XYZ Holdings is a company that purchases widgets from Company ABC. This is their first year of operations.The accounts for the financial year ending 30 June 2021 are as follows: Sales 100,000 Accounts receivable 80,000 Drawings 20,000 Building 20,000 Bank loan, due 30 June 2030 100,000 Cost of sales 50,000 Accumulated depreciation - Building 10,000 Cash 60,000 Wages 15,000 Opening retained profit 0 Electricity 500 Capital 50,000 Property, plant and equipment 20,000 Depreciation 12,000 Accounts payable 30,000 Accumulated depreciation - Property, plant and equipment 2,000 Accrued expenses 500 Interest expense 5,000 Insurance expense 10,000 Closing retained profit ??? Required:Prepare a balance sheet in the Excel template in the 'Balance Sheet' tab on the LMS, upload your worksheet. Ignore GST and taxes.

XYZ Holdings is a company that purchases widgets from Company ABC. This is their first year of operations. The accounts for the financial year ending 30 June 2021 are as follows: Sales 100,000...

XYZ Holdings is a company that purchases widgets from Company ABC. This is their first year of operations.

The accounts for the financial year ending 30 June 2021 are as follows:

Sales	100,000
Accounts receivable	80,000
Drawings	20,000
Building	20,000
Bank loan, due 30 June 2030	100,000
Cost of sales	50,000
Accumulated depreciation - Building	10,000
Cash	60,000
Wages	15,000
Opening retained profit	0
Electricity	500
Capital	50,000
Property, plant and equipment	20,000
Depreciation	12,000
Accounts payable	30,000
Accumulated depreciation - Property, plant and equipment	2,000
Accrued expenses	500
Interest expense	5,000
Insurance expense	10,000
Closing retained profit	???

Required:

Prepare a balance sheet in the Excel template in the 'Balance Sheet' tab on the LMS, upload your worksheet. Ignore GST and taxes.

Jun 11, 2022