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Question 3 (20 Marks) The financial statements for the business of Jet's Ski Equipment are shown below: 2017 JET'S SKT EQUIPMENT Comparative Statements of Financial Position as at 30 June 2017 2016 ASSETS Cash at bank Accounts receivable $ 47.000 Inventory 144,000 Store equipment 90,000 Accumulated depreciation - store equipment (27.000) Land 120,000 Buildings 180,000 Accumulated depreciation butldings 9,000) $554.000 $ 51,000 168,000 108,000 (36,000) 60,000 180,000 (15,000) $516,000 LIABILITIES AND EQUITY Accounts payable Bank overdraft Salary payable Share Capital Retained Earnings $ 72,000 30,000 14,000 200,000 238,000 $554.000 $ 55,000 9000 11,000 200,000 241,000 $516,000 $270 000 JET"'S SKT EQUIPMENT Income Statement for year ended 30 June 2017 INCOME Sales revenue EXPENSES Cost of sales $144 000 Depreciation-store equipment 21 000 Depreciation - buildings 6 000 Other expenses 60 000 Loss on sale of land 12 000 Loss on sale of equipment 9.000 PROFIT 252 000 $ 18000 Additional information (a) All purchases and sales of inventories are on credit. (b) During the year, store equipment costing $18,000 was sold for $6,000 cash. (c) Half the land on hand at the beginning of the year was sold for $48,000 cash. (d) During the year, the company paid $10,000 dividends to shareholders. (e) Ignore tax Page 11 of 22 Question 3 (20 Marks) The financial statements for the business of Jet's Ski Equipment are shown below: 2017 JET'S SKT EQUIPMENT Comparative Statements of Financial Position as at 30 June 2017 2016 ASSETS Cash at bank Accounts receivable $ 47.000 Inventory 144,000 Store equipment 90,000 Accumulated depreciation - store equipment (27.000) Land 120,000 Buildings 180,000 Accumulated depreciation butldings 9,000) $554.000 $ 51,000 168,000 108,000 (36,000) 60,000 180,000 (15,000) $516,000 LIABILITIES AND EQUITY Accounts payable Bank overdraft Salary payable Share Capital Retained Earnings $ 72,000 30,000 14,000 200,000 238,000 $554.000 $ 55,000 9000 11,000 200,000 241,000 $516,000 $270 000 JET"'S SKT EQUIPMENT Income Statement for year ended 30 June 2017 INCOME Sales revenue EXPENSES Cost of sales $144 000 Depreciation-store equipment 21 000 Depreciation - buildings 6 000 Other expenses 60 000 Loss on sale of land 12 000 Loss on sale of equipment 9.000 PROFIT 252 000 $ 18000 Additional information (a) All purchases and sales of inventories are on credit. (b) During the year, store equipment costing $18,000 was sold for $6,000 cash. (c) Half the land on hand at the beginning of the year was sold for $48,000 cash. (d) During the year, the company paid $10,000 dividends to shareholders. (e) Ignore tax Page 11 of 22