Michael Don owns an equipment hire business under the name Safety Hire. Financial data for Safety Hire as of 30 June 2019 are shown as below:.
| Account | Balance ($) |
| Accounts receivable | 73,000 |
| Wages expense | 78,000 |
| Equipment hire income | 200,000 |
| Advertising expense | 32,000 |
| Prepaid insurance | 9,000 |
| Accounts payable | 88,000 |
| Insurance expense | 7,000 |
| Cash at bank | 48,000 |
| Equipment | 190,000 |
| Michael Don, capital | ? |
Required:
a) Prepare an income statement for the business for the year ending 30 June 2019.
b) Prepare a balance sheet in narrative format for Safety Hire as at 30 June 2019.
c) Prepare a statement of changes in Equity for the year and determine Michael Don’s capital at 30 June 2018?
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