Cash 34,300 Interest Expense Accounts Receivable 490 26,300 Doubtful Debts Expense Inventory (1 July 2019) 3,200...

Cash	34,300
Interest Expense Accounts Receivable	490 26,300
Doubtful Debts Expense Inventory (1 July 2019)	3,200 41,600
Shop Rent Expense	1,800
Telephone Expense Building	1,300 86,000
Depreciation Expense – Building	4,200
Sales Staff Wages Expense	21,300
Accum. Depreciation – Equipment		4,800
Freight Inwards	4,340
General Expense Capital (1 July 2019)	17,600	161,840
Drawings	12,500
Sales Income		248,600
Sales Returns	7,450
Interest Payable Discount Allowed	2,400	240
Cost of Sales	147,200
Unearned Income Discount Received		5,200 1,900
Freight Outwards	2,150
Accounts Payable		6,200
Equipment	45,000
Accum. Depreciation – Building Depreciation Expense – Equipment Loan Payable	2,800	5,400 38,500
Allowance for Doubtful Debts Insurance Expense	3,600	3,200
Advertising Expense	3,750
Prepaid Rent	6,600	. .
	$475,880	$475,880
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Question (Continued)

Requirements:

a. Prepare a fully classifiedIncome Statementfor the year ended 30^thJune 2020.

b. Prepare a Statement of Changes in Equityfor the period and a fully classified Balance Sheet(must classify the assets and liabilities like we did in class) as at 30^thJune 2020.

Expert Solution

The solution is as under:

ekkarill92 answered 2 years ago

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