Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I NEED HELP ASAP !!! The following information relates to Maccas Machinery Services on 30 June 2021. Machinery 135,000 Prepaid Insurance 13,500 Wages Expenses 72,000

I NEED HELP ASAP !!!

The following information relates to Maccas Machinery Services on 30 June 2021.

Machinery 135,000
Prepaid Insurance 13,500
Wages Expenses 72,000
Cash at Bank 97,500
Service Revenue 160,000
Rent Payable 33,750
Depreciation expense - Machinery 13,500
Accounts receivable 13,250
Supplies Expense 15,000
Owner, Drawings 14,000
Unearned revenue 12,500
Supplies 6,500
Electricity Expense 12,500
Accounts payable 9,750
Capital ?
Loan payable (due in 2025) 17,500
Accumulated Depreciation- Machinery 60,000

Required

Prepare a fully classified Balance sheet in narrative format for the financial year (13 Marks)

If you accidentally delete the answer template, you may undo the deletion using "Ctrl + Z" (for Windows) or "Command + Z" (for Mac). If that does not work, please click on this link Answer Template. You may copy and paste the answer template to the answer box.

That is all information provided

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial and Managerial Accounting

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

11th Edition

9780538480901, 9781111525774, 538480890, 538480904, 1111525773, 978-0538480895

More Books

Students also viewed these Accounting questions