Below are the income statement and the balance sheet for Q1.

1. How do you think the company performed in Q1? To support your conclusion calculate 2-3 ratios.

2. The April rent $3000 + tax is due April 1. Do you think the company has enough cash to pay rent?

REVENUE Revenue Consulting Fees Other Revenue Total Revenue 70,355.00 0.00 70,355.00 TOTAL REVENUE 70,355.00 EXPENSE 0.00 630.03 2,632.80 612.50 1,307.25 0.00 Expenses Bad Debts Bank Charges & Interest CPP Expense Depreciation Expense El Expense Insurance Office Expenses Professional Fees Rent Repairs & Maintenance Salaries Supplies Telephone Travel WSIB Expense Corporate Income Tax Expense Total Expenses 634.00 2,300.00 9,000.00 2.400.00 56,250.00 0.00 2,975.00 0.00 0.00 0.00 78,741.58 TOTAL EXPENSE 78,741.58 NET INCOME -8,386.58 Generated On: 06/24/2021 4,724.68 35,996.15 450.00 0.00 41,170.83 7 Current Assets 3 Petty Cash 250.00 2 BNS Cash 4,474.68 0 Total Cash 1 Accounts Receivable 35,996.15 2 Allowance for Doubtful Accour 0.00 3 Net Accounts Receivable 4 Office Supplies 5 Prepaid Expenses 6 Total Current Assets 7 8 Capital Assets 9 Office Equipment 4,000.00 0 Acc'd Dep'n Office Equipment -200.00 -1 Net Office Equipment -2 Computers 3,000.00 3 Acc'd Dep'n Computers -250.00 -4 Net Computers -5 Software 1,450.00 -6 Acc'd Dep'n Software - 162.50 27 Net Software 8 Total Capital Assets -9 0 TOTAL ASSET 3,800.00 2,750.00 1,287.50 7,837.50 49,008.33 1 2 LIABILITY 3 4 Current Liabilities 55 Bank Operating Line 6 Accounts Payable 7 Wages Payable 20,000.00 0.00 0.00 0.00 0.00 6,534.98 5,749.90 110.03 32,394.91 7 Wages Payable 8 Unearned Revenue 9 WSIB Payable 0.00 0 CPP Payable 1,864.52 1 El Payable 796.80 2 Income Tax Payable 3,873.66 3 Total Source Deductions Payable 4 HST Charged on Sales 9,146.15 5 ITC -3,396.25 6 Net HST Payable 7 Interest Payable 8 Total Current Liabilities 9 0 Long-Term Debt 1 Due to Shareholder 2 Total Liabilities 3 4 TOTAL LIABILITY 5 6 EQUITY 7 8 Shareholder's Equity 9 Common Stock o Retained Earnings 1 Current Earnings 2 Total Shareholder's Equity 3 4 TOTAL EQUITY 5 6 LIABILITIES AND EQUITY 7 24,990.00 24,990.00 57,384.91 10.00 0.00 -8,386.58 -8,376.58 -8,376.58 49,008.33