Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Core Concepts of Accounting Information Systems

Authors: Mark G. Simkin, Jacob M. Rose, Carolyn S. Norman

12th edition

1118022300, 978-1118022306

More Books

Students also viewed these Accounting questions

Question

Many states have eliminated the fee tail true or false

Answered: 1 week ago

Question

Why is wrongful discharge such a sensitive employment issue?

Answered: 1 week ago