Question
How to find the statement of income, balance sheet and cash flow in the end of 2023 & 2024. Amber is beginning her company on
Amber is beginning her company on the 1 January 2023. Provided the projected data for the first 36 months. She expects to pay income taxes of 30% on profits six months after each year end. No taxes if company incurrs a loss for the year.
| 01-January-2023 | Open business bank account with transfer of personal funds | $450,000 |
| 01-January-2023 | EFT for rental of office space. Immediate occupancy. 60 months at $4500 per month. | $270,000 |
| 01-January-2023 | Office equipment purchased for cash to get discount from the retail price of $67,000. | $60,000 |
| 01-January-2023 | Office equipment to be replaced in 5 years. Expect to get $6,000 for old equipment. | $6,000 |
| 03-January-2023 | Bank loan approved and credited to account. Payable in 2026 | $300,000 |
| 30-March-2023 | Credit sales. EFT payment to be received in 90 days. | $51,500 |
| 06-April-2023 | Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. | $7,800 |
| 24-April-2023 | Cash sales. | $25,500 |
| 01-May-2023 | Purchased supplies on credit from Office Works. | $33,000 |
| 15-December-2023 | Credit sales. EFT payment to be received in 90 days. | $44,000 |
| 28-December-2023 | Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. | $8,580 |
| 31-December-2023 | Recorded estimate for electricity expense. Bill not yet received. | $6,500 |
| 31-December-2023 | Count of supplies revealed showed amount on hand at year-end of … | $9,900 |
| 03-April-2024 | Credit sales. EFT payment to be received in 90 days. | $30,000 |
| 09-April-2024 | Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. | $5,600 |
| 14-April-2024 | Cash sales. | $53,000 |
| 03-May-2024 | Purchased supplies on credit from Office Works. | $36,000 |
| 05-May-2024 | Used excess cash to make partial repayment on bank loan. | $49,000 |
| 20-December-2024 | Credit sales. EFT payment to be received in 90 days. | $36,000 |
| 25-December-2024 | Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. | $6,160 |
| 31-December-2024 | Recorded estimate for electricity expense. Bill not yet received. | $7,150 |
| 31-December-2024 | Count of supplies revealed showed amount on hand at year-end of … | $10,800 |
| 06-April-2025 | Credit sales. EFT payment to be received in 90 days. | $64,000 |
| 13-April-2025 | Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. | $6,500 |
| 30-April-2025 | Paid Office Works account in full. | $69,000 |
| 16-April-2025 | Used excess cash to make partial repayment on bank loan. | $47,500 |
| 09-May-2025 | Cash sales. | $36,000 |
| 24-December-2025 | Credit sales. EFT payment to be received in 90 days. | $33,000 |
| 31-December-2025 | Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. | $7,150 |
| 31-December-2025 | Received bill for electricity. For three years !!! Guy thought he was never going to get billed. | $21,450 |
| 31-December-2025 | Count of supplies revealed showed amount on hand at year-end of … | $4,320 |
Step by Step Solution
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The question is complete First we will calculate the income statement then the balance sheet and finally cashflow statement for both 2023 and 2024 Inc...
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Discovering Advanced Algebra An Investigative Approach
Authors: Jerald Murdock, Ellen Kamischke, Eric Kamischke
1st edition
1559539844, 978-1604400069, 1604400064, 978-1559539845
