BML Products Ltd manufactures and sells children’s toys. Here are the company’s balance sheet accounts as at 30 June 2019, in alphabetical order. 

Required: 

1. Decide which accounts have debit balances and which have credit balances. According to the company’s accounting system, total debits = total credits = $260 700. 

2. Based on your answer to question 1, prepare the company’s 30 June 2019 balance sheet from the above accounts. 

3. Rewrite the balance sheet using account titles that you are more likely to see in actual financial statements. 

4. Comment briefly on the company’s financial condition, as shown by the balance sheet.

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Accumulated depreciation Bank account balance Bank loan Building Cash on hand Employees' tax not yet remitted Fixtures and equipment Land Long-term part of mortgage owing $ 63 700 14 300 21 200 102 100 2 500 600 37 900 48 000 71 000 Owing from customers Owing to suppliers Retained earnings Share capital issued Short-term part of mortgage Unpaid employee wages Unsold finished products Unused office supplies Unused product raw materials $ 6 200 21 900 47 500 25 000 8.000 1 800 29 600 1 400 18 700