Insurance expense 8 180 7 880 9 060 9 060 wages 5 2

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Insurance Expense 8 180 (7) 880 9 060 9 060 Wages Expense 54 620 (5) 2 850 57 470 57 470 Advertising Expense 3 880 (4) 700 3 180 3 180 Maintenance Expense 7 600 7 600 7 600 Fuel and Oil Expense 10 680 (6) 350 11 030 11 030 $228 500 $228 500 Depr. Exp. – Removal Vans (1) 10 000 10 000 10 000 Depr. Exp. – Office Equipment (1) 1 200 1 200 1 200 Office Supplies Expense (2) 470 470 470 Prepaid Advertising (4) 700 700 700 Wages Payable (5) 2 850 2 850 2 850 Fuel and Oil Payable (6) 385 385 385 Insurance Payable (7) 968 968 968 $18 573 $18 573 $243 903 $243 903 100 010 143 893 149 203 Loss for the year (5 310) (5 310) $94 700 $94 700 $143 893 $143 893
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B. EVERTON REMOVALISTS Income Statement for the year ended 30 June 2013 INCOME Removal fees $94 700 EXPENSES Insurance expense $9 060 Wages expense 57 470 Advertising expense 3 180 Maintenance expense 7 600 Fuel and oil expense 11 030 Depreciation – vans 10 000 Depreciation – office equipment 1 200 Office supplies expense 470 100 010 LOSS $(5 310) C. EVERTON REMOVALISTS Statement of Changes in Equity for the year ended 30 June 2013 G. Everton, Capital – 1 July 2012 $76 600 Net loss for the year (5 310) Less Drawings (20 600) G. Everton, Capital – 30 June 2013 $50 690
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D. EVERTON REMOVALISTS Statement of Financial Position as at 30 June 2013 CURRENT ASSETS Cash at bank $8 140 Accounts receivable 12 860 Office supplies 170 Prepaid advertising 700 $21 870 NON-CURRENT ASSETS Removal vans $93 600 Accumulated depreciation (49 400) 44 200 Office equipment 6 200 Accumulated depreciation (4 700) 1 500 45 700 TOTAL ASSETS $67 570 CURRENT LIABILITIES Accounts payable 10 800 Unearned removal fees 260 GST payable 1 617 Wages payable 2 850 Fuel and oil payable 385 Insurance payable 968 16 880 NET ASSETS $50 690 EQUITY G. Everton, Capital 50 690 TOTAL EQUITY $50 690
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  • Three '12
  • KathyRudkin
  • Accounting, Balance Sheet, Generally Accepted Accounting Principles, 10 000, Revenue Cr, EVERTON REMOVALISTS

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