Reference no: EM132626495
Question - Mowers R US Pty Ltd is a service based company. The account balances below are as at 30/6/2017.
Account name Balance $
Accounts payable 369,000
Accounts receivable 397,700
Accumulated depreciation - equipment 319,000
Advertising expense 40,200
Share Capital 1/7/2016 700,000
Retained Earnings 1/7/2016 306,220
Dividends Paid 63,080
Bank Overdraft 10,080
Building 870,000
Cash at bank 75,540
Electricity expense 40,200
Equipment 720,000
Motor vehicle 21,000
Mortgage payable (due on 30 June 2021) 123,000
Prepaid insurance 10,200
Rent expense 39,360
Rent revenue 32,280
Repairs revenue 790,800
Telephone expense 61,500
Wages expense 311,600
Using the above account balance information
Required -
1. Make the blank for Net Profit
2. Fully format a Balance Sheet in the Narrative Format.
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