Financial Plan Worksheet

for Your State

This kit provides the tools and guidelines to develop a Financial Plan for your company. For use in all states.

For Immediate Download

$19.95 Add to Cart
Free eSignature included
with every order
Please select a state

File types included

  • Microsoft Word
  • Adobe PDF
  • WordPerfect
  • Rich Text Format

Compatible with

  • Windows
  • Mac OS X
  • Linux

For Immediate Download

$19.95 Add to Cart
Free eSignature included
with every order
Please select a state

Attorney prepared

Our forms are kept up-to-date and accurate by our lawyers

Unlike other sites, every document on FindLegalForms.com is prepared by an attorney, so you can be sure that you are getting a form that is accurate and valid in your state.

Valid in your state

Our forms are guaranteed
to be valid in your state

Our team works tirelessly to keep our products current. As the laws change in your state, so do our forms.

Over 3,500,000
satisfied customers

In over 10 years of creating and selling legal forms, our focus has never changed: providing our customers high quality legal products, low prices and an experience that takes some confusion out of the law.

Free eSignature

Sign your form online, free with any form purchase

We now provide a free Electronic Signature Service to all of our visitors. There are no hidden charges or subscription fees, it's just plain free.

60-Days Money Back

Try our forms with no risk

If you are unhappy with your form purchase for any reason at all, contact us within 60 days and we will refund 100% of your money back.
The failure of many small businesses relates directly to underestimating the amount of money needed to start and continue the business. Most business owners can, with relative ease, estimate the amount of money needed to start a business. The problem comes with arriving at a clear estimate of how much money will be necessary to keep the business operating until it is able to realistically support itself. If you can honestly determine how much is actually necessary to allow the business time to thrive before you can take out profits or pay, the next challenge is to figure out where to get that amount of money.

This Financial Plan Worksheet Kit will lead you through a number of questions to help you determine the amount of money needed and where it might be obtained.

Following the Worksheet are instructions on preparing both an Estimated Profit and Loss Statement and a Current Balance Sheet. Both of these forms will help you put real numbers into your plans.

The Financial Plan Worksheet Kit is divided into the following sections:
· Income and Expenses
· Assets and Liabilities
· Financial Needs
· Preparing a Profit and Loss Statement (with Estimated Profit and Loss Statement Form)
· Preparing a Balance Sheet (with Current Balance Sheet Form).

When used in conjunction with a Business Plan Worksheet and a Marketing Plan Worksheet, this Financial Plan Worksheet will assist you in preparing a formal Business Plan for your company.

This Kit can be used in all states.
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.












Financial Plan Worksheet Kit










This Packet Includes:
1. General Information
2. Financial Plan Worksheet Kit





General Information
Financial Plan Worksheet - Kit

This kit provides the tools and guidelines to develop a Financial Plan for your company.

The failure of many small businesses relates directly to underestimating the amount of money needed to start and continue the business.  Most business owners can, with relative ease, estimate the amount of money needed to start a business.  The problem comes with arriving at a clear estimate of how much money will be necessary to keep the business operating until it is able to realistically support itself.  If you can honestly determine how much is actually necessary to allow the business time to thrive before you can take out profits or pay, the next challenge is to figure out where to get that amount of money.

This Financial Plan Worksheet Kit will lead you through a number of questions to help you determine the amount of money needed and where it might be obtained.  Following the Worksheet are instructions on preparing both an Estimated Profit and Loss Statement and a Current Balance Sheet.  Both of these forms will help you put real numbers into your plans.

The Financial Plan Worksheet Kit is divided into the following sections:

   Income and Expenses
   Assets and Liabilities
   Financial Needs
   Preparing a Profit and Loss Statement (with Estimated Profit and
     Loss Statement Form)
   Preparing a Balance Sheet (with Current Balance Sheet Form)



Note:  When used in conjunction with a Business Plan Worksheet and a Marketing Plan Worksheet, this Financial Plan Worksheet will assist you in preparing a formal Business Plan for your company.  To purchase these products separately or as a complete package, please go to our site at www.findlegalforms.com




DISCLAIMER:

FindLegalForms, Inc. (“FLF”) is not a law firm and does not provide legal advice.  The use of these materials is not a substitute for legal advice. Only an attorney can provide legal advice.  An attorney should be consulted for all serious legal matters.  No Attorney-Client relationship is created by use of these materials.  

THESE MATERIALS ARE PROVIDED “AS-IS.  FLF DOES NOT GIVE ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY, SUITABILITY OR COMPLETENESS FOR ANY OF THE MATERIALS FOR YOUR PARTICULAR NEEDS.  THE MATERIALS ARE USED AT YOUR OWN RISK.  IN NO EVENT WILL:  I) FLF, ITS AGENTS, PARTNERS, OR AFFILIATES; OR II) THE PROVIDERS, AUTHORS OR PUBLISHERS OF ITS MATERIALS, BE RESPONSIBLE OR LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES; LOSS OF USE, DATE OR PROFITS; OR BUSINESS INTERRUPTION) HOWEVER USED AND ON ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, STRICT LIABILITY, OR TORT (INCLUDING NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY OUT OF THE USE OF THESE MATERIALS. 



Financial Plan Worksheet

Describe the current financial status of your company:    

Income and Expenses
Estimate the annual expenses for the first year in the following categories:
   Advertising expenses:      
   Auto expenses:      
   Cleaning and maintenance expenses:      
   Charitable contributions:      
   Dues and publications:      
   Office equipment expenses:      
   Freight and shipping expenses:      
   Business insurance expenses:      
   Business interest expenses:      
   Legal and accounting expenses:      
   Business meals and lodging:      
   Miscellaneous expenses:      
   Postage expenses:      
   Office rent/mortgage expenses:      
   Repair expenses:      
   Office supplies:      
   Sales taxes:      
   Federal unemployment taxes:      
   State unemployment taxes:      
   Telephone/Internet expenses:      
   Utility expenses:      
   Wages and commissions:      

Estimate the first years annual income from the following sources:
   Sales Income:      
   Service Income:      
   Miscellaneous Income:      

Estimate the amount of inventory necessary for the first year:    

Estimate the amount of inventory that will be sold during the first year:    
   

Estimate the Cost of Goods Sold for the first year:    

Using the above information, complete the Estimated Profit and Loss Statement as explained later.
Assets and Liabilities
What forms of credit have already been used by the business?    
   

How much cash is available to the business?    

What are the sources of the cash?    

What types of bank accounts are in place for the business and what are the balances?    
      

What types of assets are currently owned by the business?
   Current assets:      
   Inventory:      
      Cash in bank:      
      Cash on hand:      
   Accounts receivable:      
   Fixed and depreciable:      
   Autos/trucks:      
      Buildings:      
      Equipment:      
      Amount of depreciation taken on any of above:   
   Fixed non-depreciable:      
      Land:      
   Miscellaneous:      
      Stocks/bonds:      

What types of debts does the business currently have?
   Current liabilities:      
      Taxes due:      
      Accounts payable:      
      Short-term loans/notes payable:   
      Payroll accrued:      
      Miscellaneous:      
   Long-term liabilities:      
      Mortgage:      
      Other loans/notes payable:      


Financial NeedsFinancial Needs
Based on the estimated profits and losses of the business, how much credit will be necessary for the business?
   Initially:      
   First year:      
   Second year:      
   Third year:      
   Fourth year:      
   Fifth year:      

Estimate the cash flow for the business for the first five years:
   First year:      
   Second year:      
   Third year:      
   Fourth year:      
   Fifth year:      

From what sources are the necessary funds expected to be raised?
   Cash on hand:      
   Personal funds:      
   Family:      
   Friends:      
   Conventional bank financing:      
   Finance companies:      
   Equipment manufacturers:      
   Leasing companies:      
   Venture capital:      
   U.S. Small Business Administration:      
   Equity financing (check with current
      Securities and Exchange rules
      on sales of shares):      

Preparing a Profit and Loss Statement

A Profit and Loss Statement is the key financial statement for presenting how your business is performing over a period of time.  The Profit and Loss Statement illuminates both the amounts of money that your business has spent on expenses and the amounts of money that your business has taken in over a specific period of time.  Along with the Balance Sheet, the Profit and Loss Statement should become an integral part of both your short and long range business planning.

This section will explain how to prepare an Estimated Profit and Loss Statement.  The Estimated Profit and Loss Statement can serve a valuable business planning service by allowing you to project estimated changes in your business over various time periods and examine what the results may be.  Projections of various business plans can be examined in detail and decisions can then be made on the basis of clear pictures of future scenarios.  Your estimates of your business profits and losses can take into account industry changes, economic factors, and personal business decisions.  Your estimates are primarily for internal business planning purposes, although it may be useful to use an Estimated Profit and Loss Statement to convey your future financial plans to others.  As a trial exercise, you should prepare an Estimated Profit and Loss Statement using your best estimates before you even begin business.  You may wish to prepare such pre-business statements for monthly, quarterly, and annual time periods.  You may also desire to prepare Estimated Profit and Loss Statements for the first several years of your businesss existence.

The Estimated Profit and Loss Statement differs from the other type of Profit and Loss Statements in that the figures that you will use are projections based on expected business income and expenses for a time period in the future.  The value of this type of financial planning tool is to allow you to see how various scenarios will affect your business.  You may prepare this form as either a monthly, quarterly, or annual projection.  To prepare this form, use the data that you have collected for the above Business Financial Worksheet.

1.   The first figure that you will need will be your Estimated Gross Sales Income.  If your business is a pure service business, put your estimated income on the Estimated Service Income Total line.  If your business income comes from part sales and part service, place the appropriate figures on the correct lines.

2.   If your business will sell items from inventory, you will need to calculate your Estimated Cost of Goods Sold.  In order to have the necessary figures to make this computation, you will need to prepare a projection of your inventory costs and how many items you expect to sell.  Fill in the Estimated Cost of Goods Sold figure on the Estimated Profit and Loss Statement.  If your business is a pure service business, skip this line.  Determine your Estimated Net Sales Income by subtracting your Estimated Cost of Goods Sold from your Estimated Gross Sales Income.

3.   Calculate your Estimated Total Income for the period by adding your Estimated Net Sales Income and your Estimated Service Income and any Estimated Miscellaneous Income (for example: interest earned on a checking account).

4.   Fill in the appropriate Estimated Expense Account categories on the Estimated Profit and Loss Statement.  If you have a large number of categories, you may need to prepare a second sheet.  Based on your future projections, fill in the totals for each of your separate expense accounts.  Add in any Estimated Miscellaneous Expenses.

5.   Total all of your expenses and subtract your Estimated Total Expenses figure from your Estimated Total Income figure to determine your Estimated Pre-Tax Profit for the time period.

ESTIMATED PROFIT AND LOSS STATEMENT
For the period of:    

ESTIMATED INCOME
Estimated Gross Sales Income

Less Estimated Cost of Goods Sold

Estimated Net Sales Income Total

Estimated Service Income Total

Estimated Miscellaneous Income Total

Estimated Total Income

ESTIMATED EXPENSES
Advertising expenses

Auto expenses

Cleaning and maintenance expenses

Charitable contributions

Dues and publications

Office equipment expenses

Freight and shipping expenses

Business insurance expenses

Business interest expenses

Legal and accounting expenses

Business meals and lodging

Miscellaneous expenses

Postage expenses

Office rent/mortgage expenses

Repair expenses

Office supplies

Sales taxes

Federal unemployment taxes

State unemployment taxes

Telephone/Internet expenses

Utility expenses

Wages and commissions

Estimated General Expenses Total

Estimated Miscellaneous Expenses

Estimated Total Expenses


Estimated Pre-Tax Profit (Income less Expenses)


Preparing a Balance Sheet

A Profit and Loss Statement provides a view of business operations over a particular period of time.  It allows a look at the income and expenses and profits or losses of the business during the time period.  In contrast, a Balance Sheet is designed to be a look at the financial position of a company on a specific date.  It shows what the business owns and owes on a fixed date.  Its purpose is to depict the financial strength of a company as shown by its assets and liabilities.  It is merely a visual representation of the basic business financial equation: assets - liabilities = equity (or net worth).  Essentially, the Balance Sheet shows what the company would be worth if all of the assets were sold and all of the liabilities were paid off.  A value is placed on each asset and each liability.  These figures are then balanced by adjusting the value of the owners equity figure in the equation.  Your Balance Sheet will total your current and fixed assets and your current and long-term liabilities.  Even if your business is very new, you will need to prepare a Balance Sheet of where it currently stands financially.  Use the figures that you have gathered for the above Business Financial Worksheet, and follow these instructions to prepare your Current Balance Sheet for your Business Financial Plan:

1.   Your Current Assets consist of the following items.
   Cash in Bank (from your business bank account balance)
   Cash on Hand
   Accounts Receivable (if you have any yet)
   Inventory (if you have any yet)
   Prepaid expenses (These may be rent, insurance, prepaid supplies, or similar items that have been paid for prior to their actual use).

2.   Total all of your Current Assets on your Current Balance Sheet.

3.   Your Fixed Assets consist of the following items:
   Equipment
   Autos and Trucks
   Buildings

4.   Total your Fixed Assets (except land) on your Current Balance Sheet.  Total all of the depreciation that you have previously deducted for all of your fixed assets (except land). Include in this figure any business deductions that you have taken for Section 179 write-offs on business equipment.  Enter this total depreciation figure under Depreciation and subtract this figure from the figure for Total Fixed Assets (except land).

5.   Enter the value for any land that your business owns.  Land may not be depreciated.  Add Fixed Assets amount (less Depreciation) and the value of the land.  This is your total Fixed Assets value.

6.   Add any Miscellaneous Assets not yet included. These may consist of stocks, bonds, or other business investments.  Total your Current, Fixed, and Miscellaneous Assets to arrive at your Total Assets figure.

7.   Your Current Liabilities consist of the following items:
   Accounts Payable (if you have any yet).
   Miscellaneous Payable.  Include here the principal due on any short-term notes payable.  Also include any interest on credit purchases, notes, or loans that has accrued but not been paid.  Also list the current amounts due on any long-term liabilities.  Finally, list any payroll or taxes that have accrued but not yet been paid.

8.   Your Fixed Liabilities consist of the principal of any long-term note, loan, or mortgage due. Any current amounts due should be listed as Current Liabilities.

9.   Total your Current and Fixed Liabilities to arrive at Total Liabilities.

10.   Subtract your Total Liabilities from your Total Assets to arrive at your Owners Equity.  For a corporation, this figure represents the total of contributions by the owners or stockholders plus earnings after paying any dividends.  Total Liabilities and Owners Equity will always equal Total Assets.

CURRENT BALANCE SHEET
As of:    
ASSETS
Current Assets
Cash in Bank

Cash on Hand

Accounts Receivable

Inventory

Prepaid Expenses

Total Current Assets

Fixed Assets
Equipment (cost)

Autos and Trucks (cost)

Buildings (cost)

Total

(Less Depreciation)

Net Total

Add Land (cost)

Total Fixed Assets

Total Miscellaneous Assets

Total Assets

LIABILITIES
Current Liabilities
Accounts Payable

Miscellaneous Payable

Total Current Liabilities

Fixed Liabilities
Loans Payable (long-term)

Total Fixed Liabilities

Total Liabilities

Owners Equity
Net Worth or Capital Surplus + Stock Value


Number of Pages11
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#27298
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.












Financial Plan Worksheet Kit










This Packet Includes:
1. General Information
2. Financial Plan Worksheet Kit





General Information
Financial Plan Worksheet - Kit

This kit provides the tools and guidelines to develop a Financial Plan for your company.

The failure of many small businesses relates directly to underestimating the amount of money needed to start and continue the business.  Most business owners can, with relative ease, estimate the amount of money needed to start a business.  The problem comes with arriving at a clear estimate of how much money will be necessary to keep the business operating until it is able to realistically support itself.  If you can honestly determine how much is actually necessary to allow the business time to thrive before you can take out profits or pay, the next challenge is to figure out where to get that amount of money.

This Financial Plan Worksheet Kit will lead you through a number of questions to help you determine the amount of money needed and where it might be obtained.  Following the Worksheet are instructions on preparing both an Estimated Profit and Loss Statement and a Current Balance Sheet.  Both of these forms will help you put real numbers into your plans.

The Financial Plan Worksheet Kit is divided into the following sections:

   Income and Expenses
   Assets and Liabilities
   Financial Needs
   Preparing a Profit and Loss Statement (with Estimated Profit and
     Loss Statement Form)
   Preparing a Balance Sheet (with Current Balance Sheet Form)



Note:  When used in conjunction with a Business Plan Worksheet and a Marketing Plan Worksheet, this Financial Plan Worksheet will assist you in preparing a formal Business Plan for your company.  To purchase these products separately or as a complete package, please go to our site at www.findlegalforms.com




DISCLAIMER:

FindLegalForms, Inc. (“FLF”) is not a law firm and does not provide legal advice.  The use of these materials is not a substitute for legal advice. Only an attorney can provide legal advice.  An attorney should be consulted for all serious legal matters.  No Attorney-Client relationship is created by use of these materials.  

THESE MATERIALS ARE PROVIDED “AS-IS.  FLF DOES NOT GIVE ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY, SUITABILITY OR COMPLETENESS FOR ANY OF THE MATERIALS FOR YOUR PARTICULAR NEEDS.  THE MATERIALS ARE USED AT YOUR OWN RISK.  IN NO EVENT WILL:  I) FLF, ITS AGENTS, PARTNERS, OR AFFILIATES; OR II) THE PROVIDERS, AUTHORS OR PUBLISHERS OF ITS MATERIALS, BE RESPONSIBLE OR LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES; LOSS OF USE, DATE OR PROFITS; OR BUSINESS INTERRUPTION) HOWEVER USED AND ON ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, STRICT LIABILITY, OR TORT (INCLUDING NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY OUT OF THE USE OF THESE MATERIALS. 



Financial Plan Worksheet

Describe the current financial status of your company:    

Income and Expenses
Estimate the annual expenses for the first year in the following categories:
   Advertising expenses:      
   Auto expenses:      
   Cleaning and maintenance expenses:      
   Charitable contributions:      
   Dues and publications:      
   Office equipment expenses:      
   Freight and shipping expenses:      
   Business insurance expenses:      
   Business interest expenses:      
   Legal and accounting expenses:      
   Business meals and lodging:      
   Miscellaneous expenses:      
   Postage expenses:      
   Office rent/mortgage expenses:      
   Repair expenses:      
   Office supplies:      
   Sales taxes:      
   Federal unemployment taxes:      
   State unemployment taxes:      
   Telephone/Internet expenses:      
   Utility expenses:      
   Wages and commissions:      

Estimate the first years annual income from the following sources:
   Sales Income:      
   Service Income:      
   Miscellaneous Income:      

Estimate the amount of inventory necessary for the first year:    

Estimate the amount of inventory that will be sold during the first year:    
   

Estimate the Cost of Goods Sold for the first year:    

Using the above information, complete the Estimated Profit and Loss Statement as explained later.
Assets and Liabilities
What forms of credit have already been used by the business?    
   

How much cash is available to the business?    

What are the sources of the cash?    

What types of bank accounts are in place for the business and what are the balances?    
      

What types of assets are currently owned by the business?
   Current assets:      
   Inventory:      
      Cash in bank:      
      Cash on hand:      
   Accounts receivable:      
   Fixed and depreciable:      
   Autos/trucks:      
      Buildings:      
      Equipment:      
      Amount of depreciation taken on any of above:   
   Fixed non-depreciable:      
      Land:      
   Miscellaneous:      
      Stocks/bonds:      

What types of debts does the business currently have?
   Current liabilities:      
      Taxes due:      
      Accounts payable:      
      Short-term loans/notes payable:   
      Payroll accrued:      
      Miscellaneous:      
   Long-term liabilities:      
      Mortgage:      
      Other loans/notes payable:      


Financial NeedsFinancial Needs
Based on the estimated profits and losses of the business, how much credit will be necessary for the business?
   Initially:      
   First year:      
   Second year:      
   Third year:      
   Fourth year:      
   Fifth year:      

Estimate the cash flow for the business for the first five years:
   First year:      
   Second year:      
   Third year:      
   Fourth year:      
   Fifth year:      

From what sources are the necessary funds expected to be raised?
   Cash on hand:      
   Personal funds:      
   Family:      
   Friends:      
   Conventional bank financing:      
   Finance companies:      
   Equipment manufacturers:      
   Leasing companies:      
   Venture capital:      
   U.S. Small Business Administration:      
   Equity financing (check with current
      Securities and Exchange rules
      on sales of shares):      

Preparing a Profit and Loss Statement

A Profit and Loss Statement is the key financial statement for presenting how your business is performing over a period of time.  The Profit and Loss Statement illuminates both the amounts of money that your business has spent on expenses and the amounts of money that your business has taken in over a specific period of time.  Along with the Balance Sheet, the Profit and Loss Statement should become an integral part of both your short and long range business planning.

This section will explain how to prepare an Estimated Profit and Loss Statement.  The Estimated Profit and Loss Statement can serve a valuable business planning service by allowing you to project estimated changes in your business over various time periods and examine what the results may be.  Projections of various business plans can be examined in detail and decisions can then be made on the basis of clear pictures of future scenarios.  Your estimates of your business profits and losses can take into account industry changes, economic factors, and personal business decisions.  Your estimates are primarily for internal business planning purposes, although it may be useful to use an Estimated Profit and Loss Statement to convey your future financial plans to others.  As a trial exercise, you should prepare an Estimated Profit and Loss Statement using your best estimates before you even begin business.  You may wish to prepare such pre-business statements for monthly, quarterly, and annual time periods.  You may also desire to prepare Estimated Profit and Loss Statements for the first several years of your businesss existence.

The Estimated Profit and Loss Statement differs from the other type of Profit and Loss Statements in that the figures that you will use are projections based on expected business income and expenses for a time period in the future.  The value of this type of financial planning tool is to allow you to see how various scenarios will affect your business.  You may prepare this form as either a monthly, quarterly, or annual projection.  To prepare this form, use the data that you have collected for the above Business Financial Worksheet.

1.   The first figure that you will need will be your Estimated Gross Sales Income.  If your business is a pure service business, put your estimated income on the Estimated Service Income Total line.  If your business income comes from part sales and part service, place the appropriate figures on the correct lines.

2.   If your business will sell items from inventory, you will need to calculate your Estimated Cost of Goods Sold.  In order to have the necessary figures to make this computation, you will need to prepare a projection of your inventory costs and how many items you expect to sell.  Fill in the Estimated Cost of Goods Sold figure on the Estimated Profit and Loss Statement.  If your business is a pure service business, skip this line.  Determine your Estimated Net Sales Income by subtracting your Estimated Cost of Goods Sold from your Estimated Gross Sales Income.

3.   Calculate your Estimated Total Income for the period by adding your Estimated Net Sales Income and your Estimated Service Income and any Estimated Miscellaneous Income (for example: interest earned on a checking account).

4.   Fill in the appropriate Estimated Expense Account categories on the Estimated Profit and Loss Statement.  If you have a large number of categories, you may need to prepare a second sheet.  Based on your future projections, fill in the totals for each of your separate expense accounts.  Add in any Estimated Miscellaneous Expenses.

5.   Total all of your expenses and subtract your Estimated Total Expenses figure from your Estimated Total Income figure to determine your Estimated Pre-Tax Profit for the time period.

ESTIMATED PROFIT AND LOSS STATEMENT
For the period of:    

ESTIMATED INCOME
Estimated Gross Sales Income

Less Estimated Cost of Goods Sold

Estimated Net Sales Income Total

Estimated Service Income Total

Estimated Miscellaneous Income Total

Estimated Total Income

ESTIMATED EXPENSES
Advertising expenses

Auto expenses

Cleaning and maintenance expenses

Charitable contributions

Dues and publications

Office equipment expenses

Freight and shipping expenses

Business insurance expenses

Business interest expenses

Legal and accounting expenses

Business meals and lodging

Miscellaneous expenses

Postage expenses

Office rent/mortgage expenses

Repair expenses

Office supplies

Sales taxes

Federal unemployment taxes

State unemployment taxes

Telephone/Internet expenses

Utility expenses

Wages and commissions

Estimated General Expenses Total

Estimated Miscellaneous Expenses

Estimated Total Expenses


Estimated Pre-Tax Profit (Income less Expenses)


Preparing a Balance Sheet

A Profit and Loss Statement provides a view of business operations over a particular period of time.  It allows a look at the income and expenses and profits or losses of the business during the time period.  In contrast, a Balance Sheet is designed to be a look at the financial position of a company on a specific date.  It shows what the business owns and owes on a fixed date.  Its purpose is to depict the financial strength of a company as shown by its assets and liabilities.  It is merely a visual representation of the basic business financial equation: assets - liabilities = equity (or net worth).  Essentially, the Balance Sheet shows what the company would be worth if all of the assets were sold and all of the liabilities were paid off.  A value is placed on each asset and each liability.  These figures are then balanced by adjusting the value of the owners equity figure in the equation.  Your Balance Sheet will total your current and fixed assets and your current and long-term liabilities.  Even if your business is very new, you will need to prepare a Balance Sheet of where it currently stands financially.  Use the figures that you have gathered for the above Business Financial Worksheet, and follow these instructions to prepare your Current Balance Sheet for your Business Financial Plan:

1.   Your Current Assets consist of the following items.
   Cash in Bank (from your business bank account balance)
   Cash on Hand
   Accounts Receivable (if you have any yet)
   Inventory (if you have any yet)
   Prepaid expenses (These may be rent, insurance, prepaid supplies, or similar items that have been paid for prior to their actual use).

2.   Total all of your Current Assets on your Current Balance Sheet.

3.   Your Fixed Assets consist of the following items:
   Equipment
   Autos and Trucks
   Buildings

4.   Total your Fixed Assets (except land) on your Current Balance Sheet.  Total all of the depreciation that you have previously deducted for all of your fixed assets (except land). Include in this figure any business deductions that you have taken for Section 179 write-offs on business equipment.  Enter this total depreciation figure under Depreciation and subtract this figure from the figure for Total Fixed Assets (except land).

5.   Enter the value for any land that your business owns.  Land may not be depreciated.  Add Fixed Assets amount (less Depreciation) and the value of the land.  This is your total Fixed Assets value.

6.   Add any Miscellaneous Assets not yet included. These may consist of stocks, bonds, or other business investments.  Total your Current, Fixed, and Miscellaneous Assets to arrive at your Total Assets figure.

7.   Your Current Liabilities consist of the following items:
   Accounts Payable (if you have any yet).
   Miscellaneous Payable.  Include here the principal due on any short-term notes payable.  Also include any interest on credit purchases, notes, or loans that has accrued but not been paid.  Also list the current amounts due on any long-term liabilities.  Finally, list any payroll or taxes that have accrued but not yet been paid.

8.   Your Fixed Liabilities consist of the principal of any long-term note, loan, or mortgage due. Any current amounts due should be listed as Current Liabilities.

9.   Total your Current and Fixed Liabilities to arrive at Total Liabilities.

10.   Subtract your Total Liabilities from your Total Assets to arrive at your Owners Equity.  For a corporation, this figure represents the total of contributions by the owners or stockholders plus earnings after paying any dividends.  Total Liabilities and Owners Equity will always equal Total Assets.

CURRENT BALANCE SHEET
As of:    
ASSETS
Current Assets
Cash in Bank

Cash on Hand

Accounts Receivable

Inventory

Prepaid Expenses

Total Current Assets

Fixed Assets
Equipment (cost)

Autos and Trucks (cost)

Buildings (cost)

Total

(Less Depreciation)

Net Total

Add Land (cost)

Total Fixed Assets

Total Miscellaneous Assets

Total Assets

LIABILITIES
Current Liabilities
Accounts Payable

Miscellaneous Payable

Total Current Liabilities

Fixed Liabilities
Loans Payable (long-term)

Total Fixed Liabilities

Total Liabilities

Owners Equity
Net Worth or Capital Surplus + Stock Value


You've found your form, but will you need others? If there are other related forms you may need in the future, it may be beneficial to look at our combo packages. On average, customers who purchase a combo package save 40% on the related forms they need. Take a look at the combo packages below to see if one is right for you.
Business Plan Forms Combo Package Get 5 forms for just $14.95 Save 85%! Save money by getting our very popular business plan forms together in one convenient packet.

Looking for something else?