QUESTION 6 (7 + 1 = 8 marks)

Porcelain is a manufacturer of ceramic products. Its management has projected values for the following account balances as at June 30, 2021. Projected loss for the financial year ending June 30, 2021 is $700.

Required:

Prepare a classified Balance Sheet for Porcelain as at June 30, 2021.

(7 marks)

Account titles	Projected balance ($)		Account titles	Projected balance ($)
Accum. Dep. Equipment	12,400		Inventory	5,100
Bank Loan (due in 5 years)	16,800		Equipment	48,900
GST Collected	7,400		Bank overdraft	3,650
Bank Loan (due in 5 months)	3,200		GST Paid	4,700
Share Capital	39,600		PAYG Withheld	6,350
Distributions to owners	15,000		Prepaid Rent	7,200
Accounts Payable	25,300		Accounts Receivable	29,800
Prepaid Insurance	6,500		Wages Payable	3,200

Porcelain Projected Balance Sheet as at June 30, 2021

Assets	($)	($)	Liabilities + OE	($)	($)

Based on the projected account balances above, calculate the value of payment to or refund from the ATO Porcelain would report in its Business Activity Statement for the period ending June 30, 2021.

(1 mark)