Prepare a fully classified balance sheet in narrative format

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Question - The following information relates to Horizon Financial Services on 30 June 2021.

Equipment 54,000

Prepaid Insurance 5,400

Wages Expenses 28,800

Cash at Bank 39,000

Service Revenue 64,000

Wages Payable 13,500

Depreciation expense - Equipment 5,400

Accounts receivable 5,300

Supplies Expense 2,760

Owner, Drawings 1,100

Unearned revenue 5,000

Supplies 2,600

Electricity Expense 4,440

Accounts payable 3,900

Capital ?

Loan payable (due in 2025) 7,000

Accumulated Depreciation- Equipment 24,000

Required - Prepare a fully classified Balance sheet in narrative format for the financial year?

Reference no: EM133053282

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