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The following information pertains to Questions 8, 9, & 10 (1 point each) Generis Consulting (GC) provides Environmental, Social, & Governance (ESG) services to small
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 5 62,000 Accounts payable 5 40,000 Accounts receivable 54,000 Note payable 10,000 Equipment (net) 80,000 Common Stock 50,000 Retained Earnings 96,000 Total $ 196,000 $ 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 $ 55,000 Rent 3,030 Depreciation on equipment 3,000 Utilities 1,200 Office supplies 800 6. 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 rst loan payment due at the end of January 2022. Interest of $67 and principal of $136 comprise the January 2022 loan payment 9. Taxes are paid in the month incurred. The tax rate is 20%. (round to the nearest dollar).
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