Exercise 2: Income Statement, Balance Sheet And Statement Of Changes In Equity $ Accounts Payable 16,000 Accounts Receivable 30,000 Advertising 6,000 Bank 40,000 Land & Buildings 50,000 Capital (1/4/20X4) 98,000 Cost of Sales 60,000 Drawings 10,000 Computer Equipment 20,000 Inventories 30,000 Sales 1,80,000 Telephone and Power 8,000 Wages and Salaries 40,000 The following has not yet been recorded § The owner contributed a computer printer worth $800 § The owner took $5,000 cash to pay for a holiday § The owner took goods worth $600 for personal use. § The Advertising includes $50 paid for an advertisement for the sale of the owner’s private § Land & Buildings has been revalued at $150,000 Required: oo. Prepare the Income Statement pp. Prepare the Balance Sheet qq. Prepare the Statement of Changes in Equity Note: Use the same format/structure used in the course material
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