Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Allans Timber Warehouse account year end balances are as follows at 30 June 2022: Allans Timber Warehouse 30 June 2022 Account titles Cash at bank
Allans Timber Warehouse account year end balances are as follows at 30 June 2022:
Allans Timber Warehouse 30 June 2022 | |
Account titles | |
Cash at bank | 4,500 |
Inventory | 45,700 |
Accounts payable | 3,900 |
Office Supplies on hand | 600 |
Accounts receivable | 15,100 |
Unearned sales revenue | 750 |
GST payable | 900 |
Motor vehicle Van | 25,000 |
Motor vehicle- Van Accumulated depreciation | 5,500 |
Loan ($5,800 payable by 30 June 2023) | 30,300 |
Capital Allen Cash 1/7/2021 | 39,100 |
Sales revenue | 108,900 |
Drawings | 12,000 |
Cost of goods sold | 61,130 |
Sales and distribution expenses | 7,900 |
Other expenses | 18,220 |
Accrued liabilities | 800 |
Note: No further adjustments to the account balances are required and disregard interest and tax.
Required:
- How much is the gross profit (Loss) for the year ended 30 June 2022
- How much is the net profit (Loss) for the period?
- How much is total of the current assets as at 30 June 2022? List the relevant account/s & balance/s.
- How much is total of the current liabilities as at 30 June 2022? List the relevant account/s & balance/s.
- How much is total of the owners equity as at 30 June 2022? List the relevant account/s & balance/s
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started