Question

The information below was provided by Hanna’s shop at 30 June 2019. Item $ Capital (at...

The information below was provided by Hanna’s shop at 30 June 2019.

Item

$

Capital (at 1 July 2018)

925,000

Bank loan (due in 2025)

421,000

Machine

175,000

Bank overdraft

42,000

Accounts receivable

50,000

Depreciation on Assets

20,000

Drawings

160,000

Accounts payable

95,000

Cash at Bank

85,000

Investment revenue – rent received

70,000

Rental expenses on factory

38,000

Wages and Salaries

125,000

Service revenue

385,000

Land and Buildings

1,285,000

Prepare an income statement, a statement of changes in equity and a balance sheet for Hanna’s shop at 30 June 2019. Please ensure you use the correct format for each financial report, you write the correct heading and date for each financial report, and you correctly classify assets and liabilities as current/non-current.

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