Question 6 â€“ Worksheet and Financial StatementsTransactions for the year ending 30 June 20211.
Transactions for the year ending 30 June 2021
Credit Purchases of inventory $27,500
Cash Sales $25,000
Credit Sales $32,500
Paid Accounts Payable $12,500
Paid wages $10,000, wages owing at 30 June 2021 $1,500
$6,500 in rent was paid during the year. Rent is charged at $500 per month
Collection from Accounts Receivable $15,000
Interest paid on the Loan $750
Insurance expense incurred but not yet recorded $2,500
The company paid a subscription of $3,000 relating to the period 1 April 2021 to 31 January 2022
The Directors agreed to a wages bonus of $10,000 for good performance this year. It was announced to staff in June but had not been paid as at 30 June 2021
Electricity of $2,000 for the period March 2021 to June 2021 not paid
Depreciation of Furniture & Fittings 10% of cost
Bad debts written off using the direct method $1,500
Dividends paid at 30 June 2021 of $2,000
Stock at end of June 2020 $22,500
Accounts Payable are used for inventory purchases only
6a) Complete the attached spreadsheet containing the Worksheet, Income Statement for the year ending 30 June 2021 and Balance Sheet as at 30 June 2021, and then upload it below.
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