Prepare the fully classified statement of financial position

Assignment Help Accounting Basics
Reference no: EM132280452

Question - Ms Kate Morris is the sole owner of Meowster, a pet service store that offers temporary accommodation and bathing services for cats. Following is Meowster's Adjusted Trial Balance prepared on 30 June 2018.

Meowster Adjusted Trial Balance as at 30 June 2018

Account

Debit

Credit

Cash at Bank

$12,500

 

Pet Bathing Supplies

4,400

 

Machines - Professional Pet Dryer

11,500

 

Accounts Payable

 

$1,000

Long - Term Bank Loan

 

17,100

Kate Morris, Capital

 

10,000

Kate Morris, Drawings

3,000

 

Bathing Service Revenue

 

12,600

Accommodation Service Revenue

 

7,500

Pet Bathing Supplies Expense

5,200

 

Wages Expense

5,600

 

Rent Expense

4,200

 

Utility Expense

1,700

 

Interest Expense - Bank Loan

100

 

 

$48,200

$48,200

Required -

(a) Prepare closing entries; no narration required.

(b) Prepare the fully classified Statement of Financial Position in the narrative format, based on the post-closing balances (you are not required to show the post - closing trial balance).

Reference no: EM132280452

Original goals of reducing drug use

In your opinion, what have been among the main outcomes of the War on Drugs? How close has it come to its original goals of reducing drug use and punishing drug suppliers?

What do you think are the most important knowledge assets

What do you think are the most important knowledge assets for this company? How could each of the following employee groups benefit from knowledge management? Designers and

Balance sheet accounts problem

The trial balance of Fink Company includes the following balance sheet accounts. Identify the accounts that might require adjustment. For each account that requires adjustme

Financial analysis section of a merchant bank

You work for the financial analysis section of a merchant bank and are asked to prepare a report on the following figures, which relate to a clothing retailer, who is looki

Motor distribution and transportation company

The board of directors of Tong & Fong Limited ("T&F"), a major motor distribution and transportation company, are considering bidding to be the exclusive authorised distribu

Describe the relative effects on income from operations

Describe the relative effects on Income from Operations as demonstrated by requirement 1 when costs are rising and when costs are falling. Describe the relative effects on Inc

How long the company owned the asset

A depreciable asset currently has a $24,500 book value. The company owning the asset uses straight-line depreciation. They paid $37,000 for this asset and consider it to hav

Determinable values be reported at fair market value

The single audit requirements apply only to state and local governments. Private not-for-profits do not have to comply with these requirements, even if they receive federal

Reviews

Write a Review

 
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd