Sample ACCOUNTING EXAM Question on Preparation of Accounting Income Statement, Statement of Financial Position, Statement on Changes in Equity

Question on preparing income statement, statement of financial position and statement on changes in equity: 

Additional Information:

1. 1)  Insurance of $100 per month has been paid to provide coverage until 31 August 2007.
   
2. 2)  An order for $1 200 of goods was received with payment on 6 June 2006. By 30 June 2006, it had not been delivered and hence was carried forward as unearned revenue. The goods were delivered on 10 July 2006.
   
3. 3)  A physical stock take on 30 June 2007 revealed $49,900 worth of inventory on hand.
   
4. 4)  Rent is $2 000 per month. The last rent payment was made on 1 May 2007 which covered to the end of that month.
   
5. 5)  The annual depreciation charges for the shop shelving and office furniture and fittings are $5 000 and $3 200 respectively.
   
6. 6)  A new motor vehicle was purchased on 1 April 2007 for $40 000. It is expected to have a useful life of 4 years, after which time it is expected to have a residual value of $8 000.
   
7. 7)  Doubtful debts are to be provided for at 4% of the closing balance of debtors for the period.
   
8. 8)  $12 000 of the Office Operating Expenses were specifically incurred in carrying out credit department duties ( for example, debtor credit assessments and collecting debts). $84 000 of the wages expense specifically relates to sales staff wages.
   

REQUIRED

a) Prepare a fully classified income statement for the period in question
b) Prepare a fully classified statement of financial position for the period in question
c) Prepare a Statement of Changes in Equity 

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