Question
Cash 34,300 Interest Expense Accounts Receivable 490 26,300 Doubtful Debts Expense Inventory (1 July 2019) 3,200 41,600 Shop Rent Expense 1,800 Telephone Expense Building 1,300
Cash | 34,300 |
|
|
Interest Expense Accounts Receivable | 490 26,300 |
|
|
Doubtful Debts Expense Inventory (1 July 2019) | 3,200 41,600 |
|
|
Shop Rent Expense | 1,800 |
|
|
Telephone Expense Building | 1,300 86,000 |
|
|
Depreciation Expense Building | 4,200 |
|
|
Sales Staff Wages Expense | 21,300 |
|
|
Accum. Depreciation Equipment |
|
| 4,800 |
Freight Inwards | 4,340 |
|
|
General Expense Capital (1 July 2019) | 17,600 |
|
161,840 |
Drawings | 12,500 |
|
|
Sales Income |
|
| 248,600 |
Sales Returns | 7,450 |
|
|
Interest Payable Discount Allowed |
2,400 |
| 240 |
Cost of Sales | 147,200 |
|
|
Unearned Income Discount Received |
|
| 5,200 1,900 |
Freight Outwards | 2,150 |
|
|
Accounts Payable |
|
| 6,200 |
Equipment | 45,000 |
|
|
Accum. Depreciation Building Depreciation Expense Equipment Loan Payable |
2,800
|
| 5,400
38,500 |
Allowance for Doubtful Debts Insurance Expense |
3,600 |
| 3,200 |
Advertising Expense | 3,750 |
|
|
Prepaid Rent | 6,600 |
| . . |
| $475,880 |
| $475,880 |
Continued on the next page |
|
|
|
Question (Continued)
Requirements:
a. Prepare a fully classifiedIncome Statementfor the year ended 30thJune 2020.
(10 marks)
b. Prepare a Statement of Changes in Equityfor the period and a fully classified Balance Sheet(must classify the assets and liabilities like we did in class) as at 30thJune 2020.
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