financediii
momansour
2 years ago
15
files (3)Accounting.pdf
tablefinance.pdf
QUESTIONFINAN.pdf
Accounting.pdf
tablefinance.pdf
MASTER BUDGET FOR JOHN SMITH 2024
Q1 Q2 Q3 Q4 Total for 2024
Sales (£) 95,000 100,000 105,000 110,000
Production Quantities (each unit has a variable cost of £0.50 per unit)
7,000 8,000 9,000 10,000
Production Total Variable Cost Expenses:
Salaries (£) 40,000 40,000 40,000 40,000
Rent (£) 12,000 12,000 12,000 12,000
Insurance (£) 2,000 2,000 2,000 2,000
Office Supplies (£) 1,500 1,500 1,500 1,500
Marketing Expenses (£) 4,000 4,000 4,000 4,000
Bad Debt Expenses (£) 1,500 1,500 1,500 1,500
Depreciation (£) 3,000 3,000 3,000 3,000
Total Expenses (£)
Gross Profit (£)
Net Profit (£)
QUESTIONFINAN.pdf
L4 Final Assignment: Appendix - Sole Trader L4 Accounting & Finance May 2024
You are required to create accounts for a UK based sole trader, John Smith, for the years ended 31 December 2022, 31 December 2021, and 31 December 2020. John Smith is a freelance web developer who operates his business from home. He provides web development services to small businesses and individuals. You are given the following information:
Year ended 31 December 2022: Revenue: £120,000 Cost of sales: £25,000 Salaries and wages: £40,000 Rent: £12,000 Insurance: £2,000 Office supplies: £1,500 Marketing expenses: £4,000 Bad debt expense: £1,500 Depreciation: £3,000
Year ended 31 December 2021: Revenue: £110,000 Cost of sales: £22,000 Salaries and wages: £38,000 Rent: £11,000 Insurance: £1,800 Office supplies: £1,200 Marketing expenses: £3,500 Bad debt expense: £1,000 Depreciation: £2,500
Year ended 31 December 2020: Revenue: £100,000 Cost of sales: £20,000 Salaries and wages: £35,000 Rent: £10,000 Insurance: £1,500 Office supplies: £1,000 Marketing expenses: £3,000 Bad debt expense: £500 Depreciation: £2,000
Other information: John withdrew £30,000 for personal use in 2022, £28,000 in 2021, and £25,000 in 2020. John has no loans or mortgages. John's capital account at the beginning of 2022 was £100,000. You are required to prepare the following for 2022:
Income statement, Balance sheet and a Cash flow statement Please show all calculations and workings clearly. Note: Assume a tax rate of 20%.
Template: Fill it in Year ended 31 December 2022:
Income Statement:
Year ended 31 Dec 2022
Revenue
Cost of sales
Gross profit
Salaries and wages
Rent
Insurance
Office supplies
Marketing expenses
Bad debt expense
Depreciation
Net profit before tax
Tax (20%)
Net profit after tax
Balance Sheet:
Year ended 31 Dec 2022
Assets
Current assets:
Cash at bank 27,600
Accounts receivable 12,000
Office supplies 0
Total current assets
Fixed assets:
Computer equipment 15,000
Accumulated depreciation (for 3 years)
Total fixed assets
Total assets
Liabilities and equity
Current liabilities: 0
Accounts payable 0
Total current liabilities
Equity:
Capital account 124,900 22,700
Net profit after tax
Total equity
Total liabilities and equity
Cash Flow Statement:
Year ended 31 Dec 2022
Cash flows from operating activities
Cash receipts from customers
Cash payments for expenses
Cost of sales
Salaries and wages
Rent
Insurance
Office supplies
Marketing expenses
Bad debt expense
Depreciation
Net cash from operating activities
Cash flows from investing activities
Purchase of computer equipment 10,000
Net cash used in investing activities
Cash flows from financing activities
Withdrawals by owner
Net cash used in financing activities
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