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Michael don ownd an eqiupment hire business under the name safety hure. Financial data for safety hire as of 30 june 2019 are as shown below Account receivable    73000 Wages expense    78000 Equipment hire income   200000 Adversing expense   32000 Prepaid insurance  9000 Account payable 88000 Insurance expense 7000 Cash at bank 48000 Equipment 190000 Michael don, capital   ? Required:  A) prepare an income statement for the business for the year ending 30 Th june 2019 B) prepare a balance sheet in narrative format for safety hire as at 30 june 2019 C) prepare a statement of changes in equity for the year and determine Michael don's capital at 30 june 2018

Michael don ownd an eqiupment hire business under the name safety hure. Financial data for safety hire as of 30 june 2019 are as shown below Account receivable    73000 Wages expense    78000 Equipment hire income   200000 Adversing expense   32000 Prepaid insurance  9000 Account payable 88000 Insurance expense 7000 Cash at bank 48000 Equipment 190000 Michael don, capital   ? Required:  A) prepare an income statement for the business for the year ending 30 Th june 2019 B) prepare a balance sheet in narrative format for safety hire as at 30 june 2019 C) prepare a statement of changes in equity for the year and determine Michael don's capital at 30 june 2018

FINANCIAL ACCOUNTING
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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Michael don ownd an eqiupment hire business under the name safety hure. Financial data for safety hire as of 30 june 2019 are as shown below

Account receivable    73000

Wages expense    78000

Equipment hire income   200000

Adversing expense   32000

Prepaid insurance  9000

Account payable 88000

Insurance expense 7000

Cash at bank 48000

Equipment 190000

Michael don, capital   ?

Required: 

A) prepare an income statement for the business for the year ending 30 Th june 2019

B) prepare a balance sheet in narrative format for safety hire as at 30 june 2019

C) prepare a statement of changes in equity for the year and determine Michael don's capital at 30 june 2018 

 

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