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  3. henry ltd began operations on 1 july 2017. the adj

Henry Ltd began operations on 1 July 2017. The adjusted trial balance on 30 June...

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Question

Accounting

Henry Ltd began operations on 1 July 2017. The adjusted trial balance on 30 June 2019 are shown below:

Henry Ltd

Adjusted Trial Balance as at 30 June 2019

Account names

Dr

Cr

Cash

22,000

Prepaid Insurance

8,800

Supplies

9,600

Land

100,000

Motor Vehicles

580,000

Accumulated Depreciation Motor Vehicles

7,200

Factory Equipment

134,400

Accumulated Depreciation Factory Equipment

6,000

Accounts Payable

37,600

Rent Rev Recd in Advance

16,800

Salaries Payable

2,400

Interest Payable

8,400

Loan Payable

280,000

Share Capital

200,000

Retained Earnings 1 July 2018

280,000

Interest Revenue

85,600

Depreciation Expense

17,200

Insurance Expense

3,600

Interest Expense

8,400

Salaries Expense

34,400

Supplies Expense

5,600

Total

$924,000

$924,000

Required:

  1. Prepare an income statement and a calculation of retained earnings for the 12-month ended 30 June 2019. (9 marks)

  1. Prepare a statement of financial position as at 30 June 2019. (11 marks)

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