Johns Produce Store The Balance Sheet as at 31 st December 2018 is given below Rays Retail Store Balance Sheet as at 31 st December 2018 Current Assets Current Liabilities Bank $5,000 Accounts Payable $ 4,000 Accounts Receivable 3,000 Non Current Liabilities Inventory 15,000 Loan 15,000 $ 23,000 Total Liabilities $ 19,000 Non Current Assets Owners Equity Fixtures Fittings 35,000 Capital $ 30,000 Retained Earnings 9,000 Total Equity 39,000 Total Assets $ 58,000 Total Liabilities Equity $ 58,000 During 2019 the following transactions took place $ Credit Purchases of Inventory33,000 Cash Sales25,000 Credit Sales35,000 Paid Wages14,000 Paid Accounts Payable29,000 Collections from Accounts Receivable30,000 Paid Interest on Loan 500 Repaid Loan Principal5,500 Owners Drawings5,000 Depreciation of Fixtures Fittings4,000 Telephone Expenses incurred but not yet paid 2,500 Other information Inventory on hand at 31 st December 2019 $12,000 Required 1 Complete the worksheet (See answer template) 2 Prepare a Profit or Loss Statement for the year ended 31 st December 2019 3 Prepare a Balance Sheet as at 31 st December 2019 Additional Information Drawings of $6000 were paid during the year Equipment was purchased for cash Required Prepare a properly classified Cash Flow Statement for the year ended 31 December 2019 from the above information showing all your workings Johns Produce Store The Balance Sheet as at 31 December 2018 is given below Rays Retail Store Balance Sheet as at 31 December 2018 Current Assets Current Liabilities Bank $5,000 Accounts Payable $ 4,000 Accounts Receivable 3,000 Non Current Liabilities Inventory 15,000 Loan 15,000 $ 23,000 Total Liabilities $ 19,000 Non Current Assets Owner's Equity Fixtures Fittings 35,000 Capital $ 30,000 Retained Earnings 9,000 Total Equity 39 000 Total Assets $ 58 000 Total Liabilities Equity $58 000 During 2019 the following transactions took place $ Credit Purchases of Inventory 33,000 Cash Sales 25,000 Credit Sales 35,000 Paid Wages 14,000 Paid Accounts Payable 29,000 Collections from Accounts Receivable 30,000 Paid Interest on Loan 500 Repaid Loan Principal 5,500 Owner's Drawings 5,000 Depreciation of Fixtures Fittings 4,000 Telephone Expenses incurred but not yet paid 2,500 Other information Inventory on hand at 31 December 2019 $12,000 Required 1 Complete the worksheet (See answer template) 2 Prepare a Profit or Loss Statement for the year ended 31st December 2019 3 Prepare a Balance Sheet as at 31 December 2019 Additional Information Drawings of $6000 were paid during the year Equipment was purchased for cash Required Prepare a properly classified Cash Flow Statement for the year ended 31 December 2019 from the above information showing all your workings

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Johns Produce Store. The Balance Sheet as at 31 st December 2018 is given below: Rays Retail Store Balance Sheet as at 31 st December

Johns Produce Store. The Balance Sheet as at 31^st December 2018 is given below:

Rays Retail Store

Balance Sheet as at 31^st December 2018

Current Assets Current Liabilities

Bank $5,000 Accounts Payable $ 4,000

Accounts Receivable 3,000 Non-Current Liabilities

Inventory 15,000 Loan 15,000

$ 23,000 Total Liabilities $ 19,000

Non-Current Assets Owners Equity

Fixtures & Fittings 35,000 Capital $ 30,000

Retained Earnings 9,000

Total Equity 39,000

Total Assets $ 58,000 Total Liabilities & Equity $ 58,000

During 2019 the following transactions took place:

Credit Purchases of Inventory33,000

Cash Sales25,000

Credit Sales35,000

Paid Wages14,000

Paid Accounts Payable29,000

Collections from Accounts Receivable30,000

Paid Interest on Loan 500

Repaid Loan Principal5,500

Owners Drawings5,000

Depreciation of Fixtures & Fittings4,000

Telephone Expenses incurred but not yet paid 2,500

Other information

Inventory on hand at 31^st December 2019 $12,000

Required:

1. Complete the worksheet (See answer template)

2. Prepare a Profit or Loss Statement for the year ended 31^st December 2019

3. Prepare a Balance Sheet as at 31^st December 2019

Additional Information

Drawings of $6000 were paid during the year.

Equipment was purchased for cash.

Required:

Prepare a properly classified Cash Flow Statement for the year ended 31 December 2019 from the above information showing all your workings. image text in transcribed

Johns Produce Store. The Balance Sheet as at 31 December 2018 is given below: Rays Retail Store Balance Sheet as at 31 December 2018 Current Assets Current Liabilities Bank $5,000 Accounts Payable $ 4,000 Accounts Receivable 3,000 Non-Current Liabilities Inventory 15,000 Loan 15,000 $ 23,000 Total Liabilities $ 19,000 Non-Current Assets Owner's Equity Fixtures & Fittings 35,000 Capital $ 30,000 Retained Earnings 9,000 Total Equity 39.000 Total Assets $ 58.000 Total Liabilities & Equity $58.000 During 2019 the following transactions took place: $ Credit Purchases of Inventory 33,000 Cash Sales 25,000 Credit Sales 35,000 Paid Wages 14,000 Paid Accounts Payable 29,000 Collections from Accounts Receivable 30,000 Paid Interest on Loan 500 Repaid Loan Principal 5,500 Owner's Drawings 5,000 Depreciation of Fixtures & Fittings 4,000 Telephone Expenses incurred but not yet paid 2,500 Other information Inventory on hand at 31 December 2019 $12,000 Required: 1. Complete the worksheet (See answer template) 2. Prepare a Profit or Loss Statement for the year ended 31st December 2019 3. Prepare a Balance Sheet as at 31 December 2019 Additional Information Drawings of $6000 were paid during the year. Equipment was purchased for cash. Required: Prepare a properly classified Cash Flow Statement for the year ended 31 December 2019 from the above information showing all your workings