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could you fill these in with the information above This is the balance sheet for ABC Ltd as at 31 March 2018. Current liabilities Accrued
could you fill these in with the information above
This is the balance sheet for ABC Ltd as at 31 March 2018. Current liabilities Accrued expenses* 2,270 Trade payables 72,000 GST-clearing 0 Current assets Cash at bank 18,800 Prepaid rent 5,000 Trade Receivables 18,600 Inventory 65,000 Non-current assets Motor vehicle 24,000 Accumulated depreciation (5,000) Total assets 126,400 Owners' equity Share capital Retained earnings 50,000 2,130 Total liabilities 126,400 *Accrued Expenses refer to Wages owing ($1,200) and Electricity accrued ($1,070) Starting 1 April 2018 several transactions took place over the year. These transactions are summarised as follows 1. The same premises continued being rented for $23,000 per year. $18,000 was paid in cash to the landlord. 2. The motor vehicle continues being depreciated for $5,000 per year. 3. Another vehicle was bought on 1 April for $26,450 and paid in cash. This vehicle will also be depreciated for $5,000 per year. 3. Wages due were paid. Current wages for $46,700 were also paid in cash but at closing of the accounting year (1. 31 March 2019) $1,310 remained due 4. The outstanding electricity bills was paid. 5. Current electricity bills for $4,048 were paid. One current bill remained outstanding for $1,403. 5. Inventory totalling $77,050 was bought on credit. 6. Inventory totalling $9,200 was bought for cash. 7. Sales on credit totalled $205,850 (note: applicable cost of $89,000). 8. Cash sales totalled $62,100 (note: applicable cost of $25,000). 9. Receipts from trade receivables totalled $204,700. 10. Payments to trade payables totalled $81,650. 11. Vehicle running expenses paid totalled $22,080. The new balance sheet as at the end of that year, 31 March 2019, is shown below. Required: you have to find out the accounts' dollar amounts. It is recommended that you complete all transactions before addressing the questions that follow. This is the balance sheet for ABC Ltd as at 31 March 2019. Current liabilities Accrued expenses Trade payables GST-clearing $ ? $. ? $ ? Current assets Cash at bank $? Prepayments $.? Trade Receivables $? Inventory $ 2 Non-current assets Motor vehicles $? Accumulated Depreciation $? Total assets $ 2 Owners' equity Share capital Retained earnings 50,000 $? Total liabilities $ Step by Step Solution
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