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Thos two are the requirements a Income Statement and a Balance sheet could I get some help (g) The prize money of $500,000 will be
Thos two are the requirements a Income Statement and a Balance sheet could I get some help
(g) The prize money of $500,000 will be introduced at the commencement of the company's operations and should be treated as a cash inflow (capital/investment by owners). Beginning cash balance is nil. (h) The closing inventory as at 30th of September is $28,200 (i.e., raw material closing inventory is $5,154 and finished goods inventory is $23,046). 6) Klean Steppers is seeking $1,000,000 loan from Development Bank of Jamaica to purchase a new equipment costing $216,000 and assist with the operating expenses for its first year of operation. Interest rate on the loan is 12%. The principal and interest will be repaid in 4 installments at the end of each quarter. XI. Budgeted Income Statement (quarter only) (5 marks) XII. Budgeted Balance Sheet (quarter only) (12 marks) TOTAL 200 MARKS] Step by Step Solution
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