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Question - Hayley Hamilton of Healthy Homes has provided a full list of her business accounts in alphabetical order with account balances for 30 June 2021. Hayley is trying to get a bank loan and needs to provide a current Balance Sheet with her application.
Name of Account
Account Balance
Accounts Payable
$17,850
Accounts Receivable
$17,595
Accumulated Depreciation - Office Equipment
$10,710
Advertising Expense
$8,160
Capital - H. Hamilton
$51,000
Cash
$91,724
Depreciation Expense
$5,355
Drawings - H. Hamilton
$3,824
Electricity expense
$1,148
Equipment
$16,575
Rent Received
$612
Loan payable (2025)
$12,750
Office Equipment
$96,900
Phone expense
$1,530
Prepaid Insurance
$3,570
Rent Received in advance
$6,069
Service Revenue
$170,340
Wages expense
$22,950
Required -
(a) Calculate the Profit (Loss) of Healthy Homes for 2021.
(b) Prepare a Balance Sheet in Narrative format for Healthy Homes.
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