Question
The information below was provided by Phils Retail at 31 December 2020. Item $ Accounts payable 45,000 Accounts receivable 24,300 Bank overdraft 19,000 Land and
The information below was provided by Phils Retail at 31 December 2020.
Item | $ |
Accounts payable | 45,000 |
Accounts receivable | 24,300 |
Bank overdraft | 19,000 |
Land and buildings | 450,000 |
Cost of sales | 92,200 |
Interest expense | 9,000 |
Ordinary shares | 200,000 |
Dividends | 65,000 |
Fixtures and fittings | 176,000 |
Inventory | 43,000 |
Retained earnings (1 January 2020) | 191,000 |
Mortgage payable (due in 2035) | 300,000 |
Prepaid insurance | 10,000 |
Other expenses | 57,500 |
Sales revenue | 232,000 |
Wages expense | 40,000 |
Required:
(a) Prepare an income statement for Phil's Retail for the year ending 31 December 2020. (b) Prepare a balance sheet for Phils Retail as at 31 December 2020
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