Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Below is a Statement of Financial Position for a small business as at the end of 2019 with the total liability and total equity figures

image text in transcribed

image text in transcribedimage text in transcribed
Below is a Statement of Financial Position for a small business as at the end of 2019 with the total liability and total equity figures removed. ($'000) ($'000) Current Assets Current Liabilities Cash 6 Suppliers Accounts Payable 13 Inventory 24 Prepayments Non-Current Liabilities Fixed Interest Bank Loan 40 Non-Current Assets Property, Plant & Equipment 40 Equity Accumulated Depreciation (5) Contributed Capital Retained Earnings Total Assets 72Below is a list of some of the account totals from the trial balance at the end of 2020 for the business in Question 2. Account Totals $ Credit Sales 180,000 Cash Sales 30,000 Cost of Goods Sold 96,000 Inventory Purchases 90,000 New Equipment Purchases 2,000 Lease Expenses 7,000 Utilities Expenses 4,000 Depreciation Expense 3,000 Interest on Bank Loan 4,000 Drawings 10,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Legal Environment of Business A Critical Thinking Approach

Authors: Nancy K Kubasek, Bartley A Brennan, M Neil Browne

6th Edition

978-0132666688, 132666685, 132664844, 978-0132664844

Students also viewed these Accounting questions