MEIZU 16 X Purchases $1,200,000 Purchases Discounts $60,000 Purchases Returns and Allowance $80,000 Transportation In Expenses $100,000 Sales Salaries Expense $210,000 Advertising Expense $28,300 Depreciation Expense Store Equipment $4,600 Miscellaneous Selling Expense $1,100 Office Salaries Expense $41,000 Rent Expense $22,150 Insurance Expense $12,750 Depreciation Expense Office Equipment $9,000 Office Supplies Expense $600 Miscellaneous Administrative Expense $1,200 Interest Revenue $5,000 Interest Expense $4,000
Cash Accounts Receivable Inventory (July 1, 20x0) Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation - Office Equipment Store Equipment Accumulated Depreciation - Store Equipment Accounts Payable Salaries Payable Bank Loan Rashid Yacob, Capital Rashid Yacob, Drawing Sales Sales Returns and Allowances Sales Discounts
$26,500 $112,000 $10,000 $2,600 $6,800 $64,000
$10,800 $117,500
$48,600 $27,000 $2,000 $30,000 $268,000 $25,000 $1,500,000 $21,000 $11,000
Additional information: Inventory as at June 30, 20x1 amounted to $100,000.
Instructions:
1. Prepare a statement of comprehensive income for the year ended June 30, 20x1.
2. Prepare a statement of financial position, assuming that the current portion of the bank loan is $2,500.