Asset, liability, equity, income and expense amounts for Tizannia’s Property Styling at 30 June 2024 are presented below:

Required

(a) Prepare a statement of financial performance for the business for the year ended 30 June 2024.

(b) Prepare a statement of financial position in narrative format as at 30 June 2024.

(c) Explain succinctly the differences in the information conveyed by a statement of financial performance and a statement of cash flows.

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Cash at bank $ 11 500 Advertising expense $ 18.000 Accounts receivable 58 800 Insurance expense 4 000 Supplies Furniture Accounts payable Tizannia, capital Decorating services income 193 000 Wages expense 13 200 Rent expense 16 000 62 800 Supplies expense 5 600 16 800 Telephone expense 6 100 ? Electricity expense 8 000 50 000