Question: Please answer questions E1-17, E1-18, E1-19 with detailed explanation, please follow AASB standards (Australian Accounting Standards), thanks! E119. The assets, liabilities, and equities of Drought

Please answer questions E1-17, E1-18, E1-19 with detailed explanation, please follow AASB standards (Australian Accounting Standards), thanks!

standards (Australian Accounting Standards), thanks! E119. The assets, liabilities, and equities of

E119. The assets, liabilities, and equities of Drought Design Studio have the following balances at 30 June 2021. The owner, Brad Gates, began the year with a $31000 capital balance, contributed $20000 and withdrew $55000 during the year. E1-17 PREPARING THE INCOME STATEMENT [10-15 MIN] (LO4 ) Prepare the income statement for Drought Design Studio for the year ending 30 June 2021 . E1-18 PREPARING THE STATEMENT OF CHANGES IN EQUITY [10-15 MIN] (LO4 ) Prepare the statement of changes in equity for Drought Design Studio for the year ending 30 June 2021. E1-19 PREPARING THE BALANCE SHEET [10-15 MIN] (LO 4 Prepare the balance sheet for Drought Design Studio as at 30 June 2021

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