLY Prior Period Budget Variance Revenue (Sales) Patients visits 0 0 Speaking Engagement 0 0 Product/Service 4 0 0 Product/Service 5 0 0 Product/Service 6 0 0 Product/Service 7 0 0 Total Revenue (Sales) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cost of Sales Counseling 0 0 Product/Service 2 0 0 Product/Service 3 0 0 Product/Service 4 0 0 Product/Service 5 0 0 Product/Service 6 0 0 Product/Service 7 0 0 Total Cost of Sales 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Gross Profit 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Expenses Salary expenses 0 0 Payroll expenses 0 0 Outside services 0 0 Supplies (office and operating) 0 0 Repairs and maintenance 0 0 Advertising 0 0 Car, delivery and travel 0 0 Accounting and legal 0 0 Rent 0 0 Telephone 0 0 Utilities 0 0 Insurance 0 0 Taxes (real estate, etc.) 0 0 Licenses 0 0 Start-up cost 0 0 Subscriptions 0 0 Other expenses (specify) 0 0 Other expenses (specify) 0 0 Misc. (unspecified) 0 0 Total Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Net Profit 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0