The problem to be resolved: Gregg's Shipping Supplies Ltd (GSSL) trades in the buying and selling of ship spares and has several branches within the Caribbean. Recently the company has seen a rapid increase in demand of its products across all branches and is therefore in need of additional financing to adequately boost its supply inventory. The corporate banking head of Bankers Choice Bank is requesting a full set of financial statements to ensure that granting the loan to GSSL would be financially feasible during a period when many businesses are facing financial challenges. The company financial year ends on June 30 each year and you have been tasked with the responsibility to prepare the financial information for the branch that is linked to your first name initial. The following are the information of each division/branch along with the first name initial who are required to prepare the requirements as outlined: Greog's Shipping Supolies Ltd- St Lucia Branch The following additional information is available at June 30.20221 (i) Soore Supplics on hand at buse 30, 2022 amounted to 598,400 . (ii) Imiurance of 5115,500 was paid on May. 1, 2022, for 7-autnites so November 2022 (iii) Rent was prefuid on Afril 1, 2022, for 5-mandes bo Augat 2022 (iv) The fursinure and fixtures lave an evtimated wieful life of 5 yean and is being depreciated on the straightlise method down to a residual value of $10.000. (v) The moeor trick was acquired on March 31, 2022, and is being depreciaied aver 10 years on the dobherideclieing halaece mirthid of depreciation, diwn to a resiluc of 315,000 (vi) Salaries camod by employecs not yet paid ansounted to 548,000 at June 30,2022. (vii) Aecrued interest expense as of June 30,2022,545,000 (viii) On June 30, 2022, 599,000 of the previwusly uncarned salcs nevene had becn camed. (is) The aging of the Accounts Meceivable shedule at June 30,2022 indicated that the Aliowance fer Bad Debts should be 5 sowo0. (x) After making all other adjustmente, a physical count of inveniory was done, which reveals that there was 51,100,000 werth of inventory on hand at Hose 30,2022 Oher data! (si) The brsiness is expected to make peincipal paymens wotalling 5250000 oonatds the lown during the fiseal ycar to June 30.2023 Required: a) Propare the ncccssary adjusting josarnal cntrics on Jane 30,2022 /Narnabious are bot recpuaired] b) Prepare the Adjusted Trial balance at June 30, 2022 . c) Prepare the company's muleiplesecp incuene starement for the perind ending Jane 30,2022 d) Prepare the company's statensent of owner's equity at June 30,2022 e) Prepare the company's clasified balance sheet at June 30,2022 The problem to be resolved: Gregg's Shipping Supplies Ltd (GSSL) trades in the buying and selling of ship spares and has several branches within the Caribbean. Recently the company has seen a rapid increase in demand of its products across all branches and is therefore in need of additional financing to adequately boost its supply inventory. The corporate banking head of Bankers Choice Bank is requesting a full set of financial statements to ensure that granting the loan to GSSL would be financially feasible during a period when many businesses are facing financial challenges. The company financial year ends on June 30 each year and you have been tasked with the responsibility to prepare the financial information for the branch that is linked to your first name initial. The following are the information of each division/branch along with the first name initial who are required to prepare the requirements as outlined: Greog's Shipping Supolies Ltd- St Lucia Branch The following additional information is available at June 30.20221 (i) Soore Supplics on hand at buse 30, 2022 amounted to 598,400 . (ii) Imiurance of 5115,500 was paid on May. 1, 2022, for 7-autnites so November 2022 (iii) Rent was prefuid on Afril 1, 2022, for 5-mandes bo Augat 2022 (iv) The fursinure and fixtures lave an evtimated wieful life of 5 yean and is being depreciated on the straightlise method down to a residual value of $10.000. (v) The moeor trick was acquired on March 31, 2022, and is being depreciaied aver 10 years on the dobherideclieing halaece mirthid of depreciation, diwn to a resiluc of 315,000 (vi) Salaries camod by employecs not yet paid ansounted to 548,000 at June 30,2022. (vii) Aecrued interest expense as of June 30,2022,545,000 (viii) On June 30, 2022, 599,000 of the previwusly uncarned salcs nevene had becn camed. (is) The aging of the Accounts Meceivable shedule at June 30,2022 indicated that the Aliowance fer Bad Debts should be 5 sowo0. (x) After making all other adjustmente, a physical count of inveniory was done, which reveals that there was 51,100,000 werth of inventory on hand at Hose 30,2022 Oher data! (si) The brsiness is expected to make peincipal paymens wotalling 5250000 oonatds the lown during the fiseal ycar to June 30.2023 Required: a) Propare the ncccssary adjusting josarnal cntrics on Jane 30,2022 /Narnabious are bot recpuaired] b) Prepare the Adjusted Trial balance at June 30, 2022 . c) Prepare the company's muleiplesecp incuene starement for the perind ending Jane 30,2022 d) Prepare the company's statensent of owner's equity at June 30,2022 e) Prepare the company's clasified balance sheet at June 30,2022
