How to find the balance sheet as at 31 december 2022
5 Unique transaction data for John Maclean Pty Ltd John Maclean plans to begin his consulting business as a proprietary company ( John Maclean Pty Ltd ) on 1 January 2022. He has provided projected data for the first 36 months of operations. John 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 6 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. LO CO Note: EFT = Electronic Funds Transfer Transaction 10 01-January-2022 Open business bank account with transfer of personal funds $420,000 11 01-January-2022 EFT for rental of office space. Immediate occupancy. 60 months at $2500 per month. $150,000 12 01-January-2022 Office equipment purchased for cash to get discount from the retail price of $50,000. $45,000 13 01-January-2022 Office equipment to be replaced in 4 years. Expect to get $5,000 for old equipment. $5,000 14 03-January-2022 Bank loan approved and credited to account. Payable in 2025 $350,000 15 09-June-2022 Credit sales. EFT payment to be received in 90 days. $71,000 16 16-June-2022 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days $7,500 17 03-July-2022 Cash sales. $35,000 18 10-July-2022 Purchased supplies on credit from Office Works. $33,500 19 03-December-2022 Credit sales. EFT payment to be received in 90 days. $50,000 20 27-December-2022 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days $8,250 21 31-December-2022 Recorded estimate for electricity expense. Bill not yet received. $6,900 22 31-December-2022 Count of supplies revealed showed amount on hand at year-end of . $6,700 23 11-June-2023 Credit sales. EFT payment to be received in 90 days $46,000 24 20-June-2023 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days $7,200 25 24-June-2023 Cash sales. $92,000 26 14-July-2023 Purchased supplies on credit from Office Works. $39,500 27 13-July-2023 Used excess cash to make partial repayment on bank loan. $34,500 28 05-December-2023 Credit sales. EFT payment to be received in 90 days. $39,000 29 29-December-2023 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days $7,920 30 31-December-2023 Recorded estimate for electricity expense. Bill not yet received. $7,590 31 31-December-2023 Count of supplies revealed showed amount on hand at year-end of .. $11,850 32 13-June-2024 Credit sales. EFT payment to be received in 90 days. $84,000 33 22-June-2024 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days $5,100 34 08-July-2024 Paid Office Works account in full. $73,000 35 26-June-2024 Used excess cash to make partial repayment on bank loan. $25,500 36 17-July-2024 Cash sales. $36,500 37 11-December-2024 Credit sales. EFT payment to be received in 90 days. $34,500 38 28-December-2024 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days $5,610 39 31-December-2024 Received bill for electricity. For three years !! John thought he was never going to get billed $22,770 40 31-December-2024 Count of supplies revealed showed amount on hand at year-end of ... $1, 185John MacLean P1}t Ltd Balance ShEEt as at 31 December 2022 ASSETS Current Assets Cash Accounts receivable Supplies Prepaid rent Total current assets NonCurrent Assets Prepaid rent Ofce equipment a furniture Accumulated depreciation Net book 1IraIue office equip a furniture Total noncurrent assets Total ASS-etS LIABILITIES Current Liabilities Accounts payable Income tax payable Wages payable Electricity payable Total current liabilities NonCurrent Liabilities Bank loan Total noncurrent liabilities Total LiabilitIES EQUITY Contributed capital Retained earnings Total Equity 44 Total LiabilitiES and Equity
