The following adjusted Trial Balance for Lounge Around Furniture Market has been prepared at the end of the financial year by the business owner, Chaz Lounge. REQUIRED: Using the Trial Balance provided below, prepare the following for the period in question: a) Fully classified Income Statement (19 marks) b) Statement of Changes in Equity (4 marks) LOUNGE AROUND FURNITURE MARKET ADJUSTED TRIAL BALANCE FOR THE YEAR ENDED 30 JUNE 2020 Credit ($) Debit ($) 78,200 83,300 35,632 1,700 2,618 42,500 15,334 24,480 7,650 27,200 1,020 57,120 76,177 31,450 Cash at Bank Accounts Receivable Inventory (30 June 2020) Allowance for Doubtful Debts Prepaid Advertising Shop Furniture & Fittings Accumulated Depreciation - Shop Furniture & Fittings Sales Equipment Advertising Payable Accounts Payable Interest Payable Loan Payable C. Lounge - Capital (1 July 2019) C. Lounge - Drawings Sales Sales Returns & Allowances Discount Received Electricity Expense COS Depreciation Expense - Shop Furniture & Fittings Freight Inwards Rent Expense Discount Allowed Salaries Expense - Store Advertising Expense Interest Expense Doubtful Debts Expense Salaries Expense - Admin Totals 930,427 14,671 5,270 2,720 656,557 6,035 4,794 49,810 6,290 56,780 952 799 1,700 22,610 1,121,898 1,121,898 Chaz has provided the following additional information to assist you with your statement preparation: $9,600 of the Rent expense specifically relates to the administration office. The remainder of this expense relates to running the store. 15% of the Electricity expense specifically relates to the administration office. The remainder of this expense relates to running the store. The following adjusted Trial Balance for Lounge Around Furniture Market has been prepared at the end of the financial year by the business owner, Chaz Lounge. REQUIRED: Using the Trial Balance provided below, prepare the following for the period in question: a) Fully classified Income Statement (19 marks) b) Statement of Changes in Equity (4 marks) LOUNGE AROUND FURNITURE MARKET ADJUSTED TRIAL BALANCE FOR THE YEAR ENDED 30 JUNE 2020 Credit ($) Debit ($) 78,200 83,300 35,632 1,700 2,618 42,500 15,334 24,480 7,650 27,200 1,020 57,120 76,177 31,450 Cash at Bank Accounts Receivable Inventory (30 June 2020) Allowance for Doubtful Debts Prepaid Advertising Shop Furniture & Fittings Accumulated Depreciation - Shop Furniture & Fittings Sales Equipment Advertising Payable Accounts Payable Interest Payable Loan Payable C. Lounge - Capital (1 July 2019) C. Lounge - Drawings Sales Sales Returns & Allowances Discount Received Electricity Expense COS Depreciation Expense - Shop Furniture & Fittings Freight Inwards Rent Expense Discount Allowed Salaries Expense - Store Advertising Expense Interest Expense Doubtful Debts Expense Salaries Expense - Admin Totals 930,427 14,671 5,270 2,720 656,557 6,035 4,794 49,810 6,290 56,780 952 799 1,700 22,610 1,121,898 1,121,898 Chaz has provided the following additional information to assist you with your statement preparation: $9,600 of the Rent expense specifically relates to the administration office. The remainder of this expense relates to running the store. 15% of the Electricity expense specifically relates to the administration office. The remainder of this expense relates to running the store
