A business has supplied the following information relating to the year ended 30 June 2022

Trial Balance as at 30 June 2022

Note: $8,000 of the loan will be repaid in the next year.

Adjustments Required: (NB: Adjusted trial balance on page 6 is NOT required to be completed)

1. A physical stock take conducted on 30/6/2022 showed total Inventory on hand of $19,000
2. Insurance of $900 has expired
3. Calculate depreciation on the Equipment at 12% per year
4. The business has earned $3,600 in commission revenue which it has not yet recorded

Required

1. Prepare balance day adjustment journals at 30 June 2022
2. Prepare an Income Statement
3. Prepare a classified Balance Sheet

Trial Balance as at 30 June 2022 Dr $ Accounts Payable Accounts Receivable Accumulated Depreciation - Equipment Advertising Buying Expenses Capital Cartage Out Cash at Bank Cost of Sales Drawings Electricity Equipment GST Clearing Insurance Expense Inventory Loan - 3 years Packaging Costs Prepaid Insurance Rent Sales Wages Expense Website Expenses Note: $8,000 of the loan will be repaid in the next year. 16,300 7,500 1,200 1,150 82,500 92,000 4,000 13,600 162,000 1,500 18,200 840 3,100 15,000 98,600 750 518,240 Cr $ 24,800 22,500 117,490 6,450 24,000 323,000 518,240 Part (b) Revenue Less: Cost of Goods Sold Gross Profit Adjusted Gross Profit Plus: Other revenue Less: Other Expenses Net Profit (Loss) Income Statement for the year ended 30 June 2022 $ $ Part (c) Current Assets Non-Current Assets TOTAL ASSETS Balance Sheet as at 30 June 2022 $ $ Current Liabilities Non-Current Liabilities Owners' Equity TOTAL LIABILITIES AND EQUITY $ $