Reference no: EM133004421

Question - 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

Required - Using the above information calculate the following:

a) Calculate the total assets as at 30 June 2021.

b) Calculate the total liabilities as at 30 June 2021.

c) Calculate the net assets as at 30 June 2021.

d) Calculate the total Leo Vu's capital balance as at 30 June 2021.