Michael Don owns an equipment hire business under the name Safety Hire. Financial data for Safety Hire as of 30 June 2019 are shown as below: Equipment $ 190,000 Accounts receivable $ 73,000 Advertising expense 32,000 Equipment hire income 200,000 Prepaid insurance 9,000 Rental income 9,000 Insurance expense 4,000 Accounts payable 88,000 Electricity expense 3,000 Cash at bank 48,000 Salaries & wages expense 78,000 Required: Prepare an income statement for the business for the year ending 30 June 2019. Prepare a balance sheet in narrative format for Safety Hire as at 30 June 2019. Prepare a statement of changes in Equity for the year and determine Michael Don’s capital at 30 June 2018?

Michael Don owns an equipment hire business under the name Safety Hire. Financial data for Safety Hire as of 30 June 2019 are shown as below: Equipment $ 190,000 Accounts receivable $ 73,000...

Michael Don owns an equipment hire business under the name Safety Hire. Financial data for Safety Hire as of 30 June 2019 are shown as below:

Required:

Prepare a statement of changes in Equity for the year and determine Michael Don’s capital at 30 June 2018?

Jun 01, 2022