Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Preparing financial statements (7 marks) Problem Solver Pty Ltd prepares quarterly financial statements. The adjusted trial balance as at 31 March 2023 is shown below.

image text in transcribedimage text in transcribed

Preparing financial statements (7 marks) Problem Solver Pty Ltd prepares quarterly financial statements. The adjusted trial balance as at 31 March 2023 is shown below. There were some issues with the accounting system, so some of the balances in the trial balance are missing. Some reporting was performed prior to the period end and additional information is as follows: - Profit for the quarter was $2,900 - Total current assets at the end of the quarter were $15,500. - Net total non-current assets at the end of the quarter were $2,900. Using the information provided answer the following questions. Put your answer into the spaces provided. You do NOT need to show computations to support your answers. Simply submit your final answer for each question into the space provided. Please round your answers to the nearest whole number. (A) What is the service revenue derived by the business for the quarter ended 31 March 2023 ? (B) What is the cash balance in the current assets of the statement of financial position as at 31 March 2023 ? (C) What is the accumulated depreciation against the office equipment in the statement of financial position as at 31 March 2023 ? (D) What are the net assets of the company as at 31 March 2023? (E) What is the closing balance of retained earnings in the statement of financial position as at 31 March 2023 ? (F) What was the amount of the dividends paid during the quarter ended 31 March 2023? (G) What are the total liabilities of the company as at 31 March 2023

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions