Pauls Fitness Store

On 1 Jan, Paul started a Fitness Store selling protein shakes as a Sole Trader

On 31 Dec, he provides you with the following list of transactions

Prepare a Cash Flow Statement, Income Statement and Balance Sheet for the year ended 31 December

Using the Accrual Basis

Using the Cash Basis

Transactions for the period

On 1 Jan, Paul invested $80,000 of his own money to start the business

On 1 Jan, the business received a loan from the Bank of $40,000 which will be paid off over 10 years

On 1 Jan, the business paid a Rental Bond of $2,000 that will be returned when the lease ends

On 1 Jan, the business paid $50,000 for Equipment & Fittings, which should last for 10 years with a salvage value of $10,000

On 1 Jan, Paul invested his Vehicle worth $10,000 into the business, which should last 5 years with no salvage value

On 1 July, the business bought Furniture for $9,000 on credit which will be paid for in 2 years. It should last for 4 years with a salvage value of $1,000.

Cash collected from customers during the year was $200,000. This included $1,000 of Sales that will only be earned in the following period.

At 31 Dec, Sales owing from customers was $15,000

Cash paid for protein shakes purchased to resell during the year was $100,000

At 31 Dec, the business still owed $8,000 for protein shakes purchased to resell

At 31 Dec, the business had protein shakes on hand that had cost $20,000

Cash paid for Operating Expenses (excluding Rent) during the year was $45,000

During the year, 13 months of Rent were paid, totalling $13,000

During the year, the business paid $4,000 of Principal repayments and $2,000 of Interest on the Bank Loan

During the year, Paul paid $1,000 for a TV for his home using the business bank account

During the year, Paul took his wife on holiday for $1,500 paying with his personal bank account

At 31 Dec, the business bank balance was $103,000

Paul's Fitness Store: Cash Flow Statement for the year ended 31 December Com Archie nes Chasing Paul's Fitness Store Accrual Basis ecome Statement for the year ended 31 December news Pre LE ME! Paul's Fitness Store: Accrual lexis Balance Sheets at 31 December WERSALIN RSS KID ASSIS Tes SA TUTALAS LINATE Learm TOTALLABILITIES NET ASSETS Paul's Fitness Store: Cash Basis Income Statement for the year ended 31 December Income: Less Cost of Products Cost of Products Gross Profit Less Operating Expenses Net Prent Paul's Fitness Store: Cash Basis Balance Sheet as at 31 December OWNER'S EQUITY Capital at start - Additional Capital - Ner Prati - Drawings Capital atend THIS IS REPRESENTED BY ASSETS Current Assets: Non-Current Assets TOTAL ASSETS LESS LLARILITIES Currahhatire Long-Term Liabilities: TOTALLIABILITIES NET ASSETS