Question
The following information pertains to Questions 8, 9, & 10 (1 point each) Generis Consulting (GC) provides Environmental, Social, & Governance (ESG) services to
The following information pertains to Questions 8, 9, & 10 (1 point each) Generis Consulting (GC) provides Environmental, Social, & Governance (ESG) services to small businesses. The following GC financial information is available to prepare budgets for January 2022. a. The ESG Balance Sheet of December 31, 2021, is: Cash Accounts receivable Equipment (net) Total $ 62,000 Accounts payable 54,000 Note payable 80,000 Common Stock Retained Earnings $ 196,000 $ 40,000 10,000 50,000 96,000 $ 196,000 b. Revenue in December 2021 was $90,000, and budgeted revenue for January 2022 is $85,000. c. 40% of revenue is collected in the month earned, and 60% is collected the following month. d. Budgeted monthly expenses (excluding interest expense) are: Salaries Rent Depreciation on equipment Utilities Office supplies $ 55,000 3,000 3,000 1,200 800 e. Equipment purchases are paid the month following the purchase. All other expenses are paid in the current month. The $40,000 accounts payable is computer equipment purchased in December 2021. f. The note payable is a 5 year 8% per annum note, taken out in December 2021, with the first loan payment due at the end of January 2022. Interest of $67 and principal of $136 comprise the January 2022 loan payment g. Taxes are paid in the month incurred. The tax rate is 20%. (round to the nearest dollar).
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