Dawson Industries began operations early in January 2024. On 31 December 2024, records showed the following asset, liability, equity, income and expense amounts:

Required

(a) Prepare a statement of financial performance for Dawson Industries for the year ended 31 December 2024.

(b) Prepare a statement of financial position as at 31 December 2024.

(c) Prepare a statement of changes in equity for 2024.

(d) Explain the difference between the items ‘supplies’ and ‘supplies expense’.

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Accounts receivable Rent expense $ 25600 13500 Electricity expense Cash at bank 10250 Telephone expense Supplies expense 5250 Advertising expense Accounts payable 9500 Insurance expense Service income 147500 Wages expense Supplies 11000 Drawings Lila Dawson, Capital ? 7 200 4 900 12 500 2500 44 000 23 400 Equipment 48000