Reference no: EM132919643

Leo Vu offers tutoring services to first-year university students. He has set up a sole proprietorship business named 'L Tutoring'.

Leo has collected the following information relating to his business activities for the year ending 30 June 2021.

Office supplies  $ 3,500
Accounts receivable  $4,200
Office supplies expense  1,500
Bank loan  9,000
Telephone expense  300
Accounts payable  2,350
Motor vehicle expense  450
Cash at bank 12,500
Computer equipment  12,300
Advertising expense  800
Tutoring income  15,000
Rent expense  1,200
Capital, 1 July 2020 4,500
Drawings 600

Problem 1: Using the above information calculate the following:
a) Total assets as at 30 June 2021.
b) Total liabilities as at 30 June 2021.
c) Net assets as at 30 June 2021.
d) Leo Vu's capital balance as at 30 June 2021.