Question

Given the following accounts and balances produce a trial balance (in the correct order) and then the Financial Statements. Account description must be exactly as they appear in the list below. Do not include any punctuation in numerical values. Each box needs to be completed - if there is no value enter 0 (zero).

Account	Balance
Sales Revenue	50,000
Depreciation Expense	5,000
Cash at Bank	45,000
Accounts Payable	12,000
Motor Vehicle	50,000
Accounts Receivable	15,000
Rent Expense	10,000
Owners Capital	55,000
Accumulated Depreciation (MV)	8,000

No Name
Balance Sheet
AnswerFor the Period XX/XX/XX to XX/XX/XXAs at XX/XX/XX
Current Assets
Answer	Answer
Answer	Answer
Total Current Assets		Answer
Non-Current Assets
Answer	Answer
Less: Answer	Answer
Carrying Amount		Answer
Total Assets		Answer
AnswerCurrent LiabilitiesExpenses
Answer	Answer
Total Current Liabilities		Answer
Non-Current Liabilities		Answer
Total Liabilities		Answer
AnswerOwners EquityNet Profit
AnswerOwners CapitalOwners Drawings
Total Liabilities and Owners Equity		Answer

Answer 1

No NAME
BALANCE SHEET
As at XX/XX/XX
	$	$
Assets
Current Assets
Cash	45,000.00
Accounts receivable	15,000.00
Total current assets		60,000.00
Non-Current Assets
Motor Vehicle	50,000.00
Less: Accumulated depreciation	(8,000.00)
Carrying Amount		42,000.00
Total assets		102,000.00
Liabilities and Owners Equity
Current liabilities
Accounts payable	12,000.00
Total Current liabilities		12,000.00
Non-Current liabilities
Owners Capital		90,000.00
Total Liabilities and Owners Equity		102,000.00
Explanation:
Calculation of Net Income
	$
Sales Revenue		50,000.00
Less Expenses:
Depreciation Expense	5,000.00
Rent Expense	10,000.00	15,000.00
Net Profit (Loss)		35,000.00
Owners Capital
	$
Beginning capital	55,000.00
Add: Net Profit	35,000.00
Owners Capital at the end	90,000.00