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this year 12 accounting can I get help with this question Sweet Tooth Balance Sheet as at 31 August 2018 Assets Liabilities Current Assets Current
this year 12 accounting can I get help with this question
"Sweet Tooth" Balance Sheet as at 31 August 2018 Assets Liabilities Current Assets Current Liabilities Bank Accounts Payable 22 000 Accounts Receivable 32 000 GST Clearing 4 000 26 000 Inventory 25 000 Prepaid Rent 9 60068 600 Additional Information for the month of September 2018 40001 Total sales are expected to be $100 000 [plus GST], Credit Sales will be 60% of total sales. Discount expense is expected to be 2% of credit sales (plus GST). All Inventory is purchased on credit. Accounts Payable will be paid $19 450 cash during the month and we will receive $550 discount. It is estimated 1% of the opening Inventory will be written down due to obsolescence. Inventory Loss is expected to be $100. Drawings will be $1500 [$300 Inventory and $1 200 cash). The following cash expenses will be paid: - Electricity $440 (including GST) Advertising $759 (including GST) - Wages $33 000 Budgeted balances at the end of the month: o Accounts Payable will increase to $27 300 - Inventory will decrease to $20 000 a. Reconstruct the Accounts Payable Account to calculate Credit Purchases for the month of September. b. Reconstruct the Inventory Account to calculate budgeted Cost of Sales for the month of September Step by Step Solution
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