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Answer for this pleaaasee! Financial statements for Brandon's Retail Shop are prepared annually. The adjusted trial balance amounts at June 30 are shown below. Account
Answer for this pleaaasee!
Financial statements for Brandon's Retail Shop are prepared annually. The adjusted trial balance amounts at June 30 are shown below. Account Name Brandon's Retail Shop Worksheet as at 30 June 2020 Adjusted Trial Balance Dr 44,000 5,000 Cr Cash at Bank Accounts Receivable 19,600 Inventory - 1st July 2019 Office Supplies Motor Vehicle 1,280 12,000 Accumulated Depreciation - Motor Vehicle 4,000 8,000 550 Equipment Accounts Payable Unearned Revenue Mortgage Payable Brandon, Capital 6,300 40,000 29,500 6,000 Brandon, Drawings Sales Revenue 59,550 Sales Returns and Allowances 2,500 Purchases 18,500 Purchase Returns and Allowances 2,100 Salaries Expense Rent Expense Interest Expense Interest Payable 12,000 6,000 2,700 900 Office Supplies Expense 2,320 Depreciation Expense Total 3,000 $142,900 $142,900 The end-of-period stocktake shows an inventory balance of $13,520 on 30 June 2020. Required: Prepare the following three classified financial statements for Brandon's Retail Shop (a) Income Statement (11.5 marks) (b) Statement of Changes in Equity (3.5 marks) (c) Balance Sheet in narrative format (15 marks)Step by Step Solution
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