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5- its all same question A business has supplied the following information relating to the year ended 30 June 2022 CS 30,000 250,000 103,260 Trial
5- its all same question
A business has supplied the following information relating to the year ended 30 June 2022 CS 30,000 250,000 103,260 Trial Balance as at 30 June 2022 Dr S Cash at Bank 50,000 Cost of sales 108,000 Loan - 2 years Sales Electricity 12,000 Capital Motor Vehicles 135,000 Accounts receivable 12,600 Inventory 28,000 Accumulated depreciation - Motor Vehicles GST Clearing Drawings 2,000 900 Cartage out Travel expenses 7,000 5,000 Advertising 700 Packaging costs 60,000 Wages expense 3,200 Prepaid Insurance 25,000 3,100 85F w 3.200 1.000 25,000 Prepaid lisance Buying expenses Accounts payable Rent Website expenses Insurance expense 8,000 960 2,000 6360 Test 3071 VI Sur) G 0 . . o 1 U H G Adjustments Required: (NB: Adjusted trial balance on page is NOT required to be completed) 1. A physical stock take conducted on 30/6/2022 showed total triventory on hand of $28,900 2. Insurance of $800 has expired 3. Calculate depreciation on the Motor Vehicles at 15% per year 4. The business has earned $4,200 in commission revenue which it has not yet recorded Required a) Prepare balance day adjustment journals at 30 June 2022 (12 marks] b) Prepare an Income Statement (20 mars c) Prepare a classified Balance Sheet (19 marta d) Calculate the expense rates of the company's TWO largest expenses. Show formula and workings. Explain what the ratio means by using one of your calculations us an example. 17 martes) e) If total assets last year were $15,000, calculate the return on uses ratio for this year. Show formula and workings of the owner requires a minimum return of 15%, was this year successful? Explain why 17 marks) 15' 5 K N Step by Step Solution
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