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January 1, 2022, Mr. John established his business – foreign wines shop.
He brou
January 1, 2022, Mr. John established his business – foreign wines shop.
He brought 50,000 CHF in the capital of the company. The bank granted a loan of 100,000 CHF at the rate of 3%. This amount must be repaid over a period of 5 years, with constant amortization schedule (December 30).
Office equipment was purchased for 80,000 CHF. John estimates that useful life of equipment is 8 years. Computer equipment was purchased for 15,000 CHF. The expected useful life is 3 years.
During the year, John bought 10,000 bottles of wine for 150,000 CHF (at the end of year, he paid accounts payable associated with this purchase). During the year, he bought 20,000 bottles of wine for 270,000 CHF; 20% of this amount still was not paid at the end of 2022.
In 2022, he sold 25,000 bottles for 500,000 CHF. At year end, 10,000 CHF of the amount was not yet collected.
The rent expenses (for rented stores) are 5,000 CHF per month. The rent is paid on the first day of the month. During the year, various operating costs amounted to 47,000 CHF (all paid in 2012).
1.Record transactions in the journal and general ledger.
2.Construct trial balance. Do adjustment in the trial balance for depreciation expenses and other accruals/ deferrals.
3.Construct balance sheet, income statement for 2022
4.Construct cash flow statement for 2022
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