Question

Jamie has a snow plowing business with the following data that you need to use to fill out the income statement. This is a warm up excel assignment and should be a refresher.

LET ME KNOW if you have any major issues with this assignment.

Income Statement to Use: MASTER FIN301.1.xlsx

For one Calendar month in Erie, PA ... Jamie Plowed 400 Driveways, at $22.50 each, and Salted 210 Sets of Stairs at $5 each. In addition, one customer claimed his driveway wasn’t plowed correctly, so Jamie gave him a credit on his driveway.

It costs Jamie on average $3.00 in gas per 15 driveways plowed, $22.00 per bag of salt per 20 sets of steps. And, Jamie needed to buy a new shovel for $39.99.

Jamie’s spouse does the billing, so the spouse is paid $100 in a month. R&D isn’t a real thing in this company, but Jamie’s brother (who didn’t take a finance course) claims to learn more about snow by going snowboarding, which Jamie writes off at $120. [Jamie has to find a way to get the brother out of their parent’s basement once in a while]. The interest expense is relatively low, but Jamie didn’t understand finances and interest when the company was first opened, and the interest expense is at $162.

Finally, note that Jamie DOES pay taxes, and the tax rate is 35%.

Use these figures to fill out the income statement and find Jamie’s Net Income.

Make sure you can read all of the numbers and all of the numbers are marked correctly (dollars and percentages). Also, make sure to freeze the pane so that cell A1 is always visible, even when you scroll down.

Finally, Rename the Assignment so it says [Your Last Name] 301.1

Answer 1

Answer:

Jamie's Snowplowing KEY: Fill In A Number OR A Formula Fill In A Formula Revenue Driveways Plowed Steps Salted Returned "Sales" Total Revenue 9,000.00 $1,050.00 $22.50 $10,027.50 Cost of Goods Sold Gas for Snowplowing$80.00 $231.00 $39.99 $350.99 Salt Bags New Shovel Total COGS Selling, Gen & Admin Research & Design Interest Expense $100.00 $120.00 $162.00 $382.00 (Jamie's Spouse) Total Expense $9,294.51 Income Tax Expense $3,253.08 $6,041.43 Taxes Pre-Tax Income Tax Rate 35% Income Net Income

The above excel with "Show formula":