I need the below corrections made to the excel spreadsheet attached.
When describing the business, be specific as to what you do, and what the product or service lines are.
Please check and adjust the following:
Setup- Start your business in July 2020.
How to complete the Setup worksheet
Sales Projections- our goal is to reach total gross sales of over 1 million by the end of the second year. Increase your sales to reach this goal. Identify the product lines in the first column to the left.
How to complete the Sales Projections worksheet
Inventory- the Inventory Expense must equal the Cost of Goods Sold for every month. Identify the items in your inventory.
How to complete the Inventory worksheet
Staff budget- account for every staff member. As your business grows, increase the number of employees. You should have more employees and managers in the second year than in the first year.
How to complete the Staff Budgeting worksheet
Marketing budget- The cost of developing the website should be a one-time cost, not monthly, and it should be higher.
How to complete the Marketing Budget worksheet
Professional Services – These are yearly expenses, not monthly.
How to complete the Professional Services worksheet
Capital Investment – input the funds you plan to raise from investors (required per the guidelines). The funds from investors can be from angel investors, venture capitalists etc. These are equity investments so you will note in your paper the percentage of your company you will be willing to give in exchange for these funds.
How to complete the Capital Investments worksheet
Income statement- complete all the expenses indicated in the guidelines. You must show profits.
How to complete the Income Statement worksheet
Cash Flow Statement- reflect the income tax payments (check red triangle). The income tax payment must match the provisions for taxes on income on the income statement.
How to complete the Cash Flow Statement worksheet
Be sure to complete the worksheets per the instructions in the Guidelines documents.