Hi-Fi Way 609 Evans Drive Melbourne,VIC,3000 Australia.

Assignment has to be done on MYOB software.

Hi-Fi Way
609 Evans Drive Melbourne,VIC,3000 Australia
Balance Sheet
As of January 2019
7/9/2019
2:42:39 PM
Assets
Current Assets
Cash On Hand $83,624.00
accounts receivable $87,426.00
Less Prov'n for Doubtful Debts ($2,413.00)
Inventory $88,500.00
office supplies $1,229.00
Prepaid rent $5,000.00
Total Current Assets $263,366.00
Non current assets
Property & Equipment $27,483.00
Total Non current assets $27,483.00
Total Assets $290,849.00
Liabilities
Current Liabilities
Accounts payable $52,178.00
GST Liabilities $0.00
GST Collected $13,561.00
GST Paid ($10,372.00)
Payroll Liabilities $3,015.00
Interest payable $113.00
Short term loans $17,000.00
Total Current Liabilities $75,495.00
Long-Term Liabilities
Bank Loans $40,000.00
Total Long-Term Liabilities $40,000.00
Total Liabilities $115,495.00
Net Assets $175,354.00
Equity
Share capital $50,000.00
Retained Earnings $122,502.00
Current Year Earnings $2,852.00
Historical Balancing $0.00
Total Equity $175,354.00