helllllllllllllllllllllllllllp

Mike Gartner plans to begin his consulting business as a proprietary company ( Mike Gartner Pty Ltd ) on 1 January 2022. He has provided projected data for the first 36 months of operations. Mike expects to pay income taxes of 40% 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-2022 Open business bank account with transfer of personal funds $460,000 01-January-2022 EFT for rental of office space. Immediate occupancy. 48 months at $4000 per month. $192,000 01-January-2022 Office equipment purchased for cash to get discount from the retail price of $50,000. $45,000 01-January-2022 Office equipment to be replaced in 4 years. Expect to get $5,000 for old equipment. $5,000 03-January-2022 Bank loan approved and credited to account. Payable in 2025 $340,000 28-April-2022 Credit sales. EFT payment to be received in 90 days. $63,500 05-May-2022 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. $9,200 23-May-2022 Cash sales. $41,000 30-May-2022 Purchased supplies on credit from Office Works. $41,500 06-December-2022 Credit sales. EFT payment to be received in 90 days. $42,500 29-December-2022 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. $10, 120 31-December-2022 Recorded estimate for electricity expense. Bill not yet received. $8,500 31-December-2022 Count of supplies revealed showed amount on hand at year-end of ... $16,600 03-May-2023 Credit sales. EFT payment to be received in 90 days. $49,500 09-May-2023 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. $8,300 12-May-2023 Cash sales. $94,000 04-June-2023 Purchased supplies on credit from Office Works. $47,500 03-June-2023 Used excess cash to make partial repayment on bank loan. $50,00 11-December-2023 Credit sales. EFT payment to be received in 90 days. $36,000 28-December-2023 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. $9,130 31-December-2023 Recorded estimate for electricity expense. Bill not yet received. $9,350 31-December-2023 Count of supplies revealed showed amount on hand at year-end of ... $14,250 07-May-2024 Credit sales. EFT payment to be received in 90 days. $64,000 13-May-2024 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. $9,400 02-June-2024 Paid Office Works account in full. $89,000 14-May-2024 Used excess cash to make partial repayment on bank loan. $25,500 07-June-2024 Cash sales. $32,500 17-December-2024 Credit sales. EFT payment to be received in 90 days. $50,000 30-December-2024 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. $10,340 31-December-2024 Received bill for electricity. For three years !!! Mike thought he was never going to get billed. $28,050 31-December-2024 Count of supplies revealed showed amount on hand at year-end of ... $1,425Mike Gartner Pty Ltd Income Statement for the year ending 31 December 2024 Consulting services revenue $ - Expenses Ofce space rent - Depreciation ofce equipment - Wages 19,740 Supplies - Electricity 28,050 Total expenses 47,790 Prot before income tax expense 147,925 Income tax expense (40%) 59,170 Prot after tax is 88 755 :1 Please note that some of the alc's provided above may not require values. Unused ENTRY cells MUST be replaced with a 0 (zero) amount. ASSETS Current Assets Cash Accounts receivable Supplies Prepaid rent Total current assets Non-Current Assets Prepaid rent Ofce equipment & furniture Accumulated depreciation Net book value - ofce equip & furniture Total non-current assets Total Assets LIABILITIES Current Liabilities Accounts payable Income tax payable Wages payable Electricity payable Total current liabilities Non-Current Liabilities Bank loan Total non-current liabilities Total Liabilities EQUITY Contributed capital Retained earnings Total Equity Total Liabilities and Equity 5 32,500 114,000 1,425 $ 141,925 5 . 5 . 5 147,025 5 . 5 58,600 19,740 23,050 5 106,300 $ 25,500 $ 25,500 5 131,090 $ 09 000 ENTRY _I ENTRY ENTRY Mike Gartner Pty Ltd Balance Sheet as at 31 December 2024 Please note that some of the Balance Sheet alc's provided may not require entries. Unused ENTRY cells MUST be replaced with a 0 (zero) amount. Unprotected cells for your workings if de: Mike Gartner Pty Ltd Statement of Cash Flows for the year ending 31 December 2024 Cash flows from operating activities Receipts from customers $ 146,500 Payment for rental of office space Payments to employees 19,740 Payment for supplies Payment for electricity 28,050 Payment for income tax 58,600 Net cash provided from operating activities ENTRY Cash flows from investing activities Purchase of office equipment and furniture $ 89,000 Net cash provided from investing activities ENTRY Cash flows from financing activities Contribution by owner $ Proceeds from bank loan Repayment of bank loan 25,500 Net cash provided from financing activities ENTRY Net increase in cash ENTRY Cash at beginning of the financial year 64,000 Cash at end of the financial year $ 1,425 Please note that some of the a/c's provided above may not require values. Unused ENTRY cells MUST be replaced with a 0 (zero) amountFinancial Statement Anal sis FSA for 2024 for Mike Gartner Pt Ltd Provide formulas or values for each of the following three ratios. Don't worry about formatting. Cell reference if you want. Ratio #1: Asset turnover period (days) ENTRY Ratio #2: Financial gearing ENTRY Ratio #3: Return on shareholders' funds ENTRY Mike Gartner Pty Ltd Income Statement for the year ending 31 December 2022 Consulting services revenue $ - Expenses Office space rent 192,000 Depreciation office equipment 45,000 Wages 19,320 Supplies 41,500 Electricity 8,500 Total expenses 306,320 Profit before income tax expense 1 52,000 Income tax expense (40%) 60,800 Profit after tax 5 91,200 | :1 Please note that some of the aIc's provided above may not require values. Unused ENTRY cells MUST be replaced with a 0 (zero) amount. ASSETS Current Assets Cash Accounts receivable Supplies Prepaid rent Total current assets Non-Current Assets Prepaid rent Ofce equipment & furniture Accumulated depreciation Net book value ofce equip & furniture Total non-current assets Total Assets LIABILITIES Current Liabilities Accounts payable Income tax payable Wages payable Electricity payable Total current liabilities Non-Current Liabilities Bank loan Total non-current liabilities Total Liabilities EQUITY Contributed capital Retained earnings Total Equity Total Liabilities and Equity 5 41,000 566,000 61,600 5 668,600 $ 192,000 41,500 5,000 36,500 $ 215,000 $ 943,600 $ 192,000 $ _ 19,320 9,500 $ 219,020 5 340,000 5 340,000 $ 559,020 $ 460 000 ENTRY _I ENTRY ENTRY Mike Gartner Pty Ltd Balance Sheet as at 31 December 2022 Please note that some of the Balance Sheet alc's provided may not require entries. Unused ENTRY cells MUST be replaced with a 0 (zero) amount. Unprotected cells for your workings if de Mike Gartner 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 192,000 Payments to employees 19,320 Payment for supplies 103,100 Payment for electricity 8,500 Payment for income tax Net cash provided from operating activities $ 137,080 Cash flows from investing activities Purchase of office equipment and furniture $ 86,500 Net cash provided from investing activities $ 373,500 Cash flows from financing activities Contribution by owner ENTRY Proceeds from bank loan 340,000 Repayment of bank loan ENTRY Net cash provided from financing activities ENTRY Net increase in cash ENTRY Cash at beginning of the financial year 460,000 Cash at end of the financial year $ 284,080 Please note that some of the a/c's provided above may not require values. Unused ENTRY cells MUST be replaced with a 0 (zero) amount.Financial Statement Anal sis FSA for 2022 for Mike Gartner Pt 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) ENTRY Ratio #2: Return on assets ENTRY Ratio #3: Return on shareholders' funds ENTRY Mike Gartner Pty Ltd Income Statement for the year ending 31 December 2023 Consulting services revenue Expenses Office space rent Depreciation - office equipment Wages 17,430 Supplies 61,750 Electricity 9,350 Total expenses 88,530 Profit before income tax expense 40,970 Income tax expense (40%) 16,388 Profit after tax $ 24,582 Please note that some of the alc's provided above may not require values. Unused ENTRY cells MUST be replaced with a 0 (zero) amount.ASSETS Current Assets Cash Accounts receivable Supplies Prepaid rent Total current assets NonCurrent Assets Prepaid rent Ofce equipment & furniture Accumulated depreciation Net book value ofce equip & furniture Total noncurrent assets Total Assets LIABILITIES Current Liabilities Accounts payable Income tax payable Wages payable Electricity payable Total current liabilities Non-Current Liabilities Bank loan Total non-current liabilities Total Liabilities EQUITY Contributed capital Retained earnings Total Equity Total Liabilities and Equity Mike Gartner Pty Ltd Balance Sheet as at 31 December 2023 Please note that some of the Balance Sheet alc's provided may not require entries. Unused ENTRY cells MUST be replaced with a 0 (zero) amount. 5 94,000 05,500 47,500 5 227,000 $ . g $ 227,000 $ . s . 17,430 9,350 $ 26,780 5 290,000 5 290,000 5 31 6,700 5 47,500 14,250 $ 61,750 $ 378 530 lzI Unprotected cells for your workings if des Mike Gartner Pty Ltd Statement of Cash Flows for the year ending 31 December 2023 Cash flows from operating activities Receipts from customers $ 179,500 Payment for rental of office space Payments to employees 17,430 Payment for supplies Payment for electricity 9,350 Payment for income tax 5,700 Net cash provided from operating activities ENTRY Cash flows from investing activities Purchase of office equipment and furniture $ 47,500 Net cash provided from investing activities ENTRY Cash flows from financing activities Contribution by owner EA Proceeds from bank loan Repayment of bank loan 50,000 Net cash provided from financing activities ENTRY Net increase in cash ENTRY Cash at beginning of the financial year 49,500 Cash at end of the financial year $ 14,250 Please note that some of the a/c's provided above may not require values. Unused ENTRY cells MUST be replaced with a 0 (zero) amount.Financial Statement Anal sis FSA for 2023 for Mike Gartner Pt 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) ENTRY Ratio #2: Return on assets ENTRY Ratio #3: Total liabilities to total owners' equity ratio ENTRY