answer the discussion questions below with APA style referencing where applicable :

1. Which financial statements provide information on (a) financial performance , and (b) financial position? (2 marks)

2.In June, Oceania Hospital makes cash sales of $20,000 and credit sales of $50,000 (all to be collected in July). It pays wages of $15,000 and owes $6000 for June expenses (all to be collected in July).

• What is the profit using cash accounting?
• What is the profit using accrual accounting?
• (2 marks)

3. For each of the following items, state whether they are assets (A), liabilities (L), Equity (E) or not listed in the balance sheet.

• Accounts receivable
• Accounts payable
• Inventory
• Share capital
• Cash flow from operations
• Borrowings

(6 marks)

4. Solve the accounting equation for the missing figures in the table below:

Assets ($)	Liabilities ($)	Equity ($)
66,000	32,000	(a)
(b)	296,000	364,000
146,000	(c)	75,000
(d)	15,000	42,000
963,000	432,000	(e)
198,000	(f)	126,000

(6 marks)

5. The following balances have been provided:

Share capital $40,000

Accounts receivable 26,000

Cash at bank 37,000

Motor vehicle 25,000

Equipment 21,000

Accounts payable 17,000

Loan from bank 22,000

Retained profit 30,000

Prepare a balance sheet as at 31stAugust, 2021.

(10 marks)