Question
Listed below are balances at 30 June 2012. Cash at bank 210 000 Inventory 60 000 Sales 210 000 Wages 40 000 Cost of goods
Listed below are balances at 30 June 2012.
Cash at bank 210 000
Inventory 60 000
Sales 210 000
Wages 40 000
Cost of goods sold 70 000
Share capital 140 000
Accounts payable 30 000
Required:
- Classify each account as an asset, liability, revenue, expense, equity.
- Prepare an income statement for the period ending 30 June 201
- Prepare a balance sheet at 30 June 2012.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Principles Of Financial Accounting
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
21st Edition
0077525264, 978-0077525262
