The post-closing trial balance at 30 June 2019 of Payneham Professional Services is shown below. PAYNEHAM PROFESSIONAL SERVICES Post-Closing Trial Balance as at 30 June 2019 Account Account no. Debit Credit Cash at bank Prepaid rent. 1100 $14800 Accounts receivable 1101 9440 1102 1220 Office supplies 1106 1320 Furniture and equipment 1110 28720 Accumulated depreciation- furniture and equipment 1111 $ 9720 Accounts payable 2200 5440 Salaries payable 2201 420 Tat Chiang, Capital 3000 39920 $55500 $55500 Transactions completed during the year ended 30 June 2020 are summarised below. 1. Collections on accounts receivable totalled S82 060. 2. 3. 4. 5. 6. 7. Consulting fees of S88 150 were receivable during the year. Clients are invoiced after services are provided and are given 30 days in which to pay. Rent paid in advance was $14 580. Office supplies were purchased during the year for $380 in cash and S420 plus GST on credit. Tat withdrew $25 000 for private use. Salary payments amounted to $31 940, of which S420 was for salaries accrued to the end of the year ending 30 June 2020. Advertising totalling $3360 was purchased on credit. 8. Electricity expense of $3600 was paid. 9. Accounts payable of $2880 were paid. The following additional information should be considered for adjusting entries. 10. Unused office supplies on hand at the end of the year totalled $760. 11. Depreciation on the furniture and equipment is $4600. 12. Salaries earned but not paid amount to $1180. 13. Rent paid in advance in transaction 3. Rent for 6 months of $7290 plus GST was paid in advance on 1 August and 1 February. Page Break- The ledger accounts of Payneham Professional Services are shown below Cash at Bank 1/7/19 Balance b/d 14 800 (3) Prepaid rent. (1) Accounts receivable 82 060 (4) Office supplies 1100 14580 380 (5) T. Chiang, Drawings (6) Salaries exp/payable (8) Electricity exp (9) Accounts payable 25.000 31 940 3 600 2880 30/6/20 Balance c/d 18 480 96 860 96 860 1/7/20 Balance b/d 18 480 Accounts Receivable 1101 1/7/19 Balance b/d 9 440 (1) Cash at bank 82 060 (2) Consulting fees rev 88 150 30/6/20 Balance c/d 15 530 97 590 97 590 1/7/20 Balance b/d 15 530 1/7/19 Balance b/d (3) Cash at bank Prepaid Rent (14) Rent expense 1102 1220 14 580 14 585 30/6/20 Balance c/d 15 800 1215 15 sod 1/7/20 Balance b/d 1215 Office Supplies 1106 1/7/19 Balance b/d 1320 (11) Office supplies expense 1360 (4) Cash/accounts payable 800 30/6/20 Balance c/d 760 2 120 2120 1/7/20 Balance b/d 760 1/7/10 Balance bid Furniture and Equipment 28720 1110 Accounts Payable 2200 (9) Cash at bank 2 880 1/7/19 Balance b/d 5440 30/6/20 Balance c/d 6340 (4) Office supplies 420 (7) Advertising 3.360 9220 9 220 1/7/20 Balance b/d 6 340 Salaries Payable 2201 (6) Cash at bank 420 1/7/19 Balance b/d 420 30/6/20 Balance c/d 1180 (13) Salaries expense 1180 1600 1600 1/7/20 Balance b/d 1180 Tat Chiang Capital 3000 (d) T. Chiang, Drawings 16 000 1/7/19 Balance b/d 37 040 30/6/20 Balance c/d 25 200 (c) P or L Summary 18 070 41 200 41 200 1/7/20 Balance b/d 25 200 Tat Chiang, Drawings 3301 (5) Cash at bank 25 000 (d) T. Chiang, Capital 25000 Profit or Loss Summary 3320 (b) Expenses (c) T. Chiang Capital 60205 27945 (a) Income (Revenues) 88150 88150 88150 (a) P or L. Summary Page Break- Consulting Fees Revenue 4400 88150 (2) Accounts receivable 88 150 Salaries Expense 5500 (6) Cash at bank (13) Salaries payable 31 520 (b) P or L Summary 1180 32700 32700 32700 Electricity Expense 5503 (8) Cash at bank 3 600 (b) P or L Summary 3600 Advertising Expense 5504 (7) Accounts payable. 3 360 (b) P or L. Summary 3360 Depreciation Expense Furniture and Equipment 5505 (12) Accum. depreciation 4600 (b) P or L Summary 4600 Rent Expense 5512 (14) Prepaid rent 14585 (b) P or L Summary 14585 Office Supplies Expense 5513 (11) Office supplies 1360 (b) P or L Summary 1360 Required (a) Prepare a 10-column worksheet for the year ended 30 June 2020. (b) Prepare a Statement of Profit or Loss for the year ended 30 June 2020. (c) Prepare a Statement of Changes in Equity for the year ended 30 June 2020. (d) Prepare a Statement of Financial Position as at 30 June 2020. (e) Make any necessary adjusting and closing entries for 30 June 2020 (1) Make any suitable reversing entries on 1 July 2020. (g) Prepare a post-closing trial balance as at 30 June 2020. (b) Do you think Payneham Professional Services is in good financial position? Analyse and explain (500 words)