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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. $ 3,500 Accounts receivable $4,200 1,500 Bank loan 9,000 2,350 300 Accounts payable 450 Cash at bank 12,500 Office supplies Office supplies expense Telephone expense Motor vehicle expense Computer equipment Tutoring income Capital, 1 July 2020 12,300 Advertising expense 800 1,200 15,000 Rent expense 4,500 Drawings 600 Using the above information calculate the following: a) Total assets as at 30 June 2021. (2marks) b) Total liabilities as at 30 June 2021. (2marks) c) Net assets as at 30 June 2021. (2 marks) d) Leo Vu's capital balance as at 30 June 2021. (4marks)
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