Listed below are balances for 2016. 1. Classify each account as an asset, liability, revenue, expense or
Question:
Listed below are balances for 2016.
1. Classify each account as an asset, liability, revenue, expense or equity.
2. Prepare an income statement for the period ending 31 December 2016.
Transcribed Image Text:
Accounts receivable Sales Electricity Retained profits Loan Transportation costs 80 000 250 000 30 000 50 000 200 000 10000
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Based on the information provided in the image here is the classification of each account 1 Accounts ...View the full answer
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Related Book For
Financial Accounting An Integrated Approach
ISBN: 9780170349680
6th Edition
Authors: Ken Trotman, Michael Gibbins, Elizabeth Carson
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