Question
a) Fully classified Income Statement b) Statement of Changes in Equity c) Fully classified Balance Sheet (Narrative format) Universal Adelaide Stores Trial Balance as at
a) Fully classified Income Statement
b) Statement of Changes in Equity
c) Fully classified Balance Sheet (Narrative format)
Universal Adelaide Stores Trial Balance as at 30 June 2021
Account Name | Debit ($) | Credit ($) |
Cash at Bank | 70 700 | |
Accounts Receivable | 19 500 | |
Inventory (30 June 2021) | 20 000 | |
Supplies | 4 600 | |
Delivery Vehicles | 35 000 | |
Accumulated Depreciation Delivery Vehicles | 9 000 | |
Office Equipment | 50 000 | |
Accumulated Depreciation - Office Equipment | 12 500 | |
Office Furniture and Fixtures | 65 000 | |
Accumulated Depreciation-Office Furniture and Fixtures | 15 000 | |
Accounts Payable | 25 100 | |
Bank Loan | 40 000 | |
D. Clark, Capital (1 July 2020) | 80 460 | |
D. Clark, Drawings | 20 800 | |
Sales Revenue | 530 000 | |
Sales Returns | 8 600 | |
COS | 234 260 | |
Telephone Bills Payable | 5 700 | |
Advertising Expense | 5 000 | |
Allowance for Doubtful Debts | 3 900 | |
Selling and Distribution Expense | 4 500 | |
Depreciation Expense Delivery Vehicles | 3 000 | |
Depreciation Expense Office Equipment | 5 000 | |
Depreciation Expense Office Furniture and Fixtures | 6 000 | |
Discount Allowed | 3 600 | |
Doubtful Debts Expense | 4 800 | |
Salaries payable |
| 2 000 |
Insurance Expense | 2 600 | |
Interest and Finance Expense | 5 000 | |
Office Administration Expense | 33 700 | |
Rent Expense | 24 000 | |
Wages and Salaries Expense | 98 000 | |
Totals | 723 660 | 723 660 |
Additional Information:
- The business has paid 70% wages and salaries to office administration staff and 30% to selling and marketing staff.
- Total rent expense may be allocated by the fact that general administration staff occupied 80% of business premises. The selling and marketing staff occupied 20% of business premises.
- 20% of the loan is due on the 1 March 2022 and he remainder due in subsequent financial years.
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