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Financial data for Safety Hire as of 30 June 2019 are:
Accounts receivable
Equipment hire income
Accounts payable
Michael Donato, capital
Cash at bank
Mortgage payable
Building
$ 63 000
170 000
40 000
?
45 000
130 000
85 000
Wages expense
Advertising expense
Land
Hire equipment
Loan payable
Electricity expense
Telephone expense
$ 75000
30 000
75 000
180 000
50 000
18000
7 500
Required:
Prepare an income statement for the month of June and a balance sheet in account format for Safety
Hire as at 30 June 2019. (10 marks)

Relax

Respuesta :

Answer:

Explanation:

Safety Hire

Income statement for the Month of June 30,2019

particulars Amount ($) Amount($)

Equipment hire income $170,000  

Total income   170,000

 

Less; Expenses  

Wages expenses $75,000  

Advertising Expense $30,000  

Electricity $18,000  

Telephone Expense $7,500  

Total expenses  $130,500

Net Income(Total Income-Total Expenses)  $39,500

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