Colombo Commenced Business as a Sole Proprietor Providing Computer Repair

question 46

Essay

Colombo commenced business as a sole proprietor providing computer repair services on 1 June. Colombo contributed land and buildings at $120 000, equipment at $19 000 and cash of $13 000. Transactions during June were as follows:
(a) Complete a worksheet for the month of June, including any final adjustments. Record all property, plant and equipment in a single column of that name.
(b) Prepare the statement of comprehensive income for June and the balance sheet at 30 June.

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Definitions:

Supply Chain

The network of all the individuals, organizations, resources, activities, and technology involved in the creation and sale of a product, from the delivery of source materials from the supplier to the manufacturer, and finally to the consumer.

Retailers

Retailers are businesses that sell goods or services directly to consumers, acting as the final link in the supply chain from manufacturers to consumers.

Consumers

Individuals or groups who purchase products or services for personal use rather than for manufacturing or resale.

Retail Partner

A business alliance between manufacturers and retail stores, where both parties work together to sell products to the end consumer, often involving special agreements or exclusive deals.