The following information has been extracted from the accounts of PQR Ltd.

Additional information:

a. Balances as at 30 June 2016:

b. Credit purchases of inventory totalled $176 000 for the year.
c. The services relating to the revenue received in advance at 30 June 2015 were provided during the year.

d. No additions or disposals of plant and equipment were made during the period. The depreciation rate is 20 per cent per annum. The straight-line method is used.

e. Administrative expenses included a prepayment of $4000 for July 2016.
f. Accrued interest on 30 June 2015 related to the loan which was repaid during the year. There is no accrued interest as at 30 June 2016.

Required:
1. Calculate total revenue for the year ended 30 June 2016.
2. List all expenses for the year (including dollar amounts).
3. Calculate the balance of cash as at 30 June 2016.
4. Provide a balance sheet as at 30 June 2016.

Transcribed Image Text:

PQR LTD BALANCE SHEET AS AT 30 JUNE 2015 Assets Cash $ $ Liabilities and shareholders' equity 25000 Accounts payable 19000 Accounts receivable 14000 Revenue received in advance 8000 Inventory 32000 Accrued interest 1000 Plant and equipment 150000 Loan 25000 Accumulated depreciation 40000 110000 Share capital 80000 Retained profits 48 000 181000 181000