01-January-2022 01-January-2022 01-January-2022 01-January-2022 03-January-2022 13-February-2022 20-February-2022 08-March-2022 15-March-2022 12-December-2022 27-December-2022 31-December-2022 31-December-2022 16-February-2023 22-February-2023 27-February-2023 17-March-2023 18-March-2023 15-December-2023 31-December-2023 31-December-2023 31-December-2023 22-February-2024 26-February-2024 16-March-2024 01-March-2024 23-March-2024 20-December-2024 28-December-2024 31-December-2024 31-December-2024 Open business bank account with transfer of personal funds EFT for rental of office space. Immediate occupancy. 60 months at $4000 per month. Office equipment purchased for cash to get discount from the retail price of $56,000. Office equipment to be replaced in 4 years. Expect to get $5,000 for old equipment. Bank loan approved and credited to account. Payable in 2025 Credit sales. EFT payment to be received in 90 days. Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. Cash sales. Purchased supplies on credit from Office Works. Credit sales. EFT payment to be received in 90 days. Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. Recorded estimate for electricity expense. Bill not yet received. Count of supplies revealed showed amount on hand at year-end of ... Credit sales. EFT payment to be received in 90 days. Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. Cash sales. Purchased supplies on credit from Office Works. Used excess cash to make partial repayment on bank loan. Credit sales. EFT payment to be received in 90 days. Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. Recorded estimate for electricity expense. Bill not yet received. Count of supplies revealed showed amount on hand at year-end of ... Credit sales. EFT payment to be received in 90 days. Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. Paid Office Works account in full. Used excess cash to make partial repayment on bank loan. Cash sales. Credit sales. EFT payment to be received in 90 days. Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. Received bill for electricity. For three years !!! Pat thought he was never going to get billed. Count of supplies revealed showed amount on hand at year-end of ... $430,000 $240,000 $50,000 $5,000 $240,000 $67,000 $5,900 $49,000 $37,000 $41,000 $6,490 $8,800 $14,800 $40,500 $6,200 $81,000 $42,000 $48,500 $37,500 $6,820 $9,680 $16,800 $97,000 $8,100 $79,000 $39,500 $44.000 $40,000 $8.910 $29,040 $3,360 Income Statement for the year ending 31 December 2022 ENTRY Consulting services revenue Expenses Office space rent Depreciation - Office equipment Wages Supplies Electricity ENTRY ENTRY ENTRY ENTRY ENTRY Total expenses ENTRY Profit before income tax expense Income tax expense (35%) Profit after tax ENTRY ENTRY ENTRY Gary Roberts Pty Ltd Balance Sheet as at 31 December 2022 ASSETS Current Assets Cash Accounts receivable Supplies Prepaid rent Total current assets ENTRY ENTRY ENTRY ENTRY ENTRY Non-Current Assets Prepaid rent Office equipment & furniture Accumulated depreciation Net book value - office equip & furniture Total non-current assets Total Assets ENTRY ENTRY ENTRY ENTRY ENTRY ENTRY LIABILITIES Current Liabilities Accounts payable Income tax payable Wages payable Electricity payable Total current liabilities ENTRY ENTRY ENTRY ENTRY ENTRY Non-Current Liabilities Bank loan Total non-current liabilities Total Liabilities ENTRY ENTRY ENTRY ENTRY EQUITY Contributed capital Retained earnings Total Equity ENTRY ENTRY Total Liabilities and Equity ENTRY Gary Roberts Pty Ltd Statement of Cash Flows for the year ending 31 December 2022 Cash flows from operating activities Receipts from customers Payment for rental of office space Payments to employees Payment for supplies Payment for electricity Payment for income tax Net cash provided from operating activities ENTRY ENTRY ENTRY ENTRY ENTRY ENTRY ENTRY Cash flows from investing activities Purchase of office equipment and furniture Net cash provided from investing activities ENTRY ENTRY Cash flows from financing activities Contribution by owner Proceeds from bank loan Repayment of bank loan Net cash provided from financing activities ENTRY ENTRY ENTRY ENTRY Net increase in cash Cash at beginning of the financial year Cash at end of the financial year ENTRY ENTRY ENTRY