Question

Adjusted Trial Balance 10 June 2019 m ed depreciation 15.000 Electricity empenye Rent Expense Accumulated Depreciation Delivery Vehicles Accounts Payable 5,600 Capital Sales Revenue Loan Payable Prepaid Insurance Inventory Bank deposit (matures 1/8/19) Depreciation expense-Delivery Vehicles 8.000 6,500 159.000 133.000 45,000 Total 4,600 9,900 37,000 4,000 422,260 422,260 Required: Prepare an income statement for the year ended 30 June 2019 Prepare a balance sheet sit would appear on 30 June 2019. using the report format and clearly identy the total assets, total liabilities, net assets and total equity.

Answer 1

Amount Amount $133,000 $ (64,000) $ 69,000 Income Statement Particulars Revenue Less: Cost of sales Gross profit Expenses Depreciation expense Building Electricity Expense Wages expense Rent expense Depreciation expense Delivery Vehicles Total Expenses Net Income $ 15,000 $ 1,800 $ 25,660 $ 5,600 $ 4,000 $ 52,060 $ 16,940

Balance Sheet Amount Amount Assets Cash Accounts receivable Prepaid insurance Inventory Bank deposit Building Less: Accumulated depeciation Building Delivery Vehicles Less: Accumulated depeciation Delivery vehicles $ 8,700 $ 8,000 $ 4,600 $ 9,900 $ 37,000 $170,000 $ (68,260) $ 101,740 $ 68,000 $ (8,000) $ 60,000 Total Assets $229,940 Liabilities Wages Payable Accounts Payables Loan Payable Total Liabilities $ 2,500 $ 6,500 $ 45,000 54000 Equity Capital Add: Net Income Total Equity Total liabilities and equity $ 159,000 $ 16,940 $ 175,940 $229,940