Complete Q-T sheet or Balance sheet SquadBots Limited: On January 1, 2021, Sam Saunders and his friend

Complete Q-T sheet or Balance sheet 

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SquadBots Limited: On January 1, 2021, Sam Saunders and his friend opened a business selling robots and related artificial intelligence (Al) software, called SquadBots Limited. Sam planned to manage the business while his friend would be a silent partner. Within the first few days, the following events took place: 1. Sam and his friend invested a total of $160 in SBL in exchange for common shares. 2. Paid $20 to cover rent of store space for the year. 3. Purchased $30 worth of store equipment. SBL made a $10 down payment and agreed to pay the balance in fifteen months. 4. Purchased $500 of inventory for the store. SBL paid $200 on delivery and will pay its suppliers the balance over the next twelve months. 5. Borrowed $300 from the bank. SBL agreed to pay interest of 10% at the end of each year based on the outstanding balance throughout the year and repay $150 of principal on December 31. 2021 and the final $150 on December 31, 2022. During the year, the following transactions took place 6. Paid $25 cash for search engine optimized advertising. 7. Paid the sales and software staff $200 during the year. 8. Throughout the year, made $300 of cash sales and $650 of sales on credit. 9. Throughout the year, received $450 payment from customers on credit sales. 10. Client which owed SBL $50 declared bankruptcy. 11. Paid $300 to SBL's inventory suppliers. 12. Paid the bank $180 ($150 principal and $30 interest). At the end of the year, Sam noted the following: 13. A physical count showed that goods valued at $120 remained in the store. 14. The store equipment was expected to last 10 years. 15. Owed employees $7 for work during the final week of the year. These wages will be paid early in the following year. 16. Sam and his friend paid themselves a dividend of $30 each ($60 total). SquadBots Limited: On January 1, 2021, Sam Saunders and his friend opened a business selling robots and related artificial intelligence (Al) software, called SquadBots Limited. Sam planned to manage the business while his friend would be a silent partner. Within the first few days, the following events took place: 1. Sam and his friend invested a total of $160 in SBL in exchange for common shares. 2. Paid $20 to cover rent of store space for the year. 3. Purchased $30 worth of store equipment. SBL made a $10 down payment and agreed to pay the balance in fifteen months. 4. Purchased $500 of inventory for the store. SBL paid $200 on delivery and will pay its suppliers the balance over the next twelve months. 5. Borrowed $300 from the bank. SBL agreed to pay interest of 10% at the end of each year based on the outstanding balance throughout the year and repay $150 of principal on December 31. 2021 and the final $150 on December 31, 2022. During the year, the following transactions took place 6. Paid $25 cash for search engine optimized advertising. 7. Paid the sales and software staff $200 during the year. 8. Throughout the year, made $300 of cash sales and $650 of sales on credit. 9. Throughout the year, received $450 payment from customers on credit sales. 10. Client which owed SBL $50 declared bankruptcy. 11. Paid $300 to SBL's inventory suppliers. 12. Paid the bank $180 ($150 principal and $30 interest). At the end of the year, Sam noted the following: 13. A physical count showed that goods valued at $120 remained in the store. 14. The store equipment was expected to last 10 years. 15. Owed employees $7 for work during the final week of the year. These wages will be paid early in the following year. 16. Sam and his friend paid themselves a dividend of $30 each ($60 total).

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ANSWER Balance Sheet as on 31December2022 Liabilities Amount A... View the full answer