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Financial Statements


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