[anthea_1981]

This company has not kept proper accounting records and these are the records and balances:

2007 2008
Bank 14,500 -3,800
Accounts Receivable 10,350 14,780
Delivery Vehicles 39,000 76,000
Accum Depr - vehicle 13,900 22,100
Inventory 7,600 9,300
Accounts Payable 11,870 4,660
Bankk Loan ---- 25,000

During the year the owner took out 3,500 per month in drawrings and in April she contributed 15,000 extra into the business due to cash flow problem

I need to find the capital for the year ended 30/6/07 and 30/6/08 explaining the assets and liabilities.

[ROLCAM]

BALANCE SHEET AS AT 30TH JUNE 2008.

2008 2007

FIXED ASSETS
Delivery Vehicles 76,000 39,000
Accum Depr - vehicles -22,100 -13,900
TOTAL FIXED ASSETS 53,900 25,100

CURRENT ASSETS
Accounts Receivable 14,780 10,350
Inventory 9,300 7,600
Bank 0 14,500
TOTAL CURRENT ASSETS 24,080 32,450

TOTAL ASSETS 77,980 57,550

LONG TERM LIABILITIES
Bank Loan 25,000 0
TOTAL LONG TERM LIABILITIES 25,000 0

CURRENT LIABILITIES
Accounts Payable 4,660 11,870
Bank 3,800 0
TOTALCURRENT LIABILITIES 8,460 11,870

TOTAL LIABILITIES 33,460 11,870

NET ASSETS 44,520 45,680

EQUITY

CAPITAL 44,520 45,680

[deenaleach23]

Assume that weekly payroll of harry's homemade hats is 300 December 31 end of the year falls on Monday and harry's will pay its emplyee on fri for the full week what adjusting entry will harry's make on Monday December 31 isit salary exspense 60 salary payable 60 or salary expense 240 cash 240 or salary payable 300