50.1K
Verified Solution
Link Copied!
Below is the adjusted trial balance at 30 June 2021 for Sweet Home Alabama Treats owned by Lulu, B:
| Cash at bank | $56,000 | Machinery and Equipment | $200,000 |
| Wages Payable | 25,000 | Lulu, B. capital 1 July, 2020 | 80,000 |
| Accounts receivable | 46,000 | Depreciation expense machinery and equipment | 5,000 |
| Insurance expense | 12,000 | Advertising expense | 15,000 |
| Accounts payable | 75,000 | Wages expense | 60,000 |
| Sales revenue | 200,000 | Lulu, B. drawings | 15,000 |
| Loan payable | 100,000 | Baking supplies expense | 41,000 |
| Fuel expense | 10,000 | Baking supplies | 50,000 |
| Prepaid Insurance | 35,000 | Accumulated depr. machinery and equipment | 50,000 |
| Unearned Revenue | 15,000 | | |
Required:
a) Prepare a statement of financial position in account format for Sweet Home Alabama Treats as at 30 June 2021. (11 marks)
Answer & Explanation
Solved by verified expert
