Presented below are financial statement items for Vegas City (a sole trader) for the period ended 30
Question:
Presented below are financial statement items for Vegas City (a sole trader) for the period ended 30 September 2017. Determine which items should appear in the statement of profit or loss and which items should appear in the balance sheet.
Transcribed Image Text:
a. Cash b. Accounts receivable c. Service revenue d. Advertising expense e. Accounts payable f. Expenses owing g. Rent expense h. Internet expense i. Petrol expense j. Insurance expense k. Equipment $ 99 000 11000 26400 8 800 6600 3960 2420 660 6160 880 132 000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 28% (7 reviews)
a Cash 99000 Balance Sheet item b Accounts Receivable 11...View the full answer
Answered By
Rodrigo Louie Rey
I started tutoring in college and have been doing it for about eight years now. I enjoy it because I love to help others learn and expand their understanding of the world. I thoroughly enjoy the "ah-ha" moments that my students have. Interests I enjoy hiking, kayaking, and spending time with my family and friends. Ideal Study Location I prefer to tutor in a quiet place so that my students can focus on what they are learning.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting Business Reporting For Decision Making
ISBN: 9780730363415
6th Edition
Authors: Jacqueline Birt, Keryn Chalmers, Suzanne Maloney, Albie Brooks, Judy Oliver
Question Posted:
Students also viewed these Business questions
-
Presented below are financial statement items for Contanzos City (a sole trader) for the period ended 30 June 2013. Determine which items should appear in the income statement and which items should...
-
Presented below are selected financial statement items for Eaton Corporation for December 31, 2010. Instructions (a) Determine which items should be included in a statement of cash flows, and then...
-
A list of financial statement items for Morales Company includes the following: accounts receivable $14,000; prepaid insurance $2,600; cash $10,400; supplies $3,800; and debt investments (short-term)...
-
Ruff, Tuff, and Duff are parners sharing profits and losses 30/30/40 respectively. Their balance sheet is below: Cash Receivable from Ruff Property & Equipment $200,000 10,000 500,000 $710,000...
-
If you were starting your own business, how would you represent your product or services on your website? You can use whatever business youd like: home decorating, house painting, car repair, food...
-
If in a reactor, uranium 237 97 U loses 10% of its weight within one day, what is its half-life? How long would it take for 99% of the original amount to disappear?
-
Discuss the personnel and sound practices aspects of an internal control environment that relate to cash receipts transactions.
-
Recently, Ashland MultiComm Services has been criticized for its inadequate customer service in responding to questions and problems about its telephone, cable television, and Internet services....
-
Alexandra's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Alexandra's Boutique uses a periodic inventory system. Date Transactions October 1...
-
In Java Write a class named Patient that has fields for the following data: First name, middle name, and last name Street address, city, state, and ZIP code Phone number Name and phone number of...
-
John and Marylynne agree to form a partnership on 16 September 2017 to supply first-aid kits to motor vehicle dealers. They agree on the following market values given to them by an independent...
-
Jac and Kev are sole traders who run their own separate businesses providing accounting and bookkeeping services. On 31 December 2016, their individual balance sheets show the following accounts....
-
Find the first derivatives. f(t) = (t 2 + 1) 5
-
How many lines will be printed after executing the following code? counter - 0 while counter < 3: print(counter) print()
-
A waste heat recovery heat exchanger ( also called a recuperator ) is to be installed in a boiler system of a geothermal cogeneration plant. The initial cost of the recuperator is $ 1 4 , 0 0 0 . It...
-
1. Given that the speed of robot is [2,] in the local frame in V and W a. Find the transformation matrix that can convert the robot's local frame speed to the global frame speed in in x, y, and if...
-
Imagine you're weighing the decision to invest in a college education. You've got two options on the table: Option A is to jump straight into college, paying $10,000 per year for four years. Option...
-
Solve x+3=2
-
A ball of mass 0.10 kg moving with speed of 2.0 m/s hits a wall and bounces back with the same speed in the opposite direction. What is the change in the ball's kinetic energy?
-
Modify the counter from Exercise 5.44 such that the counter will either increment by 4 or load a new 32-bit value, D, on each clock edge, depending on a control signal Load. When Load = 1, the...
-
During late 2019, Ski Lifters commenced a new business in the alpine region to rent ski gear to tourists. A budget has been prepared for the coming financial year. Prepare a brief report to...
-
The following financial statements were prepared for the management of Back2Basics Ltd. The statements contain some information that will be disclosed in note form in the general purpose financial...
-
Arthur Thomson Lawyers operates in the local neighbourhood and has six solicitors who work on client briefs. For the coming year, each solicitor is budgeted to work 2400 billable hours. The main...
-
Find the NPV of the project below if your company WACC = 10% and the project has comparable risk to your firm's average risk. The project requires an immediate investment of $50,000 and generates a...
-
Performance appraisals are used throughout business to provide feedback and growth opportunities to employees; this in turn leads to increased productivity. Leaders create performance appraisals for...
-
Question 3 (4 marks) Students at the school who are studying mathematics in Years 7 to 10 can receive one of three grades at the end of the year: distinction (D), credit (C) or pass (P). A regular...
Study smarter with the SolutionInn App