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.