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25 June, 10:03

Financial data for Safety Hire as of 30 June 2019 are:

Accounts receivable

Equipment hire income

Accounts payable

Michael Donato, capital

Cash at bank

Mortgage payable

Building

$ 63 000

170 000

40 000

?

45 000

130 000

85 000

Wages expense

Advertising expense

Land

Hire equipment

Loan payable

Electricity expense

Telephone expense

$ 75000

30 000

75 000

180 000

50 000

18000

7 500

Required:

Prepare an income statement for the month of June and a balance sheet in account format for Safety

Hire as at 30 June 2019. (10 marks)

+4
Answers (1)
  1. 25 June, 12:08
    0
    Safety Hire

    Income statement for the Month of June 30,2019

    particulars Amount ($) Amount ($)

    Equipment hire income $170,000

    Total income 170,000

    Less; Expenses

    Wages expenses $75,000

    Advertising Expense $30,000

    Electricity $18,000

    Telephone Expense $7,500

    Total expenses $130,500

    Net Income (Total Income-Total Expenses) $39,500
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