You are the accountant for ABC Ltd which is a manufacturer and wholesaler of furniture. By the end of May 2021, you have recorded amounts for the company accounts (see Table 1):

Table 1 Account balances at 31/05/2021

ACCT1046 Week 9 Assessment (Group Reinforcement Activity)

You are the accountant for ABC Ltd which is a manufacturer and wholesaler of furniture. By the end of May 2021, you have recorded amounts for the company accounts (see Table 1):

Table 1 Account balances at 31/05/2021

Items	Amount $
Accounts payable	7,000
Cash	50,000
Supplies	1,500
Inventory	65,000
Machine	65,000
Accounts receivable	30,000
Accumulated depreciation	5,000
Short-term Loan (payable in August 2021)	10,000
Unearned revenue	1,200

Following events happened in June 2021:

1 June	The company purchased plywood for $4,000 from its supplier TX Ltd for production of the furniture, on credit.
2 June	The company purchased $500 packaging supplies on credit.
5 June	The company purchased a machine for $5,000 cash.
7 June	A staff member, Rebecca, is retiring in 3 weeks’ time. The company decided not to recruit a new person to replace Rebecca. As a result, the business will save $70,000 per year.
13 June	The company paid staff wages $28,000.
15 June	Sold furniture items on credit to JC Ltd, issuing invoice of $35,000. Cost of these items is $20,000.
17 June	Cash sales of furniture items for $8,000 were made. Cost of these items is $6,000.
25 June	A customer pre-paid $3,000 to order a customized dining table.
27 June	ABC Ltd is facing a lawsuit for injury caused to a customer from using furniture produced by the business. The customer claims that the furniture maker was negligent in manufacturing the furniture which did not meet industry standards. ABC Ltd is estimating $100,000 to be paid in legal expenses and fines if it loses the case.
28 June	50% of the amount owing from credit sales from last month was collected.
29 June	Negotiated with James and Nathan for possible employment contracts totaling $25,000.
30 June	Paid supplier, TX Ltd, for transaction on 1st June.

Name and ID

REQUIRED:

Prepare a Balance Sheet for ABC Ltd.

Show all your calculations. You may find the accounting equation useful to analyse/record transactions to deter account balances for the Balance Sheet.

Balance Sheet as at 30 June 2021

ASSETS	$	Calculations
Current Assets
Non-Current Asset
(Accumulated Depreciation)
Total Assets
Liabilities
Current Liabilities
Total Liabilities
Net Assets
Owner’s Equity