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Adaptive Lesson

Question 1

1 point

Fantasy Ltd has provide the follwing information that relates to the financial year end 30 June 2023 with the net profit of $56,531$ .

Account	Amount
Accounts Payable	$79,450$
Accounts receivable	$85,000$
Accrued wages	$50,127$
Accumulated depreciation-Equipment	$63,500$
Cash at bank	$71,500$
Cost of goods sold	$850,000$
Depreciation expense-Equipment	$12,000$
Equipment (at cost)	$256,000$
Gain on sale of investments	$21,000$
General and administrative expenses	$33,000$
General reserve	$24,000$
Income tax expense	$10,000$
Interest expense	$7,000$
Inventory	$83,481$
Loan(payable 30 December 2025)	$80,000$
Prepaid rent	$7,000$
Rent expense	$50,000$
Retained earnings (as at 1 july 2024)	$16,000$
Sales	$1,300,000$
Selling expenses	$130,000$
Share capital	$120,000$
Wages paid	$46,000$

Additional information not reflected in the above table

The sale figure includes an amount of $14,000$ that was received by deposit for goods that are due to be delivered in August 2023
The prepaid rent relates to the monthly rent on Fantasy Ltd's retail outlet in Flemington, which is paid in advance on the 15 of each month
The director has decided not to pay any dividends in 2013

a) Adjust for Prepaid Revenue:

After adding the prepaid revenue in the data then the total sale amount is

SectionAttempt 1 of 1

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