1. Given the following balances, prepare a balance sheet as at 30 June 201 6 for Palm...

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1. Given the following balances, prepare a balance sheet as at 30 June 201 6 for Palm Tree Limited.

Bank loan Share capital Wages payable Accounts payable Inventory Cash at bank Buildings Retained profits

2. The company did not declare any dividends during the year. Its balance in retained profits at the start of the year was $60 000. What is the profit for the year?

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Financial Accounting An Integrated Approach

ISBN: 9780170349680

6th Edition

Authors: Ken Trotman, Michael Gibbins, Elizabeth Carson

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Question Posted: Dec 31, 2023 10:16 AM

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1. Given the following balances, prepare a balance sheet as at 30 June 201 6 for Palm...

Question:

Bank loan Share capital Wages payable Accounts payable Inventory Cash at bank Buildings Retained profits Accounts receivable $ 40 000 160 000 60 000 80 000 140 000 50 000 200 000 90 000 40 000

Step by Step Answer:

Answer 1 Palm Tree Limited Balance Sheet As at 30 June 2016 Assets Cash at Bank 50000 Accounts Recei...View the full answer

Financial Accounting An Integrated Approach

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