Question
Stone commenced business as a company under the name of StoneBuild , and the business has provided the following accounts and their closing balances for
Stone commenced business as a company under the name of StoneBuild, and the business has provided the following accounts and their closing balances for the year ended 30th June 2020:
StoneBuild Adjusted Trial Balance As at 30 June 2020 | ||
Accounts | DR ($) | CR ($) |
Share capital |
| 200,000 |
Property, plant and equipment (PPE) | 550,000 | |
GST Paid | 25,000 | |
Accounts payable | 61,000 | |
Accounts receivable | 68,000 | |
Cash at bank | 43,000 | |
Notes payable (due in 6 months) | 30,000 | |
Prepayments | 10,000 | |
Long-term debt (due in 7 years) | 200,000 | |
Land | 110,000 | |
GST Collected |
| 34,000 |
Retained profits | 184,000 | |
Income taxes payable | 32,000 | |
Inventory | 81,000 | |
Patents and trademarks (expiring in 4 years) | 44,000 | |
Accumulated depreciation - PPE | 190,000 | |
| ||
Total | 931,000 | 931,000 |
Required:
Prepare a fully classified Statement of Financial Position (Balance Sheet) as at 30 June 2020. (6 Marks)
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