Other information

Accrued expenses as at 31^st December 2018 relate to wages owing.

Stock at 31^st December 2019 $9,000

Required:

1. Complete the attached worksheet. (5 marks)
2. Prepare a profit or loss statement for the year ended 31^st December 2019. (8 marks)
3. Prepare a balance sheet as at 31^st December 2019. (17 marks)

Sarah Blair owns the retail shop 'Sarah's Sporting Goods! The Balance Sheet as at 31st December 2018 is given below: Balance sheet as at Dec 31 2018 Current assets Bank $15,000 $10,000 Current liabilities Accounts Payable Accrued expenses Noncurrent liabilities Accounts Receivable 8,000 $3,500 Stock 12,000 $35,000 Loan 18,000 $31,500 Noncurrent assets Fixtures & fittings 25,000 20,000 Total liabilities Owner's equity Capital Retained earnings Total equity Total liabilities & equity 8,500 $28,500 Total assets $60,000 $60,000 Over the financial year the follow transactions occurred: Credit purchases of stock Cash sales Credit sales Paid wages Paid accounts payable $40,000 $25,000 $36,000 $17,000 $30,000 Collections from accounts receivable Paid interest on loan Repaid loan principle Owner's drawings Depreciation of fixtures & fittings $27,000 $1,000 $3,500 $5,000 $2,500 Worksheet Assets Liabilities Equity No. of transaction Notes Current Assets Non-current Assets Current Liabilities Non-current Liabilities Equity Account Opening balance Closing balance 0 0 0 0 0 0 0 0 0 0 0 0 0 Assets Liabilities + Owners' Equity