Question
Hi, I need help with this question as I am struggling, Thankyou QUESTION : Financial Statement The following adjusted Trial Balance for Feet Up Furniture
Hi, I need help with this question as I am struggling, Thankyou
QUESTION : Financial Statement
The following adjusted Trial Balance for "Feet Up Furniture" has been prepared at the end of the financial year ended 30 June 2021 by the business owner, Sofia Bed.
REQUIRED:
Using the Trial Balance provided below, prepare the following for the period in question:
a)Fully classified Income Statement
b) Statement of Changes in Equity FEET UP FURNITURE
ADJUSTED TRIAL BALANCE
FOR THE YEAR ENDED 30 JUNE 2021
Debit ($) Credit ($)
Cash at Bank 64,400
Accounts Receivable 68,600
Inventory (30 June 2021) 29,344
Allowance for Doubtful Debts 1,400
Prepaid Advertising 2,156
Shop Furniture & Fittings 35,000
Accumulated Depreciation - Shop Furniture & Fittings 12,628
Sales Equipment 20,160
Advertising Payable 6,300
Accounts Payable 22,400
Interest Payable 840
Loan Payable 47,040
S. Bed - Capital (1 July 2020) 62,734
S. Bed - Drawings 25,900
Sales 766,234
Sales Returns & Allowances 12,082
Discount Received 4,340
Electricity Expense 2,240
COS 540,694
Depreciation Expense - Shop Furniture & Fittings 4,970
Freight Inwards 3,948
Rent Expense 41,020
Discount Allowed 5,180
Salaries Expense - Store 46,760
Advertising Expense 784
Interest Expense 658
Doubtful Debts Expense 1,400
Salaries Expense - Admin 18,620
Totals 923,916 923,916
Sofia has provided the following additional information to assist you with your statement preparation:
$6,700 of the Rent expense specifically relates to the administration office. The remainder of this expense relates to running the store.
20% of the Electricity expense specifically relates to the administration office. The remainder of this expense relates to running the store.
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