Question 1( 7 marks)

Assume at 30 June 2020, Assets, Liability, Equity, Income and Expense amounts for ABC Building Renovation are presented below:

Required:

Prepare a Balance Sheet in narrative (vertical) format as at 30 June 2020.

Question 1 ( 7 marks) Assume at 30 June 2020, Assets, Liability, Equity, Income and Expense amounts for ABC Building Renovation are presented below: Cash in Bank $ 68,400 Accounts receivable $202,800 Supplies 79,200 Equipment 226,800 Accounts payable 101,100 Capital Service income 1,158,000 Salary expense 483,000 Prepaid Insurance 24,000 Supplies expense 142,500 Bank loan 30,000 Advertising expense 15, 000 Required: Prepare a Balance Sheet in narrative (vertical) format as at 30 June 2020