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The Amsterdam sole proprietorship owned by Mr Shu, has a fiscal year end of June 30th. The bookkeeper has been ill and was unable to
The Amsterdam sole proprietorship owned by Mr Shu, has a fiscal year end of June 30th. The bookkeeper has been ill and was unable to complete the recording of the items to follow. You have been called upon to complete the work and present the financial statements for the year ended June 30, 2023. Information regarding unrecorded or unadjusted events: 1. Depreciation expense must be adjusted. The acquisition of the equipment was on October 1, 2020. Residual value was $200,000 with a useful life of 14 years. 2. Supplies at June 30, 2023, after a physical count, was determined to be $386,000 3. Utilities expense not paid for June 2023 amounting to $76,500 was not included in the records as the invoice arrived
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