You have been supplied with the following Adjusted Trial Balance for Nailed It Hardware, prepared at the end of the financial year

Stanley has provided the following additional information to assist you with the statement preparation:

$3,200 of the Rent expense specifically relates to the administration office. The remainder of this expense relates rent on the store.

15% of the Electricity expense specifically relates to the administration office. The remainder relates to electricity used in running the store.

$8,960 of the Loan Payable needs to be repaid in the next 12 months.

REQUIRED:

Using the Trial Balance provided below, prepare the following for the period in question:

Create a Fully classified Income Statement

Create a Statement of Changes in Equity

Create a Fully classified Balance Sheet (Narrative format)

Nailed It Hardware Adjusted Trial Balance For the year ended 30 June 2022