I need the following schedules completed: Proforma income statement, Cash budget, Proforma balance sheet, discussion of strengths and weaknesses.

UPDATE:

Does the question talk about only preparing IS, BS and CF? Correct

What are the cells highlighted in Blue indicate. Where the data should go

Lastly what are the comments mentioned for. Just a tip on where things should go

2012 BALANCE SHEET AND INCOME STATEMENT

The Income Statement and Balance Sheet for Fanciful, Inc. for 2012 are as follows:

FANCIFUL, INC

STATEMENT OF INCOME

FOR THE YEAR ENDED DECEMBER 31, 2012

Sales $8,270,000

Cost of goods sold 6,620,946

Gross Margin 1,649,054

Selling expenses $581,060

Office & administrative expenses 373,010 954,070

Operating income 694,984

Interest expense 85,950

Income before tax 609,034

Income tax 243,614

Net income $365,420

FANCIFUL, INC.

BALANCE SHEET

DECEMBER 31, 2012

ASSETS

Cash $150,000

Accounts receivable 827,000

Inventory-Raw materials 383,037

Inventory-Finished goods 551,835

Plant and equipment 1,775,000

Less Accumulated Depreciation (615,000)

Total Assets $3,071,872

LIABILITIES

Accounts payable $383,016

Accrued wages 76,097

Accrued other 74,083

Long-term debt 1,125,000

Total liabilities 1,658,196

STOCKHOLDERS' EQUITY

Common stock, $5 par value $400,000

Additional paid-in 495,000

Retained earnings 518,676

Total Stockholders' equity 1,413,676

Total liabilities and

stockholders' equity $3,071,872

Fanciful Inc. Sales Budget For the Year Ended December 31, 2013 Stupendous Paint Super Paint Total 418,000 10.30 840 Projected Sales Volume Selling Price 321.840 $15.45 Projected Sales