After you have recorded all of Beas transactions in a worksheet, you realise that the worksheet may
Question:
After you have recorded all of Bea’s transactions in a worksheet, you realise that the worksheet may not be the best way to present the information. Bea has indicated that the Bank wants to see an Income Statement and Balance sheet. You help Bea by preparing an Income Statement and a Balance Sheet from your worksheet data instead, to concisely summarise the financial performance and the financial position of PhoneBea Solutions. You arrange to meet with Bea for a coffee, with your pre-prepared statements and ready to answer questions with your knowledge of accounting so far.
REQUIREMENTS
Using the correct list of accounts and balances posted on FLO from Part 1:
a) Prepare an Income Statement (Statement of Financial Performance) for the month ending 30 April 2021. 20 marks
b) Prepare a classified Balance Sheet (Statement of Financial Position) in the vertical format using the proprietary approach, as at 30 April 2021. 35 marks
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta