Heron, Inc Finance Assingment Help With Solution

Grading: This project is worth 80 points.
Required: You need to prepare a comprehensive 6-month budget in Excel, including
supporting schedules and a report for the period January 1, 2014 to June 30, 2014 for Heron, Inc (a fictional company). Assume it is the beginning of the year.

This project must include:

1. Sales Forecast and Budget……….
2. Cash Receipts budget…………….
3. Purchase budget……………………
4. Budgeted Inventory and Cost of Goods Sold
5. Cash Purchases Disbursements budget…..
6. Operating Expense budget……
7. Summary Cash budget…………
8. Budgeted Income Statement…..
9. Budgeted Balance Sheet…………

Notes and Hints
1. All 9 parts must be submitted before I grade the project.
2. The schedules/budgets must be prepared on Excel. The templates I have prepared
must be used as is.
3. Par t of this project is demonstrating proper use of Excel. You may input a
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INFORMATION FOR HERON, INC. BUDGETPROJECT

1. Heron, Inc. is a company that re-sells one product, a particularly comfortable lawn chair. An
overseas contractor makes the product exclusively for Heron; so, Heron has no manufacturing
-related costs.

2. As of November, 2013, each lawn chair costs Heron $4 per unit. Heron sells each chair for
$10 per unit.

3. The estimated sales (in units) are as follows:
Nov 2013 11,250
Dec 2013 11,600
Jan 2014 10,000
Feb 2014 12,400
Mar 2014 13,000
Apr 2014 16,600
May 2014 18,000
June 2014 22,000
July 2014 18,000

4. Per an existing contract, the cost of each chair is scheduled to increase by 10% on March 1,
2014. To offset this increase, the company plans to raise the sales price to $11.50 per unit
beginning May 1, 2014. The sales forecast (i.e., estimated sales in units) takes this price
increase into account.

Product Code :Fin361

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