Pat plans to begin his consulting business on 1 Jan 2023. He is provided with the projected data for the first 2 years. He expects to pay a 30% income tax after each year.

Construct the balance statement for the year 2024.

Transactions

01-January-2023	Open business bank account with transfer of personal funds	450000
01-January-2023	EFT for rental of office space. Immediate occupancy. 60 months at $4500 per month.	270000
01-January-2023	Office equipment purchased for cash to get discount from the retail price of $67,000.	60000
01-January-2023	Office equipment to be replaced in 5 years. Expect to get $6,000 for old equipment.	6000
03-January-2023	Bank loan approved and credited to account. Payable in 2026	300000
30-March-2023	Credit sales. EFT payment to be received in 90 days.	51500
06-April-2023	Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days.	7800
24-April-2023	Cash sales.	25500
01-May-2023	Purchased supplies on credit from Office Works.	33000
15-December-2023	Credit sales. EFT payment to be received in 90 days.	44000
28-December-2023	Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days.	8580
31-December-2023	Recorded estimate for electricity expense. Bill not yet received.	6500
31-December-2023	Count of supplies revealed showed amount on hand at year-end of	9900
03-April-2024	Credit sales. EFT payment to be received in 90 days.	30000
09-April-2024	Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days.	5600
14-April-2024	Cash sales.	53000
03-May-2024	Purchased supplies on credit from Office Works.	36000
05-May-2024	Used excess cash to make partial repayment on bank loan.	49000
20-December-2024	Credit sales. EFT payment to be received in 90 days.	36000
25-December-2024	Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days.	6160
31-December-2024	Recorded estimate for electricity expense. Bill not yet received.	7150
31-December-2024	Count of supplies revealed showed amount on hand at year-end of	10800

cost of supplies is the supplies spent on credit