These financial statement items are for Christchurch Flooring Pty Ltd at yearend, 31 July 2015: 

Required

(a) Prepare a statement of profit or loss for the year.

(b) Prepare a classified statement of financial position at 31 July 2015.

Transcribed Image Text:

Cost of sales Salaries expense Other expenses Building Accounts payable Sales revenue Rent revenue Rent revenue received in advance Share capital Cash Bank loan Accumulated depreciation Land Depreciation expense Retained earnings (beginning of the year) Inventory $30 000 25 000 18 000 70 000 8 000 62 000 30 000 2000 90 000 33 000 80 000 12 000 80 000 4000 2 000 26 000