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Make the Income Statement for Car Parts Pty Ltd

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Question - The following account balances are provided for Car Parts Pty Ltd at 30 June 2019. Revenue and expense accounts cover the financial year ending on that date.

Accounts payable 20,000

Loan payable-long term 120,000

Cost of sales 84,000

Salaries expense 24,000

Accounts receivable 48,600

Office Equipment 14,000

Depreciation expense 2,000

Sales revenue 140,000

Cash at bank 50,000

Prepaid insurance 1,400

Accumulated depreciation-office equipment 2,000

Retained earnings (beginning of year) 1,800

Inventory 40,000

Share Capital 76,400

Office expenses 15,200

Advertisement expense 7,800

Land 75,000

Unearned service revenue 1,800

Required -

1. Make the Income Statement for Car Parts Pty Ltd for the year ended 30 June 2019.

2. Make a complete classified Balance Sheet using the narrative (report) format at 30 June 2019.

Reference no: EM132497151

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