As at 30 June 2019, the Assets, Liabilities, Equity, Income and Expense amounts for Ronaldo Shop fitters Pty Ltd were listed as follows: Cash in Bank $ 68,400 Accounts receivable $202,800 Supplies 79,200 Equipment 226,800 Accounts payable 101,100 Capital ? Service income 1,158,000 Salary expense 483,000 Prepaid Insurance 24,000 Supplies expense 142,500 Bank loan 30,000 Advertising expense 15,000 Required: Prepare a Balance Sheet in narrative (vertical) format as at 30 June 20 Explain what key information the Balance Sheet provides to users of the financial Prepare a Balance Sheet in narrative (vertical) format as at 30 June 2
As at 30 June 2019, the Assets, Liabilities, Equity, Income and Expense amounts for Ronaldo Shop fitters Pty Ltd were listed as follows:
Cash in Bank $ 68,400
Supplies 79,200 Equipment 226,800
Accounts payable 101,100 Capital ?
Service income 1,158,000 Salary expense 483,000
Prepaid Insurance 24,000 Supplies expense 142,500
Bank loan 30,000
Advertising expense 15,000
Required:
- Prepare a
Balance Sheet in narrative (vertical) format as at 30 June 20 - Explain what key information the Balance Sheet provides to users of the financial
- Prepare a Balance Sheet in narrative (vertical) format as at 30 June 2019.
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)