Exercise 18.14, 1. 848 Some of the most recent financial statements for Barium Pty Ltd are shown below :
i I cannot understand some items of the answer, can you please explain for me, thank you so much.
Exercise 18.14, 1. 848Some of the most recent financial statements for Barium Pty Ltd are shown below :`HYLAND PTY LTDComparative Statements of Financial Positionas at 30 June2020ASSETS2021Cash at bankAccounts receivable*$ 56 000$ 3600068 000Inventory192 000Sales equipment22120 000Accumulated depreciation - sales equipment4 000Land( 36000 )( 60 000 )160 00080 000Buildings240 000240 000Accumulated depreciation - buildings( 12000 )( 20 000 )LIABILITIES AND EQUITY$720 000$712 000Accounts payableBank overdraft$ 96000$ 104 00040 000Equity584 0.00608 000$720 0.00$712.000HYLAND PTY LTD{ Income Statementfor the year ended 30 June 2021Sales revenue*Expenses :$360 000Cost of sales:"Beginning inventory$ 192 000Purchases224 000$16000Ending inventory224 0.00$192 000Depreciation - sales equipmentDepreciation - buildings28000Other expenses ( paid in cash )8000Loss on sale of land80 000Loss on sales of equipment16000Profit12.0003:36.000$24 0.00Additional information*( a ) All purchases and sales of inventories are on credit!`( b ) On 1 July 2020 , the shareholders injected a further capital contribution of $ 28 0.00 cash intothe business .ACCT 5023 Financial Accounting _ Preparation Question Solutions _ Topic SPage 8 of 10
Show more
