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As at 30 June 2019, the Assets, Liabilities, Equity, Income and Expense amounts for Ronaldo Shop fitters Pty Ltd were listed as follows: Cash in
As at 30 June 2019, the Assets, Liabilities, Equity, Income and Expense amounts for Ronaldo Shop fitters Pty Ltd were listed as follows:
Cash in Bank $ 68,400 Accounts receivable $202,800
Supplies 79,200 Equipment 226,800
Accounts payable 101,100 Capital ?
Service income 1,158,000 Salary expense 483,000
Prepaid Insurance 24,000 Supplies expense 142,500
Bank loan 30,000
Advertising expense 15,000
Required:
- Prepare a Balance Sheet in narrative (vertical) format as at 30 June 2019. (5 marks)
- Explain what key information the Balance Sheet provides to users of the financial statements. (2 marks)
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