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I need assistance with the follow question, thank you :) The following accounts have been provided by Elephant Walk Pty Ltd, a retailer. You are

I need assistance with the follow question, thank you :)

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The following accounts have been provided by Elephant Walk Pty Ltd, a retailer. You are required to complete the balance day adjustments and prepare: (a) Fully classified Income Statement for the year ended 30 June, 2017. (b) Fully classified Balance Sheet as at 30 June, 2017. Account Balances: Cash at Bank 66,710 Accounts Receivable 15,250 Accounts Payable 18,600 Capital 105,000 Bank Loan 48,000 Inventory as at 30 June, 2017 41,400 Drawings 24,000 Sales Equipment 36,000 Motor Vehicles 60,000 Cost of Goods Sold 125,500 Sales Revenue 270,800 Rent 24,000 Telephone 4,650 Petty Cash on Hand 240 Accounting Fees 2,160 Advertising 6,900 Bank Charges 1,660 Electricity 5,200 Motor Vehicle Expenses 2,345 Sales Commissions Paid 3,765 Sales Staff Salaries 66,500 Insurance 5,550 Accumulated Depreciation: Sales Equipment 5,200 Accumulated Depreciation: Motor Vehicles 17,000 GST Collected (L) 26,500 GST Paid (A) 20,400 PAYG Withheld 21,130 The following balance day adjustments have NOT been completed: () Interest owing on bank loan - 10% per annum. (ii) Sales Commissions owing are $550. iii) Depreciation is charged at 15% on cost for both Sales equipment and Motor Vehicles

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