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Question 2: From the following account balances to 30 June 2020 prepare a statement of financial...

Question 2: From the following account balances to 30 June 2020 prepare a statement of financial position in the narrative classified format. Note: you will need to determine the balance of the retained earnings.                                                                              

Type of Account

                                $

Accounts Receivable

                           46500

Provisions

                           50000

Prepayments

                             1200

Sales Revenue

                         455000

Plant and Equipment

                         220000

Other Current Assets

                           11000

Borrowings

                         120000

Interest on Borrowings E

                             6000

Accumulated Depreciation

                           48500

Accounts Payable

                           26000

Share Capital

                         450000

Land and Buildings

                         339000

Inventory

                           78000

Two Year Term Deposit

                           98500

Cash at Bank

                           32000

Retained Earnings

                               ?

Salaries expense

                         215000

Salaries Accrued

                           12500

Insurance Expense

                             9000

Annual Depreciation

                           22000

Utilities Expense

                             8500

Selling Expenses

                           25000

Question 3: From the accounts in question 2 above prepare a statement of profit or loss position for the period ended 30 June 2020.

Solutions

Expert Solution

The calculation for retained earnings is previous retained eranings + current year profit or loss.

The previous year retained earnngs is -50300, it is assumed to be the balancing figure as the question does not specify the previous year retained earnings.

The statement of financial position and profit & loss position has been attached below.

ekkarill92 answered 1 year ago
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