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The post-closing trial balance at 30 June 2020 of Payneham Professional Services is shown below. Transactions completed during the year ended 30 June 2021 are

The post-closing trial balance at 30 June 2020 of Payneham Professional Services is shown below. Transactions completed during the year ended 30 June 2021 are summarised below:

1.Collections on accounts receivable totalled $83,700.
2.Consulting fees of $89,910 plus GST of 10% were receivable during the year. Clients are invoiced after services are provided and are given 30 days in which to pay.
3.Rent paid in advance was $14,870, plus GST.
4.Office supplies were purchased during the year for $390 plus GST in cash and $430 plus GST on credit.
5.Tat withdrew $25,500 for private use.
6.Salary payments amounted to $32,580, of which $430 was for salaries accrued in the year ended 30 June 2019.
7.Advertising totalling $3,430 plus GST was purchased on credit.
8.Electricity expense of $3,670 plus GST was paid.
9.Accounts payable of $2,940 were paid.
10.GST payable of $9,300 less GST receivable of $2,450 were forwarded in cash during the year to the Australian Taxation Office.
The following additional information should be considered for adjusting entries:
11.Unused office supplies on hand at the end of the year totalled $780.
12.Depreciation on the furniture and equipment is $4,690.
13.Salaries earned but not paid amount to $1,200.
14.Rent paid in advance in transaction 3. Rent for 6 months of $7,435 plus GST was paid in advance on 1 August and 1 February.

AccountAccount noDebitCredit
Cash at bank1100$15,100
Accounts receivable11019,630
Prepaid rent11021,240
GST receivable11052,280
Office supplies11061,350
Furniture and equipment111029,290
Accumulated depreciation ― furniture and equipment
1111$9,910
Accounts payable22005,550
Salaries payable2201430
GST payable22035,220
Tat Chiang, capital300037,780
$58,890$58,890

Question: Prepare an income statement, a statement of changes in equity and a balance sheet. (List items that increase owner's equity first. Determine the net of GST receivable and GST payable and enter this amount as GST payable in the balance sheet.)

PAYNEHAM PROFESSIONAL SERVICES

INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2021

$
$
$

PAYNEHAM PROFESSIONAL SERVICES

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2021

$
$

Payneham Professional Services
Balance sheet
as at 30 June 2021

Assets
$
$
$
Liabilities
$
$
Equity
$
$


Book to Tax Reconciliation Workpaper Company Name: Aspen Ridge LP Year End: W/P Ref. December 31, 2020 Income per Book +/(-)Federal Income Tax Expense (Refund) PERMANENT DIFFERENCES + Officer's Life Insurance Expense + Non-Deductible Penalties & Fines + Nondeductible Meals & Entertainment Expense Tax Exempt Interest +/- Other: TEMPORARY DIFFERENCES +Book Depreciation Tax Depreciation +/- Completed contract over % completion for book +/- Completed contract over % completion for tax -/(+) Book Gain/(Loss) on Sale of F/As +/(-) Tax Gain/(Loss) on Sale of F/As (-)/+ Accrued Expenses Due 50% or More Shareholders and Related Parties Salaries and Bonuses - Uniform Capitalization Prior Year + Uniform Capitalization Current Year Sec. 481(A) Adjustments: + Change in Accounting Method + Bad Debt Expense - Book - Bad Debt Expense - Tax +Vacation pay accrual (unpaid at 2.5 months) -Prior year accrued vacation paid in current year +/- Other: +Guaranteed Payments 35,000 TAXABLE INCOME (Before pass-through items) SCH. K PASS-THROUGH ITEMS (Loss or Deduction (+); Income or Gain (-)): -/(+) Rental Income/(Loss) - Portfolio Income (Interest and Dividends) -/(+) Capital Gains/(Losses) -/(+) 1231 Gains/(Losses) + Section 179 Expense Election 17,300 + Charitable Contributions 3,300 (35,000) Guaranteed Payments +/-Other: ORDINARY INCOME per Page 1 Goal: (Prior) Current CURRENT YEAR 900 1,120 253,160 2,020 35,000 290,180 (14,400) 275,780 225,830 PRIOR YEAR

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