Expert Answer:CM 352 Const Finance and Accounting Class

  

Solved by verified expert:CM 352 FINAL CHECKLIST Master Schedule completed? Schedule of Work completed? Will you reach final completion in two hundred sixty four (264) Calendar Days from the Notice to Proceed? Did you schedule three or four properties per week? Bid Form or similar filled out? What are the Opportunity Costs associated with accepting the Project, should you win it? How will you deal with your current base of established clients if/when you win the bid? Prevailing Wage:How much? How extensive will your active involvement need to be? What is your projected gross profit for the bid? How does that compare with what you are doing now relative to the time considered? Do you have sufficient working capital to meet the requirements of the Contract?________________________________________________I am providing the following information for your use in calculating your cost estimate:The total square footage of all the drywall to cover the ductwork is 2100 square feet.The average cost for the work is $2.30 per square foot (that includes material and labor)The cost of taping and painting is $1.00 per square foot but does not include the cost of paint.Don’t forget to add your overhead and profit park-up to the totals._______________________________________________Attached are the two documents we talked about. Use the fifth year of the financial statement as the determining factor of your go/no go decision to do the project. To use this as what you would do in the 6th year, you should increase the totals in each category by 9% to see how doing nothing additional would match up.
abdullah_and_momdouh_balance_sheet.xlsx

pacific_horizon_five_years_of_income_statements.xlsx

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Fifth year Balance Sheet
PACIFIC HORIZON CONSTRUCTION
Assets
Current Assets
Cash in Bank
Inventory
Prepaid Expenses
Revenue
Total Current Assets
$ 60,000
11,500
3,549,237
$ 3,620,737
Fixed Assets
Machinery & Equipment
Office Equipment
Leasehold Improvements
Uniform
PPPE
Total Fixed Assets
$ 17,250
4,300
$
1,080
2800
70,850
Other Assets
Specify
Specify
Total Other Assets
Total Assets
$ 3,691,587
Liabilities & Net Worth
Current Liabilities
Accounts Payable
Taxes Payable
Notes Payable (due within 12 months)
Overhead
Labor
Materials
Total Current Liabilities
Long-term Liabilities
Bank Loans Payable (greater than 12 months)
Less: Short-term Portion
Notes Payable to Stockholders
Other long-term debt (specify)
344,671
1,670,522
1,264,038
$ 3,279,231
10%
47%
35%
Total Long-term Liabilities
Total Liabilities
$ 3,279,231
Owners’ Equity (Net Worth)
$
Total Liabilities & Net Worth
($ 3,691,587)
412,356
FIVE YEAR Income Statement
PACIFIC HORIZON CONSTRUCTION
Assets
Cash
Sales revenue
Prepaid Expenses
Total Fixed Assets
Total Revenues
1
2
3
4
$
$
$
$
60,000.00
552,000.00
2,300.00
3,350.00
$
$
$
$
60,000.00
640,320.00
2,300.00
11,600.00
$
$
$
$
60,000.00
717,158.00
2,300.00
11,600.00
$
$
$
$
$
617,650.00
$
714,220.00
$
791,058.00
$
$
$
$
55,200.00
262,800.00
193,200.00
$
53,779.00
60,000.00
781,703.00
2,300.00
5
23,000
$
$
$
$
60,000.00
858,056.00
2,300.00
21,300.00
867,003.00
$
941,656.00
Total: ###########
Expenses
Overhead
Labor
Materials
Depreciation
Employee benefits
Interest expense
Maintenance and repairs
Office supplies
Payroll taxes (13%)
Rent
Research and development
Salaries and wages
Other
Total Expenses
Net Income Before Taxes
Income tax expense (17.6%)
Income from Continuing Operations
71,716
337,064
251,005
299,972
245,917
78,170
367,400
273,596
85,806
403,286
300,320
$
52,427.00
$
511,200.00
$
599,668.00
$
659,785.00
$
719,166.00
$
841,839.00
$
106,450.00
$
114,552.00
$
131,273.00
$
147,837.00
$
$
99,817.00
17,568.00
$
106,450.00
$
114,552.00
$
131,273.00
$
147,837.00
$
82,249.00
{42}
[42]
[42]
Total: ###########
Total: $ 582,361.00
[42]
Below-the-Line Items
Income from discontinued operations
Effect of accounting changes
Extraordinary items
Net Income
$
106,450.00
$
114,552.00
$
131,273.00
$
147,837.00
$
82,249.00
Total: $ 582,361.00
Income Statement
[Company Name]
For the Years Ending [Dec 31, 2014 and Dec 31, 2013]
Income Statement Template
© 2008-2014 Vertex42 LLC
Revenue
Gross sales
(Less sales returns and allowances)
Net Sales
2014
2013
181,683
(10,000)
171,683

130,028
130,028

130,028

41,655

Cost of Goods Sold
Beginning inventory
Goods purchased or manufactured
Total Goods Available
(Less ending inventory)
Cost of Goods Sold
Gross Profit (Loss)
[42]
Expenses
Advertising
Bad debt
Commissions
Depreciation
Employee benefits
Furniture and equipment
Insurance
Maintenance and repairs
Office supplies
Payroll taxes
Rent
Research and development
Salaries and wages
Software
Travel
Utilities
Web hosting and domains
Other
Total Operating Expenses
Operating Income (Loss)
Non-operating revenues, expenses, gains, losses
(Less interest expense)
Income Before Taxes
(Less income tax expense)
Income From Continuing Operations
16,616
16,192
32,808

8,847

12,762
(6,113)
15,496
(1,069)
14,427


{42}
[42]
Below-the-Line Items
Income from discontinued operations
Extraordinary items
Cumulative effect of accounting changes
Net Income
14,427

Income Statement Template
By Vertex42.com
http://www.vertex42.com/ExcelTemplates/income-statement.html
© 2008-2014 Vertex42 LLC
This spreadsheet, including all worksheets and associated content is
considered a copyrighted work under the United States and other copyright
laws.
Do not submit copies or modifications of this template to any website or
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Please review the following license agreement to learn how you may or
may not use this template. Thank you.
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