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Statement of profit or loss and balance Sheet
The following account balances have been extracted from Dunamis Stocks Pty Ltd's trial balance as at 31 August 2020:
Account Name
Balance ($)
Wages and salaries expense
12,900
Accounts Receivable
2,400
Inventory
3,200
Share capital
48,600
Sales Revenue
22,000
Unearned revenue
900
Rent expense
Prepaid rent
1,800
Notes payable (long-term)
8,000
Machinery
15,700
Depreciation expense
260
Cost of goods sold
12,600
Cash at bank
14,100
Bad debts expense
90
Allowance for doubtful debts
380
Advertising expense
1,150
Accumulated depreciation - Machinery
3,120
Accounts payable
6,200
Account receivable
9,600
Investment
15,000
Dividend received
2,000
Required:
From the trial balance above:
1. Complete a statement of profit or loss for the business, using the template provided
2. Prepare a properly classified balance sheet in the narrative form, using the template provided
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