The financial information of

Kate McNeil's

Music Store at 30

September

2021

is presented to the right.

Required

1.	Prepare the statement of financial position of the business at 30 September 2021.
2.	What does the statement of financial position report: financial position or wealth generated? Which financial statement reports the other information?

	Equipment	17,500		Sales revenue	10,700
	Inventories	55,000		Trade receivables	5,500
	Loan payable	7,900		Trade payables	3,600
	Rent expense	500		Kate McNeil's equity	?
	Cash at bank	1,700		Salary expense	1,800

(Complete the necessary drop downs. Fill in the relevant cells with its corresponding figures.)

Question content area bottom

Part 1

Requirement 1

Fill in the heading for the statement of financial position.

Part 2

Enter all the assets in the first column and their amounts in the second column. Add the assets to calculate the total assets.

Assets

Part 3

Enter all the liabilities in the first column and their amounts in the second column. Add all the liabilities to calculate the total liabilities.

Liabilities

Part 4

Our final step in completing the statement of financial position is to complete the owner's equity section and balance the totals. Remember that total assets were

79,700

and total liabilities were

11,500.

Owner's equity

Part 5

Requirement 2

Choose the correct answer using the drop-down lists.

The statement of financial position reports

financial position

wealth generated

.

Part 6

Now select the financial statement that reports wealth generated of the company.

The

statement of cash flows

statement of financial position

income statement

statement of owner's equity

reports wealth generated.