Classified Balance Sheet at 31st December & Kase Mechanical Retailer - Accounting Assignment Help

Assignment Task

Question 

 Kase Mechanical is retailer of motor parts and accessories. 

At the commencement of the period 1 st July 20x1 the accounting equation for Kase Mechanical appeared as follows: 

a. In each of the following situations, identify whether the item should be included in the balance sheet of Kase Mechanical as at 31 December 20x1, and, if so, at what amount and under which classified heading e.g. Current Assets, Non Current Liabilities, etc. In all cases, brief reasons for your decision must be given.

 b. Prepare a classified Balance Sheet at 31st December 20x1 incorporating your decisions in part a. a. A freehold shop was bought in August 20x1 for $176,000. A mortgage of $160,000 was taken out to buy the shop in August 20x1 and the balance paid in cash b. Goods on the shelves at the end of the day of 31 December 20x1 have a resale value of $24,000 and were purchased from Transom for $16,000

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