The account balances, dated 30 September 2013, of sole trader Anakin Verstege (Verstege Bike Hire) are shown

Question:

The account balances, dated 30 September 2013, of sole trader Anakin Verstege (Verstege Bike Hire) are shown below. Use this information to prepare an income statement and a as at this date: capital (Anakin Verstege) $87 500; hire revenue $35 000; bike maintenance $8000; administrative expenses $4000; rentexpense $2200; wages $8000; interest expense $18 000; cash at bank $3 000; cash on hand$1000; office equipment $14 000; drawings $3500; $7000; bankloan $35 000.
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...