i have done question1, i need answer for question 2 3 Question 6 Worksheets and Financial Statements Phil owns Mickelson Enterprises which sells sunglasses The Balance Sheet as at 30 June 2020 is given below Mickelson Enterprises Balance Sheet As at 30 June 2020 ASSETS CURRENT ASSETS Cash at bank 35 000 Accounts receivable 100 000 Prepaid Advertising 20 000 Inventory 145 000 TOTAL CURRENT ASSETS 300 000 NON CURRENT ASSETS Plant and equipment 120 000 Less Accumulated depreciation (40 000) TOTAL NON CURRENT ASSETS 80 000 TOTAL ASSETS 380 000 LIABILITIES CURRENT LIABILITIES Accounts payable 95 000 Accrued wages 15 000 TOTAL CURRENT LIABILITIES 110 000 NON CURRENT LIABILITIES Loan 25 000 TOTAL NON CURRENT LIABILITIES 25 000 TOTAL LIABILITIES 135 000 NET ASSETS 245 000 OWNERS EQUITY Capital 200 000 Retained earnings 45 000 TOTAL OWNERS EQUITY 245 000 Additional information The accounts payable were for amounts owing for purchases of inventory During the 2021 financial year, the following transactions took place Total Sales $600 000 (60 of these total sales were cash sales) Purchase of inventory from Sunglasses Wholesale Ltd with cash $300 000 Used $20 000 on advertising for a marketing campaign Phil purchased a motor vehicle for his wife using $90 000 of his own money Customers who originally purchased inventory on credit made payments of $180 000 Paid Wages $75 000 Wages still owing $5 000 Payments to suppliers $50 000 Interest on the loan 5 per annum Phil has only paid half the interest incurred for the period Bad Debts $10 000 Phil uses the Direct Write Off Method Phil uses straight line depreciation on his plant and equipment which has a residual value of $20 000 and useful life of 20 years Phil withdrew $10,000 for his own use Stock on hand at 30 June 2021 $100 000 Required Complete the attached spreadsheet containing the following 1 The worksheet for the year ending 30 June 2021 https l messenger com l php u https 3A 2F 2Fdocs google com 2Fspreadsheets 2Fd 2F1hpvyhDyj9caNl5NEnNQRoce00LkoYqHp 2Fedit 3Fusp 3Dsharing 26ouid 3D101732091813632403689 26rtpof 3Dtrue 26sd 3Dtrue h AT2hQJbMLfK8iBz3Idhk9Nv4Cn2Pa7vRRpXydx6ApaIy4l1TppvjElnj pX2bbKuMkmTVFAk1TZPovERu47Zfi8 UdzQpNrGK8aUOr1c6kWmX 7hyOtRp42TGzs5ac1HEFbZ 2 Statement of Profit or Loss (Income Statement) for the year ending 30 June 2021 3 Statement of Financial Position (Balance Sheet) as at the 30 June 2021

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i have done question1, i need answer for question 2-3 Question 6 Worksheets and Financial Statements Phil owns Mickelson Enterprises which sells sunglasses. The Balance

i have done question1, i need answer for question 2-3

Question 6 Worksheets and Financial Statements

Phil owns Mickelson Enterprises which sells sunglasses. The Balance Sheet as at 30 June 2020 is given below:

Mickelson Enterprises

Balance Sheet

As at 30 June 2020

ASSETS

CURRENT ASSETS

Cash at bank 35 000

Accounts receivable 100 000

Prepaid Advertising 20 000

Inventory 145 000

TOTAL CURRENT ASSETS 300 000

NON-CURRENT ASSETS

Plant and equipment 120 000

Less: Accumulated depreciation (40 000)

TOTAL NON-CURRENT ASSETS 80 000

TOTAL ASSETS 380 000

LIABILITIES

CURRENT LIABILITIES

Accounts payable 95 000

Accrued wages 15 000

TOTAL CURRENT LIABILITIES 110 000

NON-CURRENT LIABILITIES

Loan 25 000

TOTAL NON-CURRENT LIABILITIES 25 000

TOTAL LIABILITIES 135 000

NET ASSETS 245 000

OWNERS EQUITY

Capital 200 000

Retained earnings 45 000

TOTAL OWNERS EQUITY 245 000

Additional information:

The accounts payable were for amounts owing for purchases of inventory.

During the 2021 financial year, the following transactions took place:

Total Sales - $600 000 (60% of these total sales were cash sales)
Purchase of inventory from Sunglasses Wholesale Ltd with cash - $300 000
Used $20 000 on advertising for a marketing campaign.
Phil purchased a motor vehicle for his wife using $90 000 of his own money.
Customers who originally purchased inventory on credit made payments of $180 000
Paid Wages - $75 000. Wages still owing - $5 000
Payments to suppliers - $50 000
Interest on the loan 5% per annum. Phil has only paid half the interest incurred for the period.
Bad Debts - $10 000. Phil uses the Direct Write-Off Method
Phil uses straight-line depreciation on his plant and equipment which has a residual value of $20 000 and useful life of 20 years
Phil withdrew $10,000 for his own use.

Stock on hand at 30 June 2021 - $100 000

Required:

Complete the attached spreadsheet containing the following:

1. The worksheet for the year ending 30 June 2021. https://l.messenger.com/l.php?u=https%3A%2F%2Fdocs.google.com%2Fspreadsheets%2Fd%2F1hpvyhDyj9caNl5NEnNQRoce00LkoYqHp%2Fedit%3Fusp%3Dsharing%26ouid%3D101732091813632403689%26rtpof%3Dtrue%26sd%3Dtrue&h=AT2hQJbMLfK8iBz3Idhk9Nv4Cn2Pa7vRRpXydx6ApaIy4l1TppvjElnj-pX2bbKuMkmTVFAk1TZPovERu47Zfi8_UdzQpNrGK8aUOr1c6kWmX-7hyOtRp42TGzs5ac1HEFbZ

2. Statement of Profit or Loss (Income Statement) for the year ending 30 June 2021.

3. Statement of Financial Position (Balance Sheet) as at the 30 June 2021.