From the following account balances to 30 June 2020 prepare a statement of financial position...
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Accounting
From the following account balances to 30 June 2020 prepare a statement of financial position in the narrative classified format. Note: you will need to determine the balance of the retained earnings.
A: retained earnings = ?
Type of Account
$
Accounts Receivable
46500
Provisions
50000
Prepayments
1200
Sales Revenue
455000
Plant and Equipment
220000
Other Current Assets
11000
Borrowings
120000
Interest on Borrowings E
6000
Accumulated Depreciation
48500
Accounts Payable
26000
Share Capital
450000
Land and Buildings
339000
Inventory
78000
Two Year Term Deposit
98500
Cash at Bank
32000
Retained Earnings
?
Salaries expense
215000
Salaries Accrued
12500
Insurance Expense
9000
Annual Depreciation
22000
Utilities Expense
8500
Selling Expenses
25000
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