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4You notice the electricity account has been used instead of the Rent account for the sum of $750.00. Make the relevant correction.General journalDateDetailsDebitCredit1/5/xxRENT - electricity account750.00
1/5/XXRENT - electricity account - wrong account750.001/5/xxRENT - Rent Account750.00Trainer Comments14/03/2019 10:41AMRent account will be debited and electricity account will be creditedActivity 11A business has sales of $825,000 over the fiscal year to June 30th last financial year. Cost of goods Sold was $260,000 and administrative and sales expense was $180,000. Accumulated Depreciation was calculated at $65,000. Interest earnings were $15,000 and interest paid on loans was $35,000. The business is based in Australia.Assume a tax rate of 30% when making your calculations.What is the Net Income (after tax) for the Year Ending June 30th?Activity 11.docx (12.5 KB)Activity 12Prepare a balance sheet for a business that has provided the following figures. Short term loans payable $25,000, prepaid expenses $17,000, inventory $85,000, long term loans payable 42,000, equipment $60,000, paid in capital $35,000, PAYG tax withheld $15,000, accounts receivable $185,000, goodwill $15,000, cash $60,000, retained earnings $50,000, accounts payable $15,000, accumulated depreciation $12,000, expenses payable $20,000 and capital stock $15,000.
Goodwill15,000Accounts payable15,000Expenses payable20,000PAYG Tax withheld15,000Loans payable - short term25,000Loans Payable - long term42,000Capital stock15,000Paid in capital35,000Retained earnings50,000422,000229,000Net profit193,000422,000422,000Trainer Comments14/03/2019 10:46AMSatisfactoryPreviousActivity 131List at least four of the discrepancies you might find when completing a bank reconciliation.Trainer Comments
2If you find a customer has overpaid an invoice what would you do? (30–50 words)Trainer Comments14/03/2019 10:48AMSatisfactory