1. Using the amounts for accounts provided below, open accounts in an Accounting Equation and perform the transaction analysis with the information provided. 2. Prepare the Income Statement, Statement of Changes in Equity and Balance Sheet for the year ended 30 June 20x1 3. Use the additional information to create a Budgeted Income Statement for the year 30 June 20x2. Account balances at the end of June 20x0: Accounts Payable 122,000
Accounts Receivable 79,600
Capital ?
Cash at Bank 623,000
Computer 72,000
Equipment 385,200
Inventory 1,808,000
Loan (Payable in 5 years) 202,600
Supplies 64,000 Transactions for the financial year 20X0 to 20x1 14-July Paid for Research and Development 42,100 by way of electronic transfer. 16-SeptemberPaid the wages of 190,000. 22-October Received 38,000 from customers who previously purchased goods on credit. 22-November Sold office equipment for 95,000 on account. 21-December Paid of part of the loan, 86,400. 19-January The owner withdrew 250,000 as a salary for his personal use. 14-February Sold products costing 640,000 for 790,000 on account. 28-March Purchased supplies costing 17,500 on credit. 29-April Paid the Account Payable that was owing at the beginning of the Financial Year. 15-June Sold products costing 628,000 were sold for 953,200 and received cash. Further information: For the financial year 20x2, the business anticipates increased value sales of 33%. The business also expects all expenses; (except the marketing), to increase by 8%. The Marketing Budget for the next financial year will be allocated exclusively to the new product and will be allocated as 15% of the expected Sales Revenue for 20x2.