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Leo Vu offers tutoring services to first-year university students. He has set up a sole proprietorship business named L Tutoring. Leo has collected the following

Leo Vu offers tutoring services to first-year university students. He has set up a sole proprietorship business named L Tutoring. Leo has collected the following information relating to his business activities for the year ending 30 June 2021.

Office supplies

$ 3,500

Accounts receivable

$4,200

Office supplies expense

1,500

Bank loan

9,000

Telephone expense

300

Accounts payable

2,350

Motor vehicle expense

450

Cash at bank

12,500

Computer equipment

12,300

Advertising expense

800

Tutoring income

15,000

Rent expense

1,200

Capital, 1 July 2020

4,500

Drawings

600

Using the above information calculate the following:

a) Total assets as at 30 June 2021.

b) Total liabilities as at 30 June 2021.

c) Net assets as at 30 June 2021.

d) Leo Vus capital balance as at 30 June 2021.

a)

Total Assets =

b)

Total liabilities =

c)

Net assets =

d)

Leo Vus capital balance =

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