What are the financial data for Safety Hire as of 30 June 2019? Accounts receivable Equipment hire income Accounts payable Michael Donato, capital Cash at bank Mortgage payable Building Wages expense Advertising expense Land Hire equipment Loan payable Electricity expense Telephone expense Answer: The financial data for Safety Hire as of 30 June 2019 are as follows: Accounts receivable: $63,000 Equipment hire income: $170,000 Accounts payable: $40,000 Michael Donato, capital: Unknown Cash at bank: $45,000 Mortgage payable: $130,000 Building: $85,000 Wages expense: $75,000 Advertising expense: $30,000 Land: $75,000 Hire equipment: $180,000 Loan payable: $50,000 Electricity expense: $18,000 Telephone expense: $7,500 To prepare the income statement for the month of June and a balance sheet in account format for Safety Hire as at 30 June 2019, we need to calculate the net income and total assets and liabilities based on the given financial data. The income statement for the month of June 30, 2019 would look like this: Particulars Amount ($) Equipment hire income $170,000 Total income $170,000 Less: Expenses Wages expenses $75,000 Advertising Expense $30,000 Electricity $18,000 Telephone Expense $7,500 Total expenses $130,500 Net Income (Total Income - Total Expenses) $39,500 The balance sheet in account format for Safety Hire as of 30 June 2019 would include the assets, liabilities, and capital based on the financial data provided. The capital amount for Michael Donato is still unknown and needs to be calculated to prepare the complete balance sheet. With the given information, the preparation of the income statement and balance sheet requires proper analysis and calculation to present the financial position of Safety Hire accurately.

Question

What are the financial data for Safety Hire as of 30 June 2019? Accounts receivable Equipment hire income Accounts payable Michael Donato, capital Cash at bank Mortgage payable Building Wages expense Advertising expense Land Hire equipment Loan payable Electricity expense Telephone expense   Answer: The financial data for Safety Hire as of 30 June 2019 are as follows: Accounts receivable: $63,000 Equipment hire income: $170,000 Accounts payable: $40,000 Michael Donato, capital: Unknown Cash at bank: $45,000 Mortgage payable: $130,000 Building: $85,000 Wages expense: $75,000 Advertising expense: $30,000 Land: $75,000 Hire equipment: $180,000 Loan payable: $50,000 Electricity expense: $18,000 Telephone expense: $7,500    To prepare the income statement for the month of June and a balance sheet in account format for Safety Hire as at 30 June 2019, we need to calculate the net income and total assets and liabilities based on the given financial data.  The income statement for the month of June 30, 2019 would look like this:         Particulars     Amount ($)           Equipment hire income     $170,000           Total income     $170,000           Less: Expenses           Wages expenses     $75,000           Advertising Expense     $30,000           Electricity     $18,000           Telephone Expense     $7,500           Total expenses     $130,500           Net Income (Total Income - Total Expenses)     $39,500      The balance sheet in account format for Safety Hire as of 30 June 2019 would include the assets, liabilities, and capital based on the financial data provided. The capital amount for Michael Donato is still unknown and needs to be calculated to prepare the complete balance sheet.  With the given information, the preparation of the income statement and balance sheet requires proper analysis and calculation to present the financial position of Safety Hire accurately.

Stefanie · Answer

Answer: The financial data for Safety Hire as of 30 June 2019 are as follows: Accounts receivable: $63,000 Equipment hire income: $170,000 Accounts payable: $40,000 Michael Donato, capital: Unknown Cash at bank: $45,000 Mortgage payable: $130,000 Building: $85,000 Wages expense: $75,000 Advertising expense: $30,000 Land: $75,000 Hire equipment: $180,000 Loan payable: $50,000 Electricity expense: $18,000 Telephone expense: $7,500

Prepare Income Statement and Balance Sheet for Safety Hire

What are the financial data for Safety Hire as of 30 June 2019?

Answer:

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Particulars	Amount ($)
Equipment hire income	$170,000
Total income	$170,000
Less: Expenses
Wages expenses	$75,000
Advertising Expense	$30,000
Electricity	$18,000
Telephone Expense	$7,500
Total expenses	$130,500
Net Income (Total Income - Total Expenses)	$39,500