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Prepare a fully classified Statement of Financial Position

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Reference no: EM132822013

Question - Stone commenced business as a company under the name of 'StoneBuild', and the business has provided the following accounts and their closing balances for the year ended 30th June 2020:

StoneBuild Adjusted Trial Balance As at 30 June 2020

Accounts DR ($) CR ($)

Share capital 200,000

Property, plant and equipment (PPE) 550,000

GST Paid 25,000

Accounts payable 61,000

Accounts receivable 68,000

Cash at bank 43,000

Notes payable (due in 6 months) 30,000

Prepayments 10,000

Long-term debt (due in 7 years) 200,000

Land 110,000

GST Collected 34,000

Retained profits 184,000

Income taxes payable 32,000

Inventory 81,000

Patents and trademarks (expiring in 4 years) 44,000

Accumulated depreciation - PPE 190,000

Total 931,000 931,000

Required - Prepare a fully classified Statement of Financial Position (Balance Sheet) as at 30 June 2020.

Reference no: EM132822013

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