The following information comes from manager and you are asked to create a financial report in...

   

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The following information comes from manager and you are asked to create a financial report in term of balance sheet and income statement. Paying office rent from the bank account $3,500 per month Paying the annual fee for permission $4,000 from bank account Salary payment for 5 office employee $30,000 from bank account on monthly bases Product sale $137,000 per month We bought raw material for $20,000 per month Two operational employees were paid monthly $9,500 • I have to pay Tax Which I do not know how much but please calculate that base on Ontario Standard rate • ● ● e ● ● ● ● ● ● . We have an inventory of finished product as follow: Last year inventory $7,800 Past five years $ 15000 we bought them but I am not sure about the value right know We asked for the loan to buy a new building for our factor the bank granted the amount we asked $2,000,000 We need to pay that after two years. But we already signed a contract with a company to build the factory for us the contract is exactly $2,000,000 but all together the factory will worth around $4,500,000. Because we o o already bought the land with our own money. We had $15,000 cash on our account at the starting of the year. We also are planning to buy stocks with remaining cash. So please consider 35% of the profit for to buy stocks by the way we already have $15,000 stock from the previous year. ● . We are also will deliver the product to the customer and that will add 5% of the final purchase and all the customers have to add that amount to their bill. Please let me know the financial report and if there is any suggestion that I need to know let me know. Specially about the loan installment plan. The loan has interest rate of 8% annually and the it has to be paid back within 10 years. The following information comes from manager and you are asked to create a financial report in term of balance sheet and income statement. Paying office rent from the bank account $3,500 per month Paying the annual fee for permission $4,000 from bank account Salary payment for 5 office employee $30,000 from bank account on monthly bases Product sale $137,000 per month We bought raw material for $20,000 per month Two operational employees were paid monthly $9,500 • I have to pay Tax Which I do not know how much but please calculate that base on Ontario Standard rate • ● ● e ● ● ● ● ● ● . We have an inventory of finished product as follow: Last year inventory $7,800 Past five years $ 15000 we bought them but I am not sure about the value right know We asked for the loan to buy a new building for our factor the bank granted the amount we asked $2,000,000 We need to pay that after two years. But we already signed a contract with a company to build the factory for us the contract is exactly $2,000,000 but all together the factory will worth around $4,500,000. Because we o o already bought the land with our own money. We had $15,000 cash on our account at the starting of the year. We also are planning to buy stocks with remaining cash. So please consider 35% of the profit for to buy stocks by the way we already have $15,000 stock from the previous year. ● . We are also will deliver the product to the customer and that will add 5% of the final purchase and all the customers have to add that amount to their bill. Please let me know the financial report and if there is any suggestion that I need to know let me know. Specially about the loan installment plan. The loan has interest rate of 8% annually and the it has to be paid back within 10 years.

Answer rating: 100% (QA)

To create a financial report in terms of a balance sheet and income statement we will need to gather all the relevant information provided and organiz... View the full answer