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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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