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Can you please check that my calculations are correct? Thank you! BALANCE SHEET (Calculation question) Joe & Mullen are partners at Joe Mullen Pty Ltd,
Can you please check that my calculations are correct? Thank you!
BALANCE SHEET (Calculation question) Joe & Mullen are partners at Joe Mullen Pty Ltd, a local catering company for small functions. You have been provided with the following information: 1. An amount of $56,000 was paid for supplies during the year. At the year end (30 June 2020) 25% of the supplies were remaining. 2. Plant & Equipment costing $1,500,000 was purchased on 1 July 2019. It is depreciated on a straight-line basis over a ten-year useful life with an estimated disposal value of $100,000. 3. Profit after tax for the year was $45,780. The tax rate is 30%. 4. The opening retained earnings balance (1 July 2019) was $1,443,000. REQUIRED: Enter the information from 1-4 above to the Balance Sheet below, to calculate total shareholders equity. You will need to work backwards to find the missing asset balances. All yellow cells need Joe Mullen Pty Ltd Balance Sheet as at 30 June 2020 1$ tax Current assets Cash at bank Accounts receivable Inventory Supplies Total current assets 12,500 133,950 242,450 14,000 388,900 Non-current assets Motor vehicles Accumulated depreciation Motor vehicles - carrying value Plant & equipment Accumulated depreciation Plant & equipment - carrying value Intangible assets Total non-current assets 140,000 25,000 115,000 1,500,000 140,000 1,360,000 250,000 1,475,000 TOTAL ASSETS 1,863,900 14,500 13,734 28,234 Current liabilities Accounts payable Income tax payable Total current liabilities Non-current liabilities Bank loan Total non-current liabilities TOTAL LIABILITIES NET ASSETS 290,000 290,000 318,234 1,545,666 Shareholders' equity Share capital Retained earnings Total shareholders' equity 102,6661 1,443,000 1,545,666Step by Step Solution
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