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Question 4 (7 marks) As at 30 June 2019, the Assets, Liabilities, Equity, Income and Expense amounts for Ronaldo Shop fitters Pty Ltd were listed
Question 4 (7 marks) As at 30 June 2019, the Assets, Liabilities, Equity, Income and Expense amounts for Ronaldo Shop fitters Pty Ltd were listed as follows: Cash in Bank $ 68,400 Supplies 79,200 Accounts payable 101,100 Service income 1,158,000 Prepaid Insurance 24,000 Bank loan 30,000 Advertising expense 15,000 Accounts receivable Equipment Capital Salary expense Supplies expense $202,800 226,800 ? 483,000 142,500 1 Required: a) Prepare a Balance sheet in narrative (vertical) format as at 30 June 2019. (5 marks) b) Explain what key information the Balance Sheet provides to users of the financial statements. (2 marks)
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