1102AFE Accounting for Decision Making Trimester 1 2017

Presented below are financial items for Arnold Enterprises (a sole trader)
for the year ended 30 June.
Cash - $9,900 Rent expense - $2,420
Capital at the start of the year 174,860 Internet expense - 660
Accounts receivable - 11,000 Petrol expense- 6,160
Service revenue - 26,400 Insurance expense - 880
Advertising expense - 8,800 Equipment - 142,000
Accounts payable - 16,600 Drawings for the year 40,000
Expenses owing - 3,960

Total expenses for year ended 30 June Profit for year ended 30 June
Advertising expenses $8,800 Service revenue $26,400
Expenses owing $3,960 LESS Advertising expenses $8,800
Rent expense $2,420 Expenses owing $3,960
Internet expense $660 Rent expense $2,420
Petrol expense $6,160 Internet expense $660
Insurance expense $880 Petrol expense $6,160
TOTAL $22,880 Insurance expense $880
Net Profit $3520
Total Assets as at 30 June Total Liabilities as at 30 June
Cash $9,900 Rent Expenses $2420
Equipment $142,000 Expenses owing $3960
Accounts Receivable $11,000 Insurance expense $880
TOTAL $162,900 Internet Expense $660
Accounts payable $16,600
TOTAL $24,520

Total Owners Equity as at 30 June Verify that Owners Equity is correct

Opening balance of capital = $174,860 OE = A-L
PLUS Net Profit $3,520 OE = $162,900 - $24,520
LESS Drawings $40,000 OE = $138,380
Closing Balance $138,380