Using the information provided on the next page and the related spreadsheet: a.

Question

Using the information provided on the next page and the related spreadsheet:

a.       Complete the budget worksheet for Hannah & Maggie Inc.

b.       Prepare a budgeted Income Statement for the three-month period ending March 31, 2014

c.       Prepare the budgeted Balance Sheet for March 31, 2014.

Hannah & Maggie Inc.

Hannah & Maggie are independent recording artists who manufacture all their CDs by hand whole sale. In December Hannah found a Neumann record cutting machine on sale for $25,000. The machine can be used to transfer digital music to vinyl records (LPs).

Hannah and Maggie think their new album would sound amazing (and sell well) as an LP, but they need a loan to purchase the machine. A local bank is agreeable, but requires both current (2013) and budgeted (3 months in 2014) financial statements.

Based on the following information from Hannah & Maggie, construct the banker

Explanation / Answer

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