On December 31, 2016 the following Trial Balance was extracted from the books of Jona Willis. Details/Accounts
Question:
On December 31, 2016 the following Trial Balance was extracted from the books of Jona Willis.
Details/Accounts | Dr | Cr |
Capital |
| 100,900 |
Acc. Prov. for Depreciation: Fixtures and Fittings Jan. 2016 |
| 3,000 |
Acc. Prov. for Depreciation: Motor Vehicle Jan. 2016 |
| 3,300 |
Accounts payable |
| 27,000 |
Commission Received |
| 3,600 |
Loan |
| 12,000 |
Sales |
| 41,000 |
Purchases | 11,600 |
|
Office Expenses | 12,400 |
|
Miscellaneous Expenses | 740 |
|
Salary and Wages | 7,800 |
|
Carriage inwards | 100 |
|
Telephone Expense | 240 |
|
Rent expense | 2,100 |
|
Electricity Expense | 1,140 |
|
Discounts allowed | 160 |
|
Return Inwards | 400 |
|
Stock, January 1, 2016 | 3,600 |
|
Accounts receivable | 39,000 |
|
Cash at Bank | 23,400 |
|
Drawings | 8,920 |
|
Land | 39,200 |
|
Fixtures and Fittings | 17,000 |
|
Motor Vehicle | 23,000 |
|
| 190,800 | 190,800 |
The following additional information has been made available:
- Electricity expense accrued $1000.
- Rent expense prepaid $800.
- Depreciation is to be provided for as follows: Motor Vehicle at 15% of cost; Fixtures and Fittings at 10% reducing balance method.
- Stock at December 31, 2016 was valued at $2,800.
Required
Prepare an income statement