Question: Assessable Homework 3 Question TOTAL MARKS = 30 marksdivide by 6 to get a % out of 5% Question 1 The following account balances are
Assessable Homework 3 Question
TOTAL MARKS = 30 marksdivide by 6 to get a % out of 5%
Question 1
The following account balances are provided for Holland Pty Ltd at 30 June 2020. Revenue and expense accounts cover the financial year ending on that date.
| Accounts payable | 20,000 | Loan payablelong term | 110,000 |
| Accounts receivable | 48,600 | Office Equipment | 14,000 |
| Accumulated depreciationoffice equipment | 2,000 | Office expenses | 15,200 |
| Advertisement expense | 7,800 | Prepaid insurance | 1,400 |
| Cash at bank | 50,000 | Retained earnings (beginning of year) | 15,800 |
| Cost of sales | 64,000 | Salaries expense | 28,000 |
| Depreciation expense | 2,000 | Sales revenue | 120,000 |
| Inventory | 40,000 | Share Capital | 76,400 |
| Land | 75,000 | Unearned service revenue | 1,800 |
- Prepare the Income Statement for Holland Pty Ltd for the year ended 30 June 2020. (8 marks)
Holland Pty Ltd
Income Statement for the year ended 30 June
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- Prepare a complete classified Balance Sheet using the narrative (report) format at 30 June 2020. (22 marks)
Balance Sheet of Holland Pty Ltd
at 30 June 2020
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