Reference no: EM13912136
The Balance Sheet of the book wholesaler “Read More Books”, owned by John Read, reported assets of $215,500 and liabilities of $93,500 as at 1 July 2014.
You are presented with the following extract from the business accounts at 30 June 2015. Note that the information provided represents an extract from the business accounting records only.
Rent paid and incurred for the year $26 000
Accounts Receivable 30 June 2015 16 900
Wages paid and incurred for the year 84 800
Insurance paid and expired for the year 15 050
On 30th June 2015 purchased a new book display rack on credit 16 300
Payments made to creditors during the year 67 000
Book Sales:
on credit 200 000
for cash 25 000
Bought Office Stationery:
with cash 680
on credit 1 420
Additional information:
Amounts still owing to suppliers at 30 June 2015 total $33,400.
The firm had no office stationery at the start of the financial period and had $300 of office stationery on hand at 30 June 2015.
The owner withdrew $35,000 during the year.
REQUIRED:
Using the appropriate information provided above,:
a. Prepare an Income Statement for the year ended 30 June 2015
b. Prepare a Statement of Changes in Equity for the same period.
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