Question 1 (22 marks) Benjamin Graham owns 'BG Enterprises'. The Balance Sheet as at 30 June 2019 is given below: BG Enterprises Balance Sheet as at 30 June 2019 Current assets Current liabilities Cash at bank 29 100 Accrued wages 9 000 Accounts receivable 76 800 Accounts payable 111 000 120 000 Inventory 72.000 177 900 Non-current Liabilities Non-current assets Loan 30 000 Equipment 144 000 Accumulated depreciation (14 400) 129 600 Total Liabilities 150 000 Owners' equity Capital Retained earnings 37 500 Total owners' equity 157 500 120 000 Total assets $307 500 Total liabilities & owners' equity $307 500 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 $420,000. 2. Invoiced customers $450,000. 3. Cash Sales $45,000. 4. Paid rent $18,000 including $3,000 for 2 months' prepaid rent for the following year. 5. Received $400,200 from debtors (Accounts Receivable) 6. Paid wages $132,500. Wages still owing at end of year $7,000 7. Paid creditors (Accounts Payable) $295,000 8. Annual Depreciation on equipment is 5% of cost 9. The owner withdrew $5,000 cash from the business 10. Pald 4% interest on the loan Note: Stock on hand at 30 June 2020 was $180,000 Required: a) Complete the worksheet for the year ending 30 June 2020. b) Prepare a statement of Profit or Loss for the year ending 30 June 2020. c) Prepare a Statement of Financial Position as at the 30 June 2020 112 mark Q1 b) Prepare are a Statement of Profit or Loss for the year ending 30 June 2020