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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 483,000 1,158,000 Salary expense 24,000 Supplies expense Prepaid Insurance 142,500 Bank loan 30,000 Advertising expense 15,000 Required: a) Prepare a Balance Sheet in narrative (vertical) format as at 30 June 2019. (5 marks) b) Explain what key information the Balance Sheet provides to users of the financial statements. (2 marks)
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