As at 30 June 2019, the Assets, Liabilities, Equity, Income and Expense amounts for Ronaldo Shop fitters Pty Ltd were listed as follows: Required: Prepare a Balance Sheet in narrative (vertical) format as at 30 June 2019. Explain what key information the Balance Sheet provides to users of the financial statements. Cash in Bank$ 68,400Accounts receivable$202,800Supplies79,200Equipment226,800Accounts payable101,100 CapitalService income1,158,000 Salary expense483,000Prepaid Insurance24,000Supplies expense142,500Bank loan30,000Advertising expense15,000

Name: As at 30 June 2019, the Assets, Liabilities, Equity, Income and Expens
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Description: As at 30 June 2019, the Assets, Liabilities, Equity, Income and Expense amounts for Ronaldo Shop fitters Pty Ltd were listed as follows: Required: Prepare a Balance Sheet in narrative (vertical) format as at 30 June 2019. Explain what key information

The balance sheet represents the financial position of the company. It includes the assets,…

Answered: As at 30 June 2019, the Assets,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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As at 30 June 2019, the Assets, Liabilities, Equity, Income and Expense amounts for Ronaldo Shop fitters Pty Ltd were listed as follows:

Required:

Prepare a Balance Sheet in narrative (vertical) format as at 30 June 2019.
Explain what key information the Balance Sheet provides to users of the financial statements.

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

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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