Reference no: EM133090040
Question - Julia Accounting has provided the following accounts before balance day adjustments for the year ended 30th June 2018.
Account balances $
Accounts Payable 30,000
Supplies 10,000
Accounts Receivable 30,000
Accumulated Depreciation: Office Equipment 20,000
Interest on Loan 10,000
Bank Loan (due 30th June 2020) 100,000
Capital (1st July 2017) 147,000
Cash at Bank 300,000
Drawings 20,000
GST Collected 30,000
GST Paid 20,000
Office Equipment 100,000
Prepaid rent 20,000
Rent expense - Shop 4,000
Rent expense - Office 1,000
Service revenue 150,000
Rental revenue 50,000
Supplies expense - Shop 1,000
Supplies expense - Office 1,000
Unearned revenue 20,000
Wages expense - Shop 30,000
Wages expense - Office 10,000
Advertising agency expense 10,000
Utilities expense - Shop 5,000
Utilities expense - Office 5,000
Wages payable 30,000
Additional information:
i) Prepaid rent of $20,000 was paid on the 1 June 2018 for a 10 months' period (80% shop, 20% office).
ii) Utilities owed at the end of June totalled $5,000 (50% shop, 50% office).
iii) Total supplies of $6,000 have been used for advertising during the month of June.
iv) Office equipment depreciates at 10% per annum.
Required - Prepare a fully classified Statement of Financial Position (Balance Sheet) as at 30 June 2018.