Mr Mark Duck Invested into the Business, Mark’s Café | Business Accounting Assignment Help

 Internal Code: 1IBBF

Topic: Mr Mark Duck invested into the business, Mark’s Café: Business Accounting Assignment Help

Task 1: Use the info from the table below and calculate the missing amounts for each independent case: The following transactions occurred for Mark’s Café during June 2018:

1. Mr Mark Duck invested into the business, Mark’s Café:
   • land at $300 000 market value
   • building at $100 000 market value and
   • $50 000 cash
2. Purchased on account $30 000 of food supplies (i.e. inventory)
3. Borrowed $50 000 from the bank
4. Purchased equipment costing $60 000 for cash
5. Sold 10 000 hamburgers (i.e. inventory), costing $1 per hamburger for $3 cash per hamburger
6. Paid $20 000 to suppliers (refer to transaction 2)
7. Sold 5 000 hamburgers (i.e. inventory), costing $1 per hamburger for $3 per hamburger on credit
8. Paid electricity bill of $2 000
9. Paid $9 000 salary to employees
10. Paid $3 000 advertising expense
11. Mr Mark Duck withdrew $1 000 cash from the business for personal use
12. Received $15 000 from a debtor (i.e. credit customer, refer to transaction 7)

Required:

1. Journalese the above transactions:

2. Transfer the data of the transaction from the journal to the ledger accounts:
3. Use the template below and prepare a trial balance:

4. Use the above worksheet and prepare Mark’s Café financial statements (i.e. the Income statements, Statements of changes in owner’s equity and the Balance sheets) for 2017?2018 financial year.

5. Highlight the links between Mark’s Café financial statements.
6. Use the above information and prepare: closing entries
post?closing trial balance

Task 2:  Answer the following questions, recording the related workings for each answer:

1. 1. 1. 1. 1. How much equipment was purchased during the year?
            2. What was the depreciation expense for 2018?
            3. How much cash was received from customers during the year?How much cash was received from customers during the year?
            4. What is the interest expense for 2018?
            5. Were any shares issued?