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Pls refer to the attachment and help me with the question Question 1 (22 marks) John Buffett owns ' JB Enterprises'. The Balance Sheet as

Pls refer to the attachment and help me with the question

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Question 1 (22 marks) John Buffett owns ' JB Enterprises'. The Balance Sheet as at 30 June 2019 is given below: JB Enterprises Balance Sheet as at 30 June 2019 Current assets Current liabilities Cash at bank 1 16 400 Accrued wages 36 000 Accounts receivable 307 200 Accounts payable 444 000 480 000 Inventory 288 000 711 600 Non-current Liabilities Non-current assets Loan 120 000 Equipment 576 000 Accumulated depreciation =7 6001518 400 Total Liabilities 600 000 Heading 1 Owners' 9'1\"\"! Capital 480 000 Retained eamings 150 000 Total owners' equity 630 000 Total assets $1 230 000 Total liabilities 8: owners' equity $1 230 000 o Additional information: The accounts payable were for amounts owing for purchases of inventory. During the 2020 financial year, the following transactions took place: 1. Stock purchased on credit for $1,680,000. 2. lnvoiced customers $1,800,000. 3. Cash Sales $180,000. 4. Paid rent $72,000 including $12,000 for 2 months' prepaid rent for the following year. 5. Received $1,600,800 from debtors (Accounts Receivable). 6. Paid wages $530,000. Wages still owing at end of year $28,000. 7. Paid creditors (Accounts Payable) $1,180,000. 8. Annual Depreciation on equipment is 5% of cost. 9. The owner withdrew $20,000 cash from the business. 10. Paid 4% interest on the loan. Note: Stock on hand at 30 June 2020 was $720,000 Required: a) Complete the worksheet for the year ending 30 June 2020. b) Prepare a Statement of Prot or Loss for the year ending 30 June 2020. c) Prepare a Statement of Financial Position as at the 30 June 2020. (12 + 5 + 5 = 22 marks)

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