XYZ Holdings is a company that purchases widgets from Company ABC. This is their first year of operations. The accounts for the financial year ending 30 June 2021 are as follows: Sales 100,000 Accounts receivable 80,000 Drawings 20,000 Building 20,000 Bank loan, due 30 June 2030 100,000 Cost of sales 50,000 Accumulated depreciation - Building 10,000 Cash 60,000 Wages 15,000 Opening retained profit 0 Electricity 500 Capital 50,000 Property, plant and equipment 20,000 Depreciation 12,000 Accounts payable 30,000 Accumulated depreciation - Property, plant and equipment 2,000 Accrued expenses 500 Interest expense 5,000 Insurance expense 10,000 Closing retained profit ??? Required: Prepare a balance sheet in the Excel template in the 'Balance Sheet' tab on the LMS, upload your worksheet. Ignore GST and taxes.
XYZ Holdings is a company that purchases widgets from Company ABC. This is their first year of operations. The accounts for the financial year ending 30 June 2021 are as follows: Sales 100,000 Accounts receivable 80,000 Drawings 20,000 Building 20,000 Bank loan, due 30 June 2030 100,000 Cost of sales 50,000 Accumulated depreciation - Building 10,000 Cash 60,000 Wages 15,000 Opening retained profit 0 Electricity 500 Capital 50,000 Property, plant and equipment 20,000 Depreciation 12,000 Accounts payable 30,000 Accumulated depreciation - Property, plant and equipment 2,000 Accrued expenses 500 Interest expense 5,000 Insurance expense 10,000 Closing retained profit ??? Required: Prepare a balance sheet in the Excel template in the 'Balance Sheet' tab on the LMS, upload your worksheet. Ignore GST and taxes.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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XYZ Holdings is a company that purchases widgets from Company ABC. This is their first year of operations.
The accounts for the financial year ending 30 June 2021 are as follows:
Sales | 100,000 |
80,000 | |
Drawings | 20,000 |
Building | 20,000 |
Bank loan, due 30 June 2030 | 100,000 |
Cost of sales | 50,000 |
10,000 | |
Cash | 60,000 |
Wages | 15,000 |
Opening retained profit | 0 |
Electricity | 500 |
Capital | 50,000 |
Property, plant and equipment | 20,000 |
Depreciation | 12,000 |
Accounts payable | 30,000 |
Accumulated depreciation - Property, plant and equipment | 2,000 |
Accrued expenses | 500 |
Interest expense | 5,000 |
Insurance expense | 10,000 |
Closing retained profit | ??? |
Required:
Prepare a
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