Prepare a budgeted income statement and balance sheet for year 1 of the foundation in accordance with fund accounting rules.

Company Background:

Florida Chocolate Inc. was first opened as a sole proprietor in 20x2 under the name Alexandrias Chocolates. The company produced 4 specialty chocolate products using an old family recipe, which only the owner, Alexandria Vierra, knows. The company started as a small homebased business.

In 20x4 Alexandria decided to expand the business, opened a factory in Ft. Lauderdale Florida and converted the business to a corporation named Florida Chocolate Inc. Due to the huge success of the business she decided to expand to Europe in 20x6, opening another factory in England. This factory is run by Alexandrias brother Nelson. The third factory was opened in Brazil in 20x9 and is run by Alexandrias sister Laura.

Project Information:

Since the family has been very successful, they have decided to start a separate foundation to provide scholarships to underprivilege families with a grant of $1 million dollars and continue to donate $500,000 dollars every year over the next 10 years provided they continue to be successful.