ACC 561 Week 3 Learning Team Assignment Tootsie Roll Industries Inc. Loan Package
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Resources:Accounting and The Successful Business Plan,andtheElectronic Financial Worksheets (EFW) Excelâspreadsheet and EFW Help PDF file on the course materials page.
Read the financial statement for Tootsie Roll Industries Inc. in Appendix A of Accounting and EFW Help PDF file on the course materials page.
Review the 19 sections that comprise the Sample Plan in the table of contents of The Successful Business Plan, and refer to each of these specific sections within the text for further information.
Conduct an Internet search information on how to assemble a loan package by researching loan package requirements at The U.S. Small Business Administration website (http://www.sba.gov/) or on other websites, such as the SCORE website (http://www.score.org/). Research the specific loan package requirements of creditors, such as American Express, by reviewing their websites.
Complete theEFWspreadsheet using the Tootsie Roll financial data in Appendix A of Accounting. Be sure to:
· Use only the applicable worksheets within the EFW spreadsheet; worksheets not applicable may be left blank.
· Refer to the information contained in EFW Help for assistance in completing the EFWspreadsheet. In addition, help is available for certain cells contained within the EFWspreadsheet. A red triangle in the corner of the cell indicates further help is available for that specific cell.
Prepare a loan package of no more than 1,250 words to secure a loan for Tootsie Roll Industries Inc. that would increase the company’s total liabilities by 10%. Your loan package should include the following:
· A ratio analysis of the financial statements, as per your completed EFW spreadsheet, for Tootsie Roll Industries Inc., including several types of liquidity, solvency, and profitability ratios and an explanation of each ratio
· A justification of the reason the company needs this loan; the purpose might be for expansion, inventory purchases, debt retirement, and so on
· An explanation of how the company plans use the proceeds from the loan and of how loan approval might affect the company
Cite your sources consistent with APA guidelines.
Apply to scholarships or grants as soon as possible. By giving yourself plenty of time to find funding, you will reduce your need for loans. Come up with a system for monitoring deadlines and be sure to turn in applications as early before deadlines as possible.
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