Question: The closing balance sheet items are given below for Huwei Pty Ltd as at 30 June 2018: Cash at bank $51,100 Accounts receivable $2,000 Accounts
The closing balance sheet items are given below for Huwei Pty Ltd as at 30 June 2018:
| Cash at bank | $51,100 |
| Accounts receivable | $2,000 |
| Accounts payable | $3,900 |
| Capital | 38,000 |
| Service fees | $126,500 |
| Office equipment | $3,500 |
| Wages | $10,000 |
| Electricity | $600 |
| Advertising | $1,200 |
| Retained earning | $30,000 |
| Loan balance (for another 5 years) | $50,000 |
The company decided to distribute $180,000 as dividends at the end of July 2018
Required:
- Prepare an income statement for Huwei Pty Ltd for the month ended 31 July 2018
- Prepare a balance sheet for Huwei Pty Ltd as at 31 July 2018
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