A trial balance for Flemington Fashions Pty Ltd is shown below. Required (a) Prepare a worksheet for

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A trial balance for Flemington Fashions Pty Ltd is shown below.

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Required

(a) Prepare a worksheet for Flemington Fashions Pty Ltd. Use the following information to make adjusting entries.

i. Supplies on hand at 30 June, $260.

ii. Depreciation on the store equipment, $8385.

iii. Interest accrued on the loan payable, $1980.

iv. Income tax expense and payable for the year, $19 600.

(b) Prepare an income statement, a statement of changes in equity and a balance sheet for the year ended 30 June 2020.

(c) Prepare closing entries.

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Financial Accounting

ISBN: 9780730363217

10th Edition

Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie, Andreas Hellmann, Jodie Maxfield

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