Answer Happy

Kate McNeil​'s
September
2021
Required
1.
Prepare the statement of financial position of the business at
30 September 2021.
2.
What does the statement of financial position​ report:
financial position or wealth​ generated? Which financial
statement reports the other​ information?
£
£
Equipment
17,500
Sales revenue
10,700
Inventories
55,000
Trade receivables
5,500
Loan payable
7,900
Trade payables
3,600
Rent expense
500
Kate McNeil's equity
?
Cash at bank
1,700
Salary expense
1,800
​(Complete the necessary drop downs. Fill in the relevant cells
with its corresponding​ figures.)
Question content area bottom
Part 1
Requirement 1
Fill in the heading for the statement of financial position.
Part 2
Enter all the assets in the first column and their amounts in
the second column. Add the assets to calculate the total
assets.
Assets
£
Part 3
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
£
Part 4
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
79,700
and total liabilities were
11,500.
Owner's equity
£
Part 5
Requirement 2
Choose the correct answer using the​ drop-down lists.
The statement of financial position reports
▼
financial position
wealth generated
.
Part 6
Now select the financial statement that reports wealth generated
of the company.
The
▼
statement of cash flows
statement of financial position
income statement
statement of owner's equity
reports wealth generated.