Frank is going to pursue additional financing from the local bank. The bank will require some insight into how Frank's business will be successful and sustainable.

Prepare DRAFT estimated financial statements for the bank to consider.

he financial statements are going to be basic and will build on your fundamental knowledge from the first three chapters of the book. You will provide

1. A basic income statement showing your expected sales and expenses (less than 1 page in total).
2. A partial balance sheet that will list the types of assets you need (less than 1 page in total). You should include the following items [cart, hot dogs, buns, mustard, ketchup] and add up to 5 more of your own choosing.

Paste B U A $ Clipboard Font Alignment E18 fx A B CD E F G 2 Frank's Hot Cog Cart Financials m 4 Justification: UI US 3 2 0 1 2 3 4 Current Financial Statements (use the links below to access the templates) Income Statement Balance Sheet 5 6 7 8 9 0 1 2 Paste I B I U Lili 3 $ % ) Clipboard Font Alignment Number A4 X fx A B D E F G H 1 Frank's Back to Main 2 3 INCOME STATEMENTS 4 5 Three Months Ended December 31, Six Months Ended December 31, 6 7 2014 2014 $ 20,885 $ 38,257 8 Revenue 9 Operating expenses: 10 Cost of revenue 11 Sales and marketing 12 General and administrative 13 Total operating expenses 14 Net income 5,638 3,762 1,120 9,415 6,662 2,283 23,060 12,362 12,891 6,624 $ $ 15 16 17 18 19 an F11 X fx A B D E F G Back to Main 1 Frank's 2 3 4 5 BALANCE SHEETS December 31, 2014 6 7 Assets (expand the list to include all assets) $ 8 Current assets: 9 Cash and cash equivalents 10 Accounts receivable 11 Inventories Other 13 Total current assets Property and equipment, net of accumulated depreciation 14 of 15 Total assets 10,610 13,643 1,351 3,614 72,513 12 8,010 112,243 16 17 Liabilities and stockholders' equity (Not needed for Part 1) 18 Current liabilities: 19 Accounts payable 20 Accrued expenses 21 Other 22 Total current liabilities 23 Long-term debt 24 Total liabilities 25 Commitments and contingencies 26 Stockholders' equity: 27 Money from Mom & Dad 28 Total stockholders' equity 29 Total liabilities and stockholders' equity 30 31 32 33 Paste B U A $ Clipboard Font Alignment E18 fx A B CD E F G 2 Frank's Hot Cog Cart Financials m 4 Justification: UI US 3 2 0 1 2 3 4 Current Financial Statements (use the links below to access the templates) Income Statement Balance Sheet 5 6 7 8 9 0 1 2 Paste I B I U Lili 3 $ % ) Clipboard Font Alignment Number A4 X fx A B D E F G H 1 Frank's Back to Main 2 3 INCOME STATEMENTS 4 5 Three Months Ended December 31, Six Months Ended December 31, 6 7 2014 2014 $ 20,885 $ 38,257 8 Revenue 9 Operating expenses: 10 Cost of revenue 11 Sales and marketing 12 General and administrative 13 Total operating expenses 14 Net income 5,638 3,762 1,120 9,415 6,662 2,283 23,060 12,362 12,891 6,624 $ $ 15 16 17 18 19 an F11 X fx A B D E F G Back to Main 1 Frank's 2 3 4 5 BALANCE SHEETS December 31, 2014 6 7 Assets (expand the list to include all assets) $ 8 Current assets: 9 Cash and cash equivalents 10 Accounts receivable 11 Inventories Other 13 Total current assets Property and equipment, net of accumulated depreciation 14 of 15 Total assets 10,610 13,643 1,351 3,614 72,513 12 8,010 112,243 16 17 Liabilities and stockholders' equity (Not needed for Part 1) 18 Current liabilities: 19 Accounts payable 20 Accrued expenses 21 Other 22 Total current liabilities 23 Long-term debt 24 Total liabilities 25 Commitments and contingencies 26 Stockholders' equity: 27 Money from Mom & Dad 28 Total stockholders' equity 29 Total liabilities and stockholders' equity 30 31 32 33