Question:

Prepare Statement of Changes in Equity for the year ending 30 June 2022 and Statement of Financial Position as at 30 June 2022 based on the Trial Balance as at 30 June 2022, Schedule of Subsidiary Ledgers and Income Statement below.

Unadjusted Trial Bal. Adjustments Adjusted Trial Bal. Balance Sheet Income Statement Debit Credit Account Debit Credit Debit Credit Debit Credit Debit Credit 2,883,168 379,566 603,855 3,013,200 2,852,820 2,883,168 114,210 265,356 274,590 329,265 3,013,200 950,940 1,901,880 2,883,168 265,356 329,265 3,013,200 5,463,612 5,463,612 1,901,880 43,740 29,160 14,580 14,580 1,968,300 1,968,300 1,968,300 218,700 218,700 218,700 668,250 668,250 668,250 Cash at Bank Accounts Receivable Control Stationery Supplies Inventory Prepaid Showroom Rent (Paid 1 Mar. 2022) Prepaid Insurance (Paid 1 Nov. 2021) Warehouse Fittings Accumulated Depreciation - Warehouse Fittings Office Equipment Accumulated Depreciation Office Equipment Accounts Payable Control Interest Payable Utilities Payable Wages Payable Salaries Payable Tax Payable Dividend Payable Mortgage Loan (due 31 Jul 2030) Share Capital Retained Profits (1 July 2021) 328,050 65,610 393,660 393,660 442,260 150,219 24,786 17,184 141,669 333,261 442,260 150,219 24,786 17,184 141,669 333,261 683,100 2,341,062 442,260 150,219 24,786 17,184 141,669 333,261 683,100 2,341,062 683,100 2,341,062 4,860,000 3,716,442 4,860,000 3,716,442 4,860,000 3,716,442 Dividends Declared 683,100 683,100 683,100 17,127,855 Sales Revenue Sales Discounts Sales Returns and Allowances Purchases 134,919 124,659 8,392,005 17,127,855 17,127,855 134,919 134,919 124,659 124,659 8,392,005 8,392,005 101,115 112,023 101,115 112,023 101,115 112,023 76,788 4,215,321 76,788 4,232,505 76,788 4,232,505 17,184 218,700 218,700 218,700 65,610 65,610 65,610 Purchase Discounts Purchase Returns and Allowances Freight-Out Wages Expense - Sales Staff Depreciation Expense - Warehouse Fittings Depreciation Expense - Office Equipment Stationery Expense Showroom Rent Expense Insurance Expense Advertising Expense Interest Expense Utilities Expense Tax Expense Sundry Expenses Salaries Expense |- Office Staff Bad Debts Expense TOTALS 274,590 950,940 29,160 169,128 274,590 950,940 29,160 169,128 150,219 250,290 333,261 60,264 3,358,989 150,219 24,786 333,261 274,590 950,940 29,160 169,128 150,219 250,290 333,261 60,264 3,358,989 225,504 60,264 3,217,320 141,669 114,210 114,210 114,210 29,711,907 29,711,9072,320,3292,320,329 30,663,336 30,663,336 Schedules of Subsidiary Ledgers | Schedule of Accounts Receivable as at 30 June 2022 Acc. No. Account Amount ($) 101-1 101-2 265,356 0 101-3 Avoca Gas Ovens Bowral Gas Ovens Gerrigong Electric Ovens Mittagong Electric Ovens TOTAL 0 101-4 114,210 379,566 Schedule of Accounts Payable as at 30 June 2022 Acc. No. Account Amount ($) 200-1 200-2 Penrose Oven Manufacturers Southernland Oven Manufacturers TOTAL 371,790 70,470 442,260 $ $ 17,127,855 -134,919 -124,659 16,868,277 3,013,200 8,392,005 -101,115 -112,023 -5,463,612 5,728,455 11,139,822 Income Statement (multiple-Step) For the Year ending June 30, 2022 Particulars Sales Revenue (-) Sales Discounts (-) Sales Returns and Allowances Net Sales (-) Cost of Goods Sold Inventory in the beginning Purchases (-) Puchase Discounts (-) Purchase returns and allowances (-) Inventory in the end Gross Profit Less-Operating Expenses Freight-out Wages Expense- Sales staff Depreciation expense-Warehouse Fittings Depreciation expense-Office Equipment Stationary expense Showroom Rent expense Insurance expense Advertising expense Utilities expense Insurance expense Utilities expense Sundry Expenses Salaries Expense-Office Staff Bad Debts Expense Total Operating expenses Operating Income Non-Operating and other Interest expense Total Non-Operating and other Net Income before tax Tax Expense Net Income 76,788 4,232,505 218,700 65,610 274,590 950,940 29,160 169,128 250,290 4,900 7,990 60,264 3,358,989 114,210 9,814,064 1,325,758 -150,219 -150,219 1,175,539 -333,261 842,278