qprev_HBB Manual 2.qxd - Small Business BC

Appendix JSample Income StatementDoe Widgets Ltd.Forecasted Income Statement (Monthly 20X1)SalesJanuary February March April May June July August September October November DecemberWholesale $ 8,000 $ 9,000 $ 12,000 $ 12,000 $ 12,000 $ 14,000 $ 18,000 $ 18,000 $ 16,000 $ 14,000 $ 12,000 $ 12,000 $ 157,000Retail $ 16,000 $ 16,000 $ 16,000 $ 18,000 $ 20,000 $ 20,000 $ 20,000 $ 16,000 $ 18,000 $ 18,000 $ 20,000 $ 18,000 $ 216,000Total Sales $24,000 $25,000 $ 28,000 $30,000 $32,000 $34,000 $38,000 $ 34,000 $ 34,000 $ 32,000 $ 32,000 $ 30,000 $ 373,000Cost of GoodsVariable Labour $ 1,000 $ 1,000 $ 2,000 $ 2,000 $ 2,000 $ 2,800 $ 2,800 $ 2,800 $ 2,800 $ 2,100 $ 2,100 $ 2,100 $ 25,500Cost of Materials $ 14,400 $ 14,800 $ 16,000 $ 17,400 $ 18,800 $ 19,600 $ 21,200 $ 18,400 $ 19,000 $ 18,200 $ 18,800 $ 17,400 $ 214,000Total Cost of Goods $ 15,400 $ 15,800 $ 18,000 $ 19,400 $ 20,800 $ 22,400 $ 24,000 $ 21,200 $ 21,800 $ 20,300 $ 20,900 $ 19,500 $ 239,500Gross Margin $ 8,600 $ 9,200 $ 10,000 $10,600 $11,200 $11,600 $14,000 $ 12,800 $ 12,200 $ 11,700 $ 11,100 $ 10,500 $ 133,500Operating ExpensesPower $ 200 $ 200 $ 200 $ 200 $ 200 $ 200 $ 200 $ 200 $ 200 $ 200 $ 200 $ 200 $ 2,400Salaries $ 3,600 $ 3,600 $ 3,600 $ 3,600 $ 3,600 $ 3,600 $ 3,600 $ 3,600 $ 3,600 $ 3,600 $ 3,600 $ 3,600 $ 43,200EI, Cpp other Benefits $ 460 $ 460 $ 560 $ 560 $ 560 $ 640 $ 640 $ 640 $ 640 $ 570 $ 570 $ 570 $ 6,870Advertising $ 200 $ 200 $ 200 $ 200 $ 200 $ 200 $ 200 $ 200 $ 200 $ 200 $ 200 $ 200 $ 2,400Office Supplies $ 50 $ 50 $ 50 $ 50 $ 50 $ 50 $ 50 $ 50 $ 50 $ 50 $ 50 $ 50 $ 600Insurance $ 210 $ 210 $ 210 $ 210 $ 210 $ 210 $ 210 $ 210 $ 210 $ 210 $ 210 $ 210 $ 2,520Maintenance $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 1,200Legal & Audit $ 1,000 $ 220 $ 220 $ 220 $ 220 $ 220 $ 220 $ 220 $ 220 $ 220 $ 220 $ 220 $ 3,420Delivery $ 280 $ 280 $ 280 $ 280 $ 280 $ 280 $ 280 $ 280 $ 280 $ 280 $ 280 $ 280 $ 3,360Licencing $ 30 $ 30 $ 30 $ 30 $ 30 $ 30 $ 30 $ 30 $ 30 $ 30 $ 30 $ 30 $ 360Packaging $ 140 $ 290 $ 320 $ 320 $ 340 $ 360 $ 420 $ 380 $ 360 $ 340 $ 370 $ 360 $ 4,000Telephone $ 80 $ 80 $ 80 $ 80 $ 80 $ 80 $ 80 $ 80 $ 80 $ 80 $ 80 $ 80 $ 960Misc $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 1,200Total Operating Expenses $ 6,450 $ 5,820 $ 5,950 $ 5,950 $ 5,970 $ 6,070 $ 6,130 $ 6,090 $ 6,070 $ 5,980 $ 6,010 $ 6,000 $ 72,490Depreciation $ 19,050 $ 19,050Interest Expense $ 950 $ 950Total Expenses $ 21,850 $ 21,620 $ 23,950 $ 25,350 $ 26,770 $ 28,470 $ 30,130 $ 27,290 $ 27,870 $ 26,280 $ 26,910 $ 45,500 $ 331,990Net profit / Loss $ 2,150 $ 3,380 $ 4,050 $ 4,650 $ 5,230 $ 5,530 $ 7,870 $ 6,710 $ 6,130 $ 5,720 $ 5,090 –$15,500 $ 41,010Provision for Tax $ 8,202Retained Earnings $ 32,808128