1. Prepare a budgeted income statement, cash flow statement and a Pro-forma balance sheet, for your company, on a monthly bases for the 2^nd quarter, and a total column for the quarter, based on the following assumptions:

• Sales will increase by 50% over Q1 and are equally spread out over the 3 months. All sales are on credit. The collection pattern is 20% in the month of sale, 50% in the month following sale and the balance in the 2^nd month following sale.
• All of the A/R outstanding at March 31^st will be received in the 2^nd quarter as follows; 80% in April and the balance in May.
• The employees will be the four employees who worked on the March 31^st payroll (in Assignment 2). Their wages and source deductions remain the same. Source deductions must be paid on the 15^th of the following month.
• Rent will be the same; telephone expense which will be $800 per month (+HST).
• The business will buy computer equipment on April 1 for $1,000 plus HST.

HST is paid on the 15^th of the month following the end of the quarter

• Accrued interest will be paid on April 1^st and interest will have to be accrued monthly. It will be paid on July 2^nd. Bank charges paid to the bank are $200 per month.
• Office expenses will be $100 per month, plus HST.
• Depreciation will have to be calculated monthly.
• Supplies of $200 (plus HST) per month will be purchased as they are used.
• Monthly maintenance is $800 per month + HST

• There are no professional fees incurred in this quarter.

• Ignore WSIB expense and income tax expense

• When preparing your cash budget, there is no minimum cash balance required.

Remember that you have to keep track of HST charged on sales and HST paid on purchases.

File Home Incert Page La cut Formulas Data RE: EN Help Cut Calibri 11 A A ES Copy ab Wrap Text Paste Format Painter BIU- Inn Merge &c Clipboard Font Alignment F10 D E 1 Consulting Inc. Balance Sheet As at 03/31/2019 5 ASSET 7 Current Assets 8 Petty Cash 9 BNS Cash 166.00 7,031.91 7,197.91 34,761.15 0.00 10 Total Cash 11 Accounts Receivables 12 Allowance for Doubtful Accounts 13 Net Accounts Receivables 14 Office Supplies 15 Prepaid Expenses 16 Total Current Assets 34,761.15 450.00 0.00 42.409.06 3.666.67 18 Capital Assets 19 Office Equipment 4,000.00 20 Accumulated Dep. Office Equipment -333.33 21 Net Office Equipment 22 Computers 3,000.00 23 Accumulated Dep. Computer -250.00 24 Net Computers 25 Software 1.450.00 26. Accumulated Dep. Sowtware 120.83 Balance Income Statement 2.750.00 W Format Painter M Clipboard Font Alignment 0 B E F Consulting Inc. Balance Sheet As at 03/31/2019 Accumulated Dep. Sowtware -120.83 Net Software Total Capital Assets 1,329.17 7,745.84 LIABILITY Current Liabilities 20,000.00 0.00 0.00 0.00 0.00 0.00 Bank operating Line Accrued Interest Accounts Payable 3 Wages Payable Unearned Revenue WSIB Payable 1 cpp Payable 2 El Payable 3 Income Tax Payable 4 Total Sourse Deductions Payable -5 HST Charged on Sales -6 HST Paid on Purchases 17 18 Net HST Payable 9 Total Current Liabilities 3,582.60 1,540.44 3,794.25 8,917.29 7.911.15 -3,396.25 0.00 4.514.90 33.432.19 Balance Income Statement POS Wiap Format Painter Merge Clipboard Font Alignment 10 B D A Consulting Inc. Balance Sheet As at 03/31/2019 Total Current Liabilities 33,432.19 Long-Term Debt 2 Due to Sharehokler 3 Total Liabilities 24,990.00 24,990.00 4 5 TOTAL LIABILITY 58,422.19 7 EQUITY 8 10.00 0.00 -9 Shareholder's Equity 0 Common Stock 51 Retained Earnings 52 Current Earnings 53 Total Shareholder's equity 54 55 TOTAL EQUITY 56 57 LIABILITIES AND EQUITY 68 8,277129 8,267.29 18, 267/29 50.154.90 Balance Income Statement W Data for assignmar File Home Insert Page Layout Formulas Data RelE... Help Tell me * au Eg Copy Calibri 11 - A A ab Wrap Text Paste B I U Format Painter A Merge & Center Clipboard Font Alignment E25 C D 1 A B Consulting Inc. 2 Income Statement 01/01/2019 to 03/31/2019 3 4. 7 Revenue 70,355.00 0.00 70.355.00 70,355.00 8 Consulting Fees 9 Other Revenue 10 Total Revenue 12 TOTAL REVENUE 14 EXPENSE 16 Expenses 17 Bad Debt Expense 18 Bank Charges and Interest 19 CPP Expense 20 Depreciation Expense 21 El Expense 22 Office Expense 23 Profeesional Fees 0.00 520.00 2,570.93 704.16 1,278 20 634.00 2,300.00 9.000 con 2 Dont Balance Income Statement POF File Home Insert Page La cut Formulas Data Rele. View: Help Calibri 11 - Cut Be Copy Format Painter Wrap Text Paste BIU mil E Merge & Cen Clipboard Font Alignment E25 . D A B 1 Consulting Inc. 2 Income Statement 01/01/2019 to 03/31/2019 3 4 2,300.00 9,000.00 2,400.00 56,250.00 0.00 23 Profeesional Fees 24 Rent 25 Repairs and Maintenance 26 Salaries 27 Supplies 28 Telephone 29 Travel 30 WSIB Expense 31 Corporate Income Tax Expense 32 Total Expense 33 34 TOTAL EXPENSE 2,975.00 0.00 0.00 0.00 78,632.29 78,632.29 35 36 NET INCOME -8 277.29 37 Balance Income Statement POF 109 03/25 CR7 Received payment in full from Oban. 03/31 BS5 BNS charged $220 in bank charges. Record in General Journal 03/31 Paid the following salaries: To you:CQ36Salary expense $4,000.00 CPP expense $190.78 El expense $92.96 CPP payable $381.56 El payable $159.36 Income tax payable $944.64 Net pay paid $2,798.18 To: Victor Wong: CQ37 Salary expense CPP expense El expense CPP payable El payable Income tax payable Net pay paid $3,000.00 $141.28 $69.72 $282.56 $119.52 $602.43 $2,206.49 To: Geraldine Sparkles: CQ38 Salary expense CPP expense El expense CPP payable El payable Income tax payable Net pay paid $1,750.00 $79.41 $40.67 $158.82 $69.72 $244.82 $1,396.72 To: Duncan MacPherson: CQ39 Salary expense CPP expense El expense CPP payable El payable Income tax payable Net pay paid $1,250.00 $54.66 $29.05 $109.32 $49.80 $144.94 $1,029.65 File Home Incert Page La cut Formulas Data RE: EN Help Cut Calibri 11 A A ES Copy ab Wrap Text Paste Format Painter BIU- Inn Merge &c Clipboard Font Alignment F10 D E 1 Consulting Inc. Balance Sheet As at 03/31/2019 5 ASSET 7 Current Assets 8 Petty Cash 9 BNS Cash 166.00 7,031.91 7,197.91 34,761.15 0.00 10 Total Cash 11 Accounts Receivables 12 Allowance for Doubtful Accounts 13 Net Accounts Receivables 14 Office Supplies 15 Prepaid Expenses 16 Total Current Assets 34,761.15 450.00 0.00 42.409.06 3.666.67 18 Capital Assets 19 Office Equipment 4,000.00 20 Accumulated Dep. Office Equipment -333.33 21 Net Office Equipment 22 Computers 3,000.00 23 Accumulated Dep. Computer -250.00 24 Net Computers 25 Software 1.450.00 26. Accumulated Dep. Sowtware 120.83 Balance Income Statement 2.750.00 W Format Painter M Clipboard Font Alignment 0 B E F Consulting Inc. Balance Sheet As at 03/31/2019 Accumulated Dep. Sowtware -120.83 Net Software Total Capital Assets 1,329.17 7,745.84 LIABILITY Current Liabilities 20,000.00 0.00 0.00 0.00 0.00 0.00 Bank operating Line Accrued Interest Accounts Payable 3 Wages Payable Unearned Revenue WSIB Payable 1 cpp Payable 2 El Payable 3 Income Tax Payable 4 Total Sourse Deductions Payable -5 HST Charged on Sales -6 HST Paid on Purchases 17 18 Net HST Payable 9 Total Current Liabilities 3,582.60 1,540.44 3,794.25 8,917.29 7.911.15 -3,396.25 0.00 4.514.90 33.432.19 Balance Income Statement POS Wiap Format Painter Merge Clipboard Font Alignment 10 B D A Consulting Inc. Balance Sheet As at 03/31/2019 Total Current Liabilities 33,432.19 Long-Term Debt 2 Due to Sharehokler 3 Total Liabilities 24,990.00 24,990.00 4 5 TOTAL LIABILITY 58,422.19 7 EQUITY 8 10.00 0.00 -9 Shareholder's Equity 0 Common Stock 51 Retained Earnings 52 Current Earnings 53 Total Shareholder's equity 54 55 TOTAL EQUITY 56 57 LIABILITIES AND EQUITY 68 8,277129 8,267.29 18, 267/29 50.154.90 Balance Income Statement W Data for assignmar File Home Insert Page Layout Formulas Data RelE... Help Tell me * au Eg Copy Calibri 11 - A A ab Wrap Text Paste B I U Format Painter A Merge & Center Clipboard Font Alignment E25 C D 1 A B Consulting Inc. 2 Income Statement 01/01/2019 to 03/31/2019 3 4. 7 Revenue 70,355.00 0.00 70.355.00 70,355.00 8 Consulting Fees 9 Other Revenue 10 Total Revenue 12 TOTAL REVENUE 14 EXPENSE 16 Expenses 17 Bad Debt Expense 18 Bank Charges and Interest 19 CPP Expense 20 Depreciation Expense 21 El Expense 22 Office Expense 23 Profeesional Fees 0.00 520.00 2,570.93 704.16 1,278 20 634.00 2,300.00 9.000 con 2 Dont Balance Income Statement POF File Home Insert Page La cut Formulas Data Rele. View: Help Calibri 11 - Cut Be Copy Format Painter Wrap Text Paste BIU mil E Merge & Cen Clipboard Font Alignment E25 . D A B 1 Consulting Inc. 2 Income Statement 01/01/2019 to 03/31/2019 3 4 2,300.00 9,000.00 2,400.00 56,250.00 0.00 23 Profeesional Fees 24 Rent 25 Repairs and Maintenance 26 Salaries 27 Supplies 28 Telephone 29 Travel 30 WSIB Expense 31 Corporate Income Tax Expense 32 Total Expense 33 34 TOTAL EXPENSE 2,975.00 0.00 0.00 0.00 78,632.29 78,632.29 35 36 NET INCOME -8 277.29 37 Balance Income Statement POF 109 03/25 CR7 Received payment in full from Oban. 03/31 BS5 BNS charged $220 in bank charges. Record in General Journal 03/31 Paid the following salaries: To you:CQ36Salary expense $4,000.00 CPP expense $190.78 El expense $92.96 CPP payable $381.56 El payable $159.36 Income tax payable $944.64 Net pay paid $2,798.18 To: Victor Wong: CQ37 Salary expense CPP expense El expense CPP payable El payable Income tax payable Net pay paid $3,000.00 $141.28 $69.72 $282.56 $119.52 $602.43 $2,206.49 To: Geraldine Sparkles: CQ38 Salary expense CPP expense El expense CPP payable El payable Income tax payable Net pay paid $1,750.00 $79.41 $40.67 $158.82 $69.72 $244.82 $1,396.72 To: Duncan MacPherson: CQ39 Salary expense CPP expense El expense CPP payable El payable Income tax payable Net pay paid $1,250.00 $54.66 $29.05 $109.32 $49.80 $144.94 $1,029.65