The following data relates to Super Computer Shop as at 30 June 2008:

Accounts Payable	12,000
Accounts Receivable	3,000
Accumulated depreciation - Buildings	14,000
Accumulated depreciation - Equipment	17,000
Buildings	100,000
Capital	???
Cash	12,450
Cost of Goods Sold	57,500
Depreciation Expense	5,000
Drawings	26,500
Electricity Expense	1,260
Equipment	30,000
GST Collections	2,000
GST Outlays	800
Insurance Expense	6,000
Interest Expense	6,500
Interest Payable	4,200
Inventory	12,700
Land	40,000
Mortgage (due 2012)	60,000
Prepaid Insurance	1,500
Prepaid Rent	1,200
Rent Expense	1,500
Sales	130,000
Sales Returns and Allowances	5,000
Unearned Revenue	25,000
Wages Expense	22,000
Wages Payable	5,000

Required:
Prepare a fully classified Balance Sheet in narrative format as at 30 June 2008 and a Statement of Changes in Equity for the year ended 30 June 2008 for Super Computer Shop.
WORKSHEET AND CLOSING ENTRIES
Required:
A. Prepare a 10 column worksheet for Steve Stevens Amusements for the year ending 31 December, 2009 using the following additional information:
1. Expired Insurance $1,000
2. Accrued wages $2,000
3. Depreciation on Equipment $4,000
B. Prepare closing entries for Steve Stevens Amusements
C. Prepare a post-closing trial balance for Steve Stevens Amusements
D. Discuss whether Steve Stevens Amusements is in good financial position? Your answer must include justifications, detailed analysis and explanations.
STEVE STEVENS AMUSEMENTS Worksheet
for the year ended 31 December 2009

	Unadjusted trial balance		Adjustments		Adjusted trial balance		Income statement		Balance sheet
Account title	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash at Bank	14,000
Accounts Receivable	8,000
Prepaid Insurance	2,000
Equipment	20,000
Accum. Depr. Equipment		8,000
Accounts payable		4,000
Steve Stevens, Capital		27,000
Steve Stevens, Drawings	5,000
Service Revenue		36,000
Wages Expense	17,000
Electricity Expense	6,000
Sundry Expense	3,000
	75,000	75,000
Insurance Expense
Wages Payable
Depr.Expense- Equipment
Profit for the period

PERPETUAL and PERIODIC ENTRIES
Digital Ltd buys calculators for $10 each plus GST and sells calculators for $33 each including GST.
Record the following transactions under both perpetual and periodic inventory systems:
1 July Buys 100 calculators on credit, terms 3/10, n/30
2 July 2 calculators are returned to the supplier for a credit note
5 July Sold 12 calculators on credit
6 July Customer returns one calculator for a credit note; it is not faulty and is returned to inventory
10 July Paid balance owing on 1 July purchase

Periodic					Perpetual

PERIODIC INCOME STATEMENT
The following information relates to Sarah’s Surfboards

	Debit	Credit
Inventory 1 July 2006	20,960
Sales		512,310
Sales returns and allowances	8,630
Financial expenses	2,500
Purchases	386,210
Purchase returns and allowances		4,200
Discount received		3,171
Freight inwards	2,820
Selling and distribution expenses	61,360
Administrative expenses	21,445
Inventory 30 June 2007	15,800

Using the information above, prepare the income statement for the year ending 30 June 2007 for Sarah’s Surfboards

Answer rating: 100% (QA)

A Fully Classified Balance Sheet for Super Computer Shop as at 30 June 2008 Assets Current Assets Cash 12450 Accounts Receivable 3000 Inventory 12700 Prepaid Insurance 1500 Prepaid Rent 1200 Total Cur... View the full answer