S Claus operates a small manufacturing business, trading underthe name of Toys-4-Kids. The following list of financial datarelates to the business as at 30 June 2016.
$131,950 Plant & equipment (net) $183, 000 Inventories 8,500 Reindeers 70, 300 Accounts payable 1,450 Cash 13,026 Salaries payable 1,500 Interest-bearing, long- Prepaid insurance Special food for reindeer 8,750 term Borrowings 155.000 198, 626 Contributed capital 44, 950 Retained profits Additional information 30% of the figure for interest-bearing borrowings is payable within 12 months of 30 June. Required Prepare a fully classified balance sheet for Toys-4-Kids as at 30 June 2016. (13 marks) Briefly explain how you would classify “reindeer. (2 marks) Show transcribed image text $131,950 Plant & equipment (net) $183, 000 Inventories 8,500 Reindeers 70, 300 Accounts payable 1,450 Cash 13,026 Salaries payable 1,500 Interest-bearing, long- Prepaid insurance Special food for reindeer 8,750 term Borrowings 155.000 198, 626 Contributed capital 44, 950 Retained profits Additional information 30% of the figure for interest-bearing borrowings is payable within 12 months of 30 June. Required Prepare a fully classified balance sheet for Toys-4-Kids as at 30 June 2016. (13 marks) Briefly explain how you would classify “reindeer. (2 marks)
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