complete the three statements
Gordie Howe plans to begin his consulting business as a proprietary company (Gordie Howe Pty Ltd) on 1 January 2023. He has provided projected data for the first 36 months of operations. Gordie expects to pay income taxes of 25% on the company's profits six months after each year-end. No taxes if the company incurrs a loss for the year. REQUIRED: COMPLETE THE PROJECTED FINANCIAL STATEMENTS FOR EACH OF THE 3 YEARS. PROVIDE VALUES IN EACH OF THE ENTRY CELLS ON THE 9 FINANCIAL STATEMENT WORKSHEETS. Note: EFT Electronic Funds Transfer Transaction 01-January-2023 Open business bank account with transfer of personal funds $410,000 01-January-2023 EFT for rental of office space. Immediate occupancy. 48 months at S5000 per month. $240,000 01-January-2023 Office equipment purchased for cash to get discount from the retail price of $61,000. S55,000 01-January-2023 Office equipment to be replaced in 4 years. Expect to get $6,000 for old equipment. $6,000 03-January-2023 Bank loan approved and credited to account. Payable in 2026 $200,000 08-May-2023 Credit sales. EFT payment to be received in 90 days. $79,500 15-May-2023 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. S5,500 03-June-2023 Cash sales. $36,500 10-June-2023 Purchased supplies on credit from Office Works. $48,500 05-December-2023 Credit sales. EFT payment to be received in 90 days. $49,000 27-December-2023 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days S6,050 31-December 2023 Recorded estimate for electricity expense. Bill not yet received. $7.900 31-December 2023 Count of supplies revealed showed amount on hand at year-end of... $14,550 Gordie Howe Pty Ltd Income Statement for the year ending 31 December 2023 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 (25%) Profit after tax ENTRY ENTRY ENTRY 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 ENTRY ENTRY ENTRY ENTRY ENTRY ENTRY Total Assets 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 EQUITY Contributed capital Retained earnings Total Equity ENTRY ENTRY ENTRY Total Liabilities and Equity ENTRY 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 Financial Statement Analysis (FSA) for 2023 for Gordie Howe Pty Ltd Provide formulas or values for each of the following three ratios. Don't worry about formatting. Cell reference if you want. Ratio #1: Accounts receivable settlement (days) Ratio #2: Net profit margin Ratio #3: Total liabilities to total owners' equity ratio ENTRY ENTRY ENTRY
