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a) Fully classified Income Statement

b) Statement of Changes in Equity

c) Fully classified Balance Sheet (Narrative format)

Universal Adelaide Stores Trial Balance as at 30 June 2021

Account Name	Debit ($)	Credit ($)
Cash at Bank	70 700
Accounts Receivable	19 500
Inventory (30 June 2021)	20 000
Supplies	4 600
Delivery Vehicles	35 000
Accumulated Depreciation Delivery Vehicles		9 000
Office Equipment	50 000
Accumulated Depreciation - Office Equipment		12 500
Office Furniture and Fixtures	65 000
Accumulated Depreciation-Office Furniture and Fixtures		15 000
Accounts Payable		25 100
Bank Loan		40 000
D. Clark, Capital (1 July 2020)		80 460
D. Clark, Drawings	20 800
Sales Revenue		530 000
Sales Returns	8 600
COS	234 260
Telephone Bills Payable		5 700
Advertising Expense	5 000
Allowance for Doubtful Debts		3 900
Selling and Distribution Expense	4 500
Depreciation Expense Delivery Vehicles	3 000
Depreciation Expense Office Equipment	5 000
Depreciation Expense Office Furniture and Fixtures	6 000
Discount Allowed	3 600
Doubtful Debts Expense	4 800
Salaries payable		2 000
Insurance Expense	2 600
Interest and Finance Expense	5 000
Office Administration Expense	33 700
Rent Expense	24 000
Wages and Salaries Expense	98 000
Totals	723 660	723 660

Additional Information:

• The business has paid 70% wages and salaries to office administration staff and 30% to selling and marketing staff.
• Total rent expense may be allocated by the fact that general administration staff occupied 80% of business premises. The selling and marketing staff occupied 20% of business premises.
• 20% of the loan is due on the 1 March 2022 and he remainder due in subsequent financial years.

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