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In the column marked Adjusted Totals, enter the amounts in all cells taking into account...

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Accounting

In the column marked Adjusted Totals, enter the amounts in all cells taking into account the following changes:

As at July 31st:

  • Owner purchases a $60,000 business vehicle by taking out a loan of $60,000
  • The June progress payment of $27,500 was received and another progress invoice of $27,500 issued
  • Salaries of $10,000 (incl super) & contractors of $17,500 paid (incl GST).

image

ECO Balance Sheet as at 30 June ECO Balance Sheet as at 30 June Adjusted Totals Assets Current Assets Cheque Account Trade Debtors Total Current Assets $41,518.00 $27,500.00 $69,018.00 Fixed Assets Equipment at Cost Equipment - Accumulated Depreciation Total Fixed Asssets $5,000.00 $2,000.00 $3,000.00 Total Assets $72,018.00 Liabilities Current Liabilities Trade Creditors GST Collected GST Paid Total GST Liabilities Credit Card Total Current Liabilities Total Liabilities $11,000.00 $2,500.00 $1,500.00 $1,000.00 $13,000.00 $13,000.00 Net Assets $59,018.00 Equity Retained Earnings - Current Owner's/Shareholder Capital Total Equity $39,018.00 $20,000.00 $59,018.00

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