John MacLean plans to begin his consulting business as a proprietary company (John Maclean Pty Ltd)...
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John MacLean plans to begin his consulting business as a proprietary company (John Maclean Pty Ltd) on 1 January 2022. He has provided projected data for the first 36 months of operations. John expects to pay income taxes of 25% on the company's profits six months after each year-end. No taxes if the company incurrs a loss for the year. REQUIRED: COMPLETE THE PROJECTED FINANCIAL STATEMENTS FOR EACH OF THE 3 YEARS. PROVIDE VALUES IN EACH OF THE ENTRY CELLS ON THE 9 FINANCIAL STATEMENT WORKSHEETS. Note EFT = Electronic Funds Transfer 01-January-2022 01-January-2022 01-January-2022 01-January-2022 03-January-2022 09-June-2022 16-June-2022 03-July-2022 10-July-2022 03-December-2022 Purchased supplies on credit from Office Works. Credit sales. EFT payment to be received in 90 days. 27-December-2022 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days 31-December-2022 Recorded estimate for electricity expense. Bill not yet received 31-December-2022 Count of supplies revealed showed amount on hand at year-end of.... Credit sales. EFT payment to be received in 90 days. Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days Cash sales 11-June-2023 20-June-2023 24-June-2023 14-July-2023 13-July-2023 Transaction. Open business bank account with transfer of personal funds EFT for rental of office space. Immediate occupancy. 60 months at $2500 per month. Office equipment purchased for cash to get discount from the retail price of $50,000. Office equipment to be replaced in 4 years. Expect to get $5.000 for old equipment. Bank loan approved and credited to account. Payable in 2025 Credit sales. EFT payment to be received in 90 days Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days Cash sales. Purchased supplies on credit from Office Works. Used excess cash to make partial repayment on bank loan. Credit sales. EFT payment to be received in 90 days. 05-December-2023 29-December-2023 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days 31-December-2023 Recorded estimate for electricity expense. Bill not yet received 31-December-2023 Count of supplies revealed showed amount on hand at year-end of.. Credit sales. EFT payment to be received in 90 days. Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days Paid Office Works account in full Used excess cash to make partial repayment on bank loan. Cash sales 13-June-2024 22-June-2024 08-July-2024 26-June-2024 17-July-2024 11-December-2024 Credit sales. EFT payment to be received in 90 days. 28-December-2024 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days 31-December-2024 Received bill for electricity. For three years!!! John thought he was never going to get bille 31-December-2024 Count of supplies revealed showed amount on hand at year-end of $420,000 $150,000 $45,000 $5,000 $350,000 $71,000 $7,500 $35,000 $33,500 $50,000 $8,250 $5,900 $6,700 $46,000 $7,200 $92,000 $39,500 $34,500 $39,000 $7,920 $7,590 $11,850 $84,000 $5,100 $73,000 $25,500 $36,500 $34,500 $5,610 $22,770 $1,185 John MacLean plans to begin his consulting business as a proprietary company (John Maclean Pty Ltd) on 1 January 2022. He has provided projected data for the first 36 months of operations. John expects to pay income taxes of 25% on the company's profits six months after each year-end. No taxes if the company incurrs a loss for the year. REQUIRED: COMPLETE THE PROJECTED FINANCIAL STATEMENTS FOR EACH OF THE 3 YEARS. PROVIDE VALUES IN EACH OF THE ENTRY CELLS ON THE 9 FINANCIAL STATEMENT WORKSHEETS. Note EFT = Electronic Funds Transfer 01-January-2022 01-January-2022 01-January-2022 01-January-2022 03-January-2022 09-June-2022 16-June-2022 03-July-2022 10-July-2022 03-December-2022 Purchased supplies on credit from Office Works. Credit sales. EFT payment to be received in 90 days. 27-December-2022 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days 31-December-2022 Recorded estimate for electricity expense. Bill not yet received 31-December-2022 Count of supplies revealed showed amount on hand at year-end of.... Credit sales. EFT payment to be received in 90 days. Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days Cash sales 11-June-2023 20-June-2023 24-June-2023 14-July-2023 13-July-2023 Transaction. Open business bank account with transfer of personal funds EFT for rental of office space. Immediate occupancy. 60 months at $2500 per month. Office equipment purchased for cash to get discount from the retail price of $50,000. Office equipment to be replaced in 4 years. Expect to get $5.000 for old equipment. Bank loan approved and credited to account. Payable in 2025 Credit sales. EFT payment to be received in 90 days Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days Cash sales. Purchased supplies on credit from Office Works. Used excess cash to make partial repayment on bank loan. Credit sales. EFT payment to be received in 90 days. 05-December-2023 29-December-2023 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days 31-December-2023 Recorded estimate for electricity expense. Bill not yet received 31-December-2023 Count of supplies revealed showed amount on hand at year-end of.. Credit sales. EFT payment to be received in 90 days. Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days Paid Office Works account in full Used excess cash to make partial repayment on bank loan. Cash sales 13-June-2024 22-June-2024 08-July-2024 26-June-2024 17-July-2024 11-December-2024 Credit sales. EFT payment to be received in 90 days. 28-December-2024 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days 31-December-2024 Received bill for electricity. For three years!!! John thought he was never going to get bille 31-December-2024 Count of supplies revealed showed amount on hand at year-end of $420,000 $150,000 $45,000 $5,000 $350,000 $71,000 $7,500 $35,000 $33,500 $50,000 $8,250 $5,900 $6,700 $46,000 $7,200 $92,000 $39,500 $34,500 $39,000 $7,920 $7,590 $11,850 $84,000 $5,100 $73,000 $25,500 $36,500 $34,500 $5,610 $22,770 $1,185
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Here are the projected financial statements for John Maclean Pty Ltd for the first 3 years of operations Income Statement For the year ended 31 Decemb... View the full answer
Related Book For
Data Analysis and Decision Making
ISBN: 978-0538476126
4th edition
Authors: Christian Albright, Wayne Winston, Christopher Zappe
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