How do we do this?

You are the accountant for XYZ Ltd. By the end of 05/2020, you have recorded amounts for the company accounts as Table 1 below.

Table 1 Accounts at 31/05/2020

Items	Amount $
Accounts payable	6,000
Cash	40,000
Supplies	1,000
Inventory (fully assembled PCs)	60,000
Equipment	22,000
Accounts receivable from sales	24,000
Accumulated depreciation	4,000
Short-term Loan (payable in July 2020)	17,000
Unearned revenue	3,000

Following events happened in June.

1 June The company purchased $4,000 packaging supplies for computer delivery package on credit.

2 June The company recruited one apprentice whose monthly salary is 3,500.

5 June The company purchased some computer assembly equipment for $3,000 cash.

10 June A staff member, Eric, is retiring in 2 weeks time, because he won a significant lottery prize. The company decided not to recruit a new one to save $55,000 per year.

13 June The company paid staff wages $24,000.

15 June Credit sales of $35,000 were made. Cost of these computers is $20,000.

17 June Cash sales $8,000 were made. Cost of these computers is $5,000.

25 June A customer pre-paid $3,000 to order a customized computer.

27 June The company was awarded as the Best Computer Shop by the local community.

28 June 50% of last months Sales on Credit was collected.

29 June You have identified an error in the accumulated depreciation account and recalculated the amount for accumulated depreciation account. The correct amount by the end of June 2020 should be $3,000

30 June One of your customers called in to notify you he would like to cancel the deal he is currently negotiating with you. This deal is worth $45,000.

Name and ID

REQUIRED:

Prepare a Balance Sheet for XYZ Ltd. Show all your calculations.

Balance Sheet as at 30 June 2020

Current Asset	$	Calculations
1.
2.
3.
4.
Non-Current Asset
5.
(Accumulated Depreciation)
Total Assets
Current Liabilities
6.
7.
8.
Total Liabilities
Net Assets
Owners Equity