The following information comes from manager and you are asked to create a financial report in...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following information comes from manager and you are asked to create a financial report in term of balance sheet and income statement. Paying office rent from the bank account $3,500 per month Paying the annual fee for permission $4,000 from bank account Salary payment for 5 office employee $30,000 from bank account on monthly bases Product sale $137,000 per month We bought raw material for $20,000 per month Two operational employees were paid monthly $9,500 • I have to pay Tax Which I do not know how much but please calculate that base on Ontario Standard rate • ● ● e ● ● ● ● ● ● . We have an inventory of finished product as follow: Last year inventory $7,800 Past five years $ 15000 we bought them but I am not sure about the value right know We asked for the loan to buy a new building for our factor the bank granted the amount we asked $2,000,000 We need to pay that after two years. But we already signed a contract with a company to build the factory for us the contract is exactly $2,000,000 but all together the factory will worth around $4,500,000. Because we o o already bought the land with our own money. We had $15,000 cash on our account at the starting of the year. We also are planning to buy stocks with remaining cash. So please consider 35% of the profit for to buy stocks by the way we already have $15,000 stock from the previous year. ● . We are also will deliver the product to the customer and that will add 5% of the final purchase and all the customers have to add that amount to their bill. Please let me know the financial report and if there is any suggestion that I need to know let me know. Specially about the loan installment plan. The loan has interest rate of 8% annually and the it has to be paid back within 10 years. The following information comes from manager and you are asked to create a financial report in term of balance sheet and income statement. Paying office rent from the bank account $3,500 per month Paying the annual fee for permission $4,000 from bank account Salary payment for 5 office employee $30,000 from bank account on monthly bases Product sale $137,000 per month We bought raw material for $20,000 per month Two operational employees were paid monthly $9,500 • I have to pay Tax Which I do not know how much but please calculate that base on Ontario Standard rate • ● ● e ● ● ● ● ● ● . We have an inventory of finished product as follow: Last year inventory $7,800 Past five years $ 15000 we bought them but I am not sure about the value right know We asked for the loan to buy a new building for our factor the bank granted the amount we asked $2,000,000 We need to pay that after two years. But we already signed a contract with a company to build the factory for us the contract is exactly $2,000,000 but all together the factory will worth around $4,500,000. Because we o o already bought the land with our own money. We had $15,000 cash on our account at the starting of the year. We also are planning to buy stocks with remaining cash. So please consider 35% of the profit for to buy stocks by the way we already have $15,000 stock from the previous year. ● . We are also will deliver the product to the customer and that will add 5% of the final purchase and all the customers have to add that amount to their bill. Please let me know the financial report and if there is any suggestion that I need to know let me know. Specially about the loan installment plan. The loan has interest rate of 8% annually and the it has to be paid back within 10 years.
Expert Answer:
Answer rating: 100% (QA)
To create a financial report in terms of a balance sheet and income statement we will need to gather all the relevant information provided and organiz... View the full answer
Related Book For
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers
Posted Date:
Students also viewed these accounting questions
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
In the automobile parts supplier's hypothesis test of H0: = 3 versus Ha: 3 (as discussed in Exercise 9.48) find the sample size needed to make the probability of a Type I error equal to .05 and...
-
Determine the force in each of the members located to the left of member FG for the roof truss shown. State whether each member is in tension or compression. 66 kN 125 n A 15m 15 m 15 15m
-
Define the word cost in the context of management accounting.
-
In 2015, Ottawa Oil Corporation paid \($40\) million for a partial interest in a Canadian oil field with proven reserves. The companys share of the future production was capped at eight million...
-
On December 1, 2015, Dresden Company (a U.S. company located in Albany, New York) purchases inventory from a foreign supplier for 60,000 local currency units (LCU). Dresden will pay in 90 days after...
-
The hypertension medication Lisinopril is an angiotensin-converting enzyme inhibitor. Refer to the data in the following contingency table. Find the odds ratio for coughing among those on Lisinopril...
-
This assignment requires you to complete the 2022 tax reporting for a fictional woman named Anna Smith. Question 1 T1 - step 4 - line 66 This is Anna's taxable income Answer: Question 2 T1 - step...
-
my topic is How electric vehicles benefit the environment. and My opinion is that electric vehicles do benefit the environment. Now I need to write a counterargument and then a refutation/rebuttal.
-
A binary European asset-or-nothing call pays the terminal stock price S if the stock price is greater than or equal to K and $0 if the stock is less than K. Use risk-neutral pricing assuming the...
-
(b) Find I dx. Hint: x = sin
-
Peter owned real estate in New York City worth $100,000. Patrick held an installment promissory note in the amount of $50,000 upon which Peter was the maker. The note was securedpl[ij by a first...
-
Question 3 [5 points] Calvin has a home business producing custom leather jackets. After budgeting for monthly fixed costs he has $10,193 in available funds. If the variable cost for each jacket is...
-
Martin has the opportunity to invest in a scheme which will pay $ 5 0 0 0 at the end of each of the next 5 years. He must invest $ 1 0 , 0 0 0 at the start of the first year and an additional $ 1 0 ,...
-
What is the prediction of the CAPM with respect to the expected return on any security? Why is the variance of a portfolio of internationally diversified stocks likely to be lower than the variance...
-
True & False The basis of an asset must be reduced by the depreciation allowable, 2. Adjusted gross income (AGI) is the basis for a number of phase-outs of deductions. 3. A change to adjusted gross...
-
The following information is for Leos Solar Supplies for the year ending December 31, 2010. At January 1, 2010: Cash amounted to $15,550. Beginning inventory was $20,000 (100 units at $200 each). ...
-
The income statements for Williams-Sonoma, Inc., for the fiscal years ended February 1, 2009, and February 3, 2008, are shown here. Compare the companys performance for the two years. Is the company...
-
Fitness Elite Corporation had the following information available for 2012: Fitness Elite Corporation reported net income of $275,000 for the year. Depreciation expense, included on the income...
-
Costco Wholesale Corporation operates membership warehouses. As of August 30, 2015 Costco operated 686 warehouses, with 480 in the United States. In addition, the store sells merchandise through its...
-
Consider a publicly held company whose products you are familiar with. Some examples might include: Access the companys public website and search for its most recent annual report. (Some companies...
-
The 2015 annual report of the Procter & Gamble Company (P&G) is available at www.pginvestor.com. After reviewing P&Gs annual report, respond to the following questions: a. How does P&G value its...
Study smarter with the SolutionInn App