Question
From the following account balances to 30 June 2020 prepare a statement of financial position in the narrative classified format. Note : you will need
From the following account balances to 30 June 2020 prepare a statement of financial position in the narrative classified format.
Note: you will need to determine the balance of the retained earnings.
| Type of Account | $ |
| Accounts Receivable | 46500 |
| Provisions | 50000 |
| Prepayments | 1200 |
| Sales Revenue | 455000 |
| Plant and Equipment | 220000 |
| Other Current Assets | 11000 |
| Borrowings | 120000 |
| Interest on Borrowings E | 6000 |
| Accumulated Depreciation | 48500 |
| Accounts Payable | 26000 |
| Share Capital | 450000 |
| Land and Buildings | 339000 |
| Inventory | 78000 |
| Two Year Term Deposit | 98500 |
| Cash at Bank | 32000 |
| Retained Earnings | ? |
| Salaries expense | 215000 |
| Salaries Accrued | 12500 |
| Insurance Expense | 9000 |
| Annual Depreciation | 22000 |
| Utilities Expense | 8500 |
| Selling Expenses | 25000 |
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Managerial Accounting
Authors: Karen W. Braun, Wendy M. Tietz
3rd edition
978-0132890540
