The financial information of Sacha Murali's Music Store at 30 November 2021 is presented to the right. Required 1. Prepa

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The Financial Information Of Sacha Murali S Music Store At 30 November 2021 Is Presented To The Right Required 1 Prepa 1 (54.04 KiB) Viewed 16 times

The financial information of Sacha Murali's Music Store at 30 November 2021 is presented to the right. Required 1. Prepare the statement of financial position of the business at 30 November 2021. 2. What does the statement of financial position report: financial position or wealth generated? Which financial statement reports the other information? (Complete the necessary drop downs. Fill in the relevant cells with its corresponding figures.) Requirement 1 Fill in the heading for the statement of financial position Enter all the assets in the first column and their amounts in the second column. Add the assets to calculate the total assets. Assets £ Enter all the liabilities in the first column and their amounts in the second column. Add all the liabilities to calculate the total liabilities. Liabilities £ Our final step in completing the statement of financial position is to complete the owner's equity section and balance the totals. Remember that total assets were 57,000 and total liabilities were 10,600. Owner's equity Requirement 2 Choose the correct answer using the drop-down lists. The statement of financial position reports Now select the financial statement that reports wealth generated of the company. The reports wealth generated. C Equipment Inventories Loan payable Rent expense Cash at bank £ 13,400 Sales revenue 35,000 Trade receivables 5,200 Trade payables 600 Sacha Murali's equity 3,200 Salary expense £ 12,100 5,400 5,400 ? 1,800