Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

explanation on how to fill yellow cells please FINANCIAL ACCOUNTING BALANCE SHEET (Calculation question) Wayne & Gretzky are partners at Wayne Gretzky Pty Ltd, a

image text in transcribedimage text in transcribedimage text in transcribedexplanation on how to fill yellow cells please

FINANCIAL ACCOUNTING BALANCE SHEET (Calculation question) Wayne & Gretzky are partners at Wayne Gretzky 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 $1,443,000. REQUIRED: Enter the information from 1-4 above to the Balance Sheet below, to calculate total shareholders equity. You will need to work backwards to find the missing asset balances. All yellow cells need an entry. Wayne Gretzky Pty Ltd Balance Sheet as at 30 June 2020 1$ Current assets Cash at bank Accounts receivable Inventory Select to display chart of a/c's Total current assets 12,500 133,950 242,450 140,000 25,000 Non-current assets Motor vehicles Accumulated depreciation Motor vehicles - carrying value Plant & equipment Select to display chart of a/c's Select to display chart of a/c's Intangible assets 250,000 Total non-current assets TOTAL ASSETS Current liabilities Accounts payable 14,500 Select to display chart of a/c's Total current liabilities Non-current liabilities 290,000 290,000 Bank loan Total non-current liabilities TOTAL LIABILITIES NET ASSETS Shareholders' equity Share capital Retained earnings Total shareholders' equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Design Of Cost Management Systems

Authors: Robin Cooper, Robert S. Kaplan

2nd Edition

0135704170, 978-0135704172

More Books

Students also viewed these Accounting questions

Question

Explain why we conduct pairwise comparisons of treatment means.

Answered: 1 week ago

Question

Be honest, starting with your application and rsum.

Answered: 1 week ago

Question

=+ Is the information documented and verifiable?

Answered: 1 week ago

Question

=+ Is the information presented in an objective manner?

Answered: 1 week ago