Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. listed below are balances at 30 june 2012. cash at

Listed below are balances at 30 June 2012. Cash at bank 210 000 Inventory...

70.2K

Verified Solution

Question

Accounting

Listed below are balances at 30 June 2012.

Cash at bank 210 000

Inventory 60 000

Sales 210 000

Wages 40 000

Cost of goods sold 70 000

Share capital 140 000

Accounts payable 30 000

Required:

  1. Classify each account as an asset, liability, revenue, expense, equity.
  2. Prepare an income statement for the period ending 30 June 201
  3. Prepare a balance sheet at 30 June 2012.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A T flip-flop is a 1-bit synchronous storage component alternative to the D flip-flop, with a...

Electrical Engineering
Q

The particular conditioned responses that we observe in the Pavlovian conditioning situation are thought to be...

Psychology
Q

Which of the following does NOT happen during M phase Nuclear envelope breakdown Nuclear envelope...

Biology
Q

A trihedral prism with refracting angle 60 deviates a light ray by 30 The refractive...

Physics
Q

What term describes the extent to which data points in a statistical distribution or data...

Basic Math
Q

Any line with an undefined slope is parallel to theline y = xy-axisx-axis

Basic Math
Q

Condensed financial data of Sunland Company for 2025 and 2024 are presented below.

Accounting
Q

please help!!! i will rate Cheyenne's Market United (CMU) is...

Accounting
Q

On October 1, 2022. Crane Manufacturing Company purchased a piece of high-tech equipment for $90,100...

Accounting
Q

Exercise 9-4 On January 1, 2017, Bridgeport Corp. acquires $328,000 of Spider Products, Inc. 9%...

Accounting
Q

The following events occurred during the ycar. Book the entries necessary for the comesponding transactions...

Accounting
Q

If you have one security with an expected return of 7% and a standard deviation...

Finance