Nikita commenced a small business called Nikita's Gift Shop on the 1st January 2021. After 6 months of operation, she tried to compile the shop's account balances for the financial year ending 30th June 2021 and came up with the following: (Ignore GST). Cash $21,500 Accounts receivable 11,500 Inventory $20,000 Equipment 151,500 Accumulated depreciation 25,000 Accounts Payable 20,000 Mortgage payable - long term 45,000 Unearned fees 5,000 Nikita's Capital 1st Jan 2021 96,000 Key Operating performance during the 6 months was:   Sales Revenues 40,000 Operating Expenses 8,500 Cost of goods sold 18,000   Nikita's accountant has helped and advised her that those balances are not complete yet for the preparation of the shop's financial statements. He presented her with the following additional findings that have to be incorporated into those balances:  

1. On the 30th of June, Nikita's withdrawal of $4,000 has not been included. 

2.The utility bills for the month usually arrives in the next month and are paid on receipt. The utility expenses for June are estimated to be $1,000. 

3.  Depreciation for a new add-on equipment device purchased at the beginning of the year has not been included. The device is to be depreciated at an annual rate of $1,600. Required: Based on Nikita's Gift Shop account balances for the 6 months period of operation ending 30th June 2021 and incorporating the additional findings, prepare the classified balance sheet in the table provided or you can use and upload your own spreadsheet file.

Answer rating: 100% (QA)

Based on the provided information and the additional findings we can prepare the cl... View the full answer