Need to Create Balnacesheet and Cash flow from such information
Unique transaction data for Ray Ferraro Pty Ltd Ray Ferraro plans to begin his consulting business as a proprietary company (Ray Ferraro Pty Ltd) on 1 January 2021. He has provided projected data for the first 36 months of operations. Ray expects to pay income taxes of 35% 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-2021 Open business bank account with transfer of personal funds $430,000 01-January-2021 EFT for rental of office space. Immediate occupancy, 60 months at $5500 per month $330,000 01-January-2021 Office equipment purchased for cash to get discount from the retail price of $56,000. $50,000 01-January-2021 Office equipment to be replaced in 5 years. Expect to get $5,000 for old equipment. $5,000 03-January-2021 Bank loan approved and credited to account. Payable in 2024 $350,000 03-April-2021 Credit sales. EFT payment to be received in 90 days. $87,000 10-April-2021 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. $7,400 28-April-2021 Cash sales. $50,000 05-May-2021 Purchased supplies on credit from Office Works. $32,500 15-December-2021 Credit sales. EFT payment to be received in 90 days. $34,000 26-December-2021 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. $8,140 31-December-2021 Recorded estimate for electricity expense. Bill not yet received. $5,100 31-December-2021 Count of supplies revealed showed amount on hand at year-end of ... $6,500 09-April-2022 Credit sales. EFT payment to be received in 90 days. $47,500 13-April-2022 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. $9.400 15-April-2022 Cash sales. $65,000 07-May-2022 Purchased supplies on credit from Office Works. $42,000 OB-May-2022 Used excess cash to make partial repayment on bank loan. $30,500 18-December-2022 Credit sales. EFT payment to be received in 90 days. $25,500 26-December-2022 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. $10,340 31-December-2022 Recorded estimate for electricity expense. Bill not yet received. $5.610 31-December-2022 Count of supplies revealed showed amount on hand at year-end of ... $4,200 13-April-2023 Credit sales. EFT payment to be received in 90 days. $97,000 15-April-2023 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. $5,600 07-May-2023 Paid Office Works account in full. $74,500 18-April-2023 Used excess cash to make partial repayment on bank loan. $41,000 10-May-2023 Cash sales. $41,000 23-December-2023 Credit sales. EFT payment to be received in 90 days. $45,000 26-December-2023 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. $6,160 31-December-2023 Received bill for electricity. For three years !!! Ray thought he was never going to get billed. $16.830 31-December-2023 Count of supplies revealed showed amount on hand at year-end of ... $420 More unprotected cells for your workings if desired Unique transaction data for Ray Ferraro Pty Ltd Ray Ferraro plans to begin his consulting business as a proprietary company (Ray Ferraro Pty Ltd) on 1 January 2021. He has provided projected data for the first 36 months of operations. Ray expects to pay income taxes of 35% 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-2021 Open business bank account with transfer of personal funds $430,000 01-January-2021 EFT for rental of office space. Immediate occupancy, 60 months at $5500 per month $330,000 01-January-2021 Office equipment purchased for cash to get discount from the retail price of $56,000. $50,000 01-January-2021 Office equipment to be replaced in 5 years. Expect to get $5,000 for old equipment. $5,000 03-January-2021 Bank loan approved and credited to account. Payable in 2024 $350,000 03-April-2021 Credit sales. EFT payment to be received in 90 days. $87,000 10-April-2021 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. $7,400 28-April-2021 Cash sales. $50,000 05-May-2021 Purchased supplies on credit from Office Works. $32,500 15-December-2021 Credit sales. EFT payment to be received in 90 days. $34,000 26-December-2021 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. $8,140 31-December-2021 Recorded estimate for electricity expense. Bill not yet received. $5,100 31-December-2021 Count of supplies revealed showed amount on hand at year-end of ... $6,500 09-April-2022 Credit sales. EFT payment to be received in 90 days. $47,500 13-April-2022 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. $9.400 15-April-2022 Cash sales. $65,000 07-May-2022 Purchased supplies on credit from Office Works. $42,000 OB-May-2022 Used excess cash to make partial repayment on bank loan. $30,500 18-December-2022 Credit sales. EFT payment to be received in 90 days. $25,500 26-December-2022 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. $10,340 31-December-2022 Recorded estimate for electricity expense. Bill not yet received. $5.610 31-December-2022 Count of supplies revealed showed amount on hand at year-end of ... $4,200 13-April-2023 Credit sales. EFT payment to be received in 90 days. $97,000 15-April-2023 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. $5,600 07-May-2023 Paid Office Works account in full. $74,500 18-April-2023 Used excess cash to make partial repayment on bank loan. $41,000 10-May-2023 Cash sales. $41,000 23-December-2023 Credit sales. EFT payment to be received in 90 days. $45,000 26-December-2023 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. $6,160 31-December-2023 Received bill for electricity. For three years !!! Ray thought he was never going to get billed. $16.830 31-December-2023 Count of supplies revealed showed amount on hand at year-end of ... $420 More unprotected cells for your workings if desired
