Question: 1 (15 marks) The financial statement balances presented below are for Gold Design Services for the end of the financial year, 30 June 2021. Cash

1 (15 marks) The financial statement balances presented below are for Gold Design Services for the end of the financial year, 30 June 2021. Cash Accounts Receivable Office Supplies Furniture Accumulated Depreciation- Furniture Building Accumulated Depreciation-Building Land Accounts Payable Salaries Payable Unearned Revenue Rent Income Cassy, Capital Cassy, Withdrawals Service Revenue Salaries Expense Supplies Expense Depreciation Expense-Furniture Depreciation Expense-Building Advertising Expense Interest receipts $ 29,500 13,800 7,700 17,500 13,500 47,500 38,500 17,500 9,500 8,000 12,500 14,000 75,500 15,500 37,900 24,000 8,300 1,500 9,600 10,500 2,000 Required: a) Prepare a Statement of financial performance for Gold Design Services at 30 June 2021. (6 marks) b) Prepare the Statement of Owner's Equity and the Statement of Financial Position for Gold Design Services at 30 June 2021. (6 marks) c) To get a loan to expand the business, Gold Design Services' owner, Cassy must show the bank that the business's owner's equity has grown from its original balance. Can Cassy expect to get the loan? Provide your reason(s)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!