W10 ABC Widgets Budget vs. Actual Spreadsheets ABC Widgets Budget vs. Actual Financial Statements For the quarter ended 3-31-2X Profit and Loss Statement January Budget Actual Variance Widget Sales $ 3,150 $ 2,950 $ (200) Cost of Goods Sold 2,850 2,590 (260) Gross Profit $ 300 $ 360 60 General Expenses 1,130 1,245 115 Depreciation 50 78 28 Total expenses 1,180 1,323 $ 143 Net Income $ 880) $ 963) $ 83) Statement of Cash Flows Operating Activities Net Income $ (880) $ (963) $ (83) Changes in Cur. Assets and Liabilities Change in Accounts Receivable (50) (80) (30) Change in Inventory (1,500) (1,500) Change in Accounts Payable 500 400 (100) Non-cash expenses Depreciation 50 78 28 Cash Flow From Operating Activities $ (1,880) (2,065) $ (185) Investing Activities Change in Equipment (5,000) (7,800) (2,800) Cash Flow from Investing Activities $ (5,000) $ (7,800) $ (2,800) Financing Activities Change in Notes Payable $ 5,000 7,800 $ 2,800 Change in Paid-in-Capital 2,500 2,500 Change in Owner's Draw Cash Flow from Financing Activities $ 7,500 $ 10,300 $ 2,800 Net increase in cash 620 435 (185) Cash--beginning of month Cash--end of month $ 620 435 $ (185) Balance Sheet Assets