Dawson Industries began operations early in January 2020. On 31 December 2020, records showed the following asset,

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Dawson Industries began operations early in January 2020. On 31 December 2020, records showed the following asset, liability, equity, income and expense amounts.

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(a) Prepare an income statement for Dawson Industries for the year ended 31 December 2020.

(b) Prepare a balance sheet as at 31 December 2020.

(c) Prepare a statement of changes in equity for 2020.

(d) Explain the difference between the items ‘supplies’ and ‘supplies expense’.

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Financial Accounting

ISBN: 9780730363217

10th Edition

Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie, Andreas Hellmann, Jodie Maxfield

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