Question
The following information relates to YogaGuru for the year ended 30 June 2020. Prepaid rent 14,500 Accounts payable 52,700 Electricity expense 7,500 Unearned revenue 11,600
The following information relates to YogaGuru for the year ended 30 June 2020.
Prepaid rent | 14,500 |
Accounts payable | 52,700 |
Electricity expense | 7,500 |
Unearned revenue | 11,600 |
Wages payable | 12,500 |
Accumulated depreciation- Equipment | 8,600 |
Capital | ? |
Rent expense | 32,000 |
Cash at bank | 75,800 |
Wages expense | 135,400 |
Supplies | 3,900 |
Service revenue | 282,600 |
Bank Loan (due in 2025) | 38,000 |
Accounts receivable | 7,500 |
Drawings | 4,000 |
Equipment | 235,200 |
Depreciation expense-Equipment | 8,600 |
Required: Prepare an Income Statement (6 marks), a fully classified Balance Sheet in narrative format (12 marks) and a Statement of Changes in Equity (4 marks) for the year ended 30 June 2020 for YogaGuru.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started