From the following list of account balances of F Turntable as at 30 June 2022, you are required to:- 1. Prepare an Income Statement for the period ending 30th June 2022. Expenses DO NOT need to be classified 2. Complete the Balance Sheet as at 30th June 2022,.
Reporting Cash Flows
Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows from various activities such as operating, financing, and investment. Reporting this statement is important because it is the main financial statement of the company.
Balance Sheet
A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the most critical measures of the financial performance and position of the company, and as the name suggests, the statement must balance the assets against the liabilities and equity. The assets are what the company owns, and the liabilities represent what the company owes. Equity represents the amount invested in the business, either by the promoters of the company or by external shareholders. The total assets must match total liabilities plus equity.
Financial Statements
Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It includes three main components that are balance sheet, income statement and cash flow statement.
Owner's Capital
Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expected to have either a debit balance or a credit balance, depending on the nature of the account. An asset account will have a debit balance as normal balance because an asset is a debit account. Similarly, a liability account will have the normal balance as a credit balance because it is amount owed, representing a credit account. Equity is also said to have a credit balance as its normal balance. However, sometimes the normal balances may be reversed, often due to incorrect journal or posting entries or other accounting/ clerical errors.
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![Current Assets
Non - Current Assets
$
Balance Sheet
As at 30th June 2022
$
Current Liabilities
Non - Current
Liabilities
Owners Equity
$
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F65f26a51-33ad-4e7d-aaa3-82a7b83edd4d%2F1c3aedae-8c3d-4c8d-a208-ddd87099c4e7%2Fwz7arn_processed.png&w=3840&q=75)
![From the following list of account balances of F Turntable as at 30th June 2022, you
are required to:-
1. Prepare an Income Statement for the period ending 30th June 2022. Expenses
DO NOT need to be classified
2. Complete the Balance Sheet as at 30th June 2022,.
Advertising
Bad Debts
Bank fees
Capital F. Turntable
-
Cash at Bank
Commission received
Creditors
Debtors
Depreciation
Drawings F. Turntable
Electricity
GST Collected
GST Paid
Insurance
Interest Expenses
Land & Buildings - Cost
Loss on Sale of Asset
Machinery & Equipment - Cost
Accumulated Depreciation of Machinery &
Equipment
Mortgage Loan repayable in 5 years
Motor Vehicle Expenses
Motor Vehicles - Cost
Accumulated Depreciation of Motor Vehicles
Rates - Council
Purchases
Rental Income
Sales Income
Stock 1st July 2021
Stock at 30th June 2022
Loan repayable in 8 months
Telephone
Wages
$
692
194
410
108,833
33,652
348
4,255
14,263
3,342
1,968
1,230
7,150
5,050
1,740
3,750
82,080
235
89,000
56,885
44,000
2,447
26,000
4,369
1,804
45,789
3,240
115,099
6,200
5,856
1,344
587
25,090](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F65f26a51-33ad-4e7d-aaa3-82a7b83edd4d%2F1c3aedae-8c3d-4c8d-a208-ddd87099c4e7%2Fy7hcf7q_processed.jpeg&w=3840&q=75)
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