The Following Information Was Prepared for Xi Services as at 30

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The Answer is a)

\begin{array}{c} ext {Xi Services}\ ext {Income Statement for the year ended 30 June 2018}\\\begin{array}{lrc} ext { Income } & \$ & \$ \ ext { Less Expenses: } & & 217,000 \ ext { Insurance expense } & 2,500 & \ ext { Doubtful debts expense } & 1,500 & \ ext { Interest } & 4,500 & \ ext { Depreciation of equipment } 1 & 9,900 & \ ext { Secretarial expenses } & 35,000 & \ ext { Salaries } & \underline{55,000} & \underline{108,400} \ ext { Profit } & & \underline{\$ 108,600}\end{array}\end{array}

{}^{1} ext { Depreciation }=15 \% imes \$(\$ 90,000-\$ 24,000)=\$ 9,900

b)Statement of financial position at 30 June 2018 $a) \begin{array}{c} ext {Xi Services}\ ext {Income Statement for the year ended 30 June 2018}\\ \begin{array}{lrc} ext { Income } & \$ & \$ \ ext { Less Expenses: } & & 217,000 \ ext { Insurance expense } & 2,500 & \ ext { Doubtful debts expense } & 1,500 & \ ext { Interest } & 4,500 & \ ext { Depreciation of equipment } 1 & 9,900 & \ ext { Secretarial expenses } & 35,000 & \ ext { Salaries } & \underline{55,000} & \underline{108,400} \ ext { Profit } & & \underline{\$ 108,600} \end{array}\end{array} {}^{1} ext { Depreciation }=15 \% imes \$(\$ 90,000-\$ 24,000)=\$ 9,900 b)Statement of financial position at 30 June 2018$

The Following Information Was Prepared for Xi Services as at 30

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