A) statement of financial performance B) statement if changes in equity C) a ful

Question

A) statement of financial performance B) statement if changes in equity C) a fully classified statement of financial position adjusted trial balance of Matt Ferguson, The was as follows: an appliance repair service, as at 30 June 2016 MATT FERGUSON, APPLIANCE REPAIR SERVICE Adjusted Trial Balance as at 30 June 2016 Account name Debit $Credit $ Cash at bank Accounts receivable Prepaid insurance Store supplies Equipment Accumulated depreciation- equipment 75 540 397 700 10 200 21 000 720 000 319 000 Land Accounts payable Wages payable 870 000 369 000 10 080 123 000 1 006 220 9 Mortgage payable (due on 30 June 2021) M. Ferguson, Capital M. Ferguson, Drawings Repairs revenue Rent revenue Advertising expense Wages expense Electricity expense Rent expense Telephone expense 63 080 790 800 32 280 2 40 200 311 600 40 200 39 360 61 500 $2 650 380 $2 650 380

Explanation / Answer

A) Statement of financial performance $ $ Revenue: Repairs revenue 790800 Rent revenue 32280 823080 Expenses: Advertising expense 40200 Telephone expense 61500 Wages expense 311600 Electricirty expense 40200 Rent expense 39360 492860 Net income 330220 B) Statement of changes in equity M.Ferguson Capital M.Ferguson Drawings Beginning balance 1006220 63080 Add:Net income 330220 0 Ending balance 1336440 63080 C) Statement of financial position Assets $ $ Current assets: Cash at bank 75540 Accounts receivable 397700 Prepaid insurance 10200 Store supplies 21000 Total current assets 504440 Property.Plant and Equipment: Equipment 720000 Less:Accumulated depreciation-equipment 319000 Equipment Net of accumulated depreciation 401000 Land 870000 Net Property,Plant and Equipment (Note:3) 1271000 Total assets 1775440 Liabilities and stockholder's equity Current liabilities: Accounts payable 369000 Wages payable 10080 Total current liabilities 379080 Long-term liabilities: Mortgage payable (Note) 123000 Stockholder's equity: M.Ferguson Capital 1336440 M.Ferguson Drawings -63080 Total stockholder's equity 1273360 Total liabilities and stockholder's equity 1775440 Note:Maortgage payable was due after 6 years,Hence.it can be classsified as long-term liability.

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