Required: a Prepare an Income Statement for the year ended 31 December 2022. bPrepare a Statement of
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Required:
a Prepare an Income Statement for the year ended 31 December 2022.
b)Prepare a Statement of Financial Position as at that date.
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The following are the unadjusted ledger balances of Teresa Limited for the year ended 31 December 2022: Ordinary Share Capital Sales Trade payables Returns Outwards Purchases Returns Inwards Carriage outwards Carriage inwards Rental expense Insurance expense Marketing and selling expense Salaries Cash at Bank Opening Inventory Trade Receivables Office Equipment at cost Accumulated Depreciation (1st January 2022: Office Equipment) Furniture and Fittings at cost b) c) 1,000,000 1,116,000 d) e) f) 75,760 1,120 192,000 884 896 840 Additional information needed for year-end adjustments, are as follows: a) There is an amount of $4,850 included in the insurance expense, which is meant for January 2023. 140,000 77,600 171,280 160,000 110,580 58,800 120,000 1,000,000 100,000 260,000 The closing inventory as of 31 December 2022 amounts to $35,000. The company's management decided to write off $12,000 as irrecoverable debts for the financial period. There is an amount of $28,000 rental expenses outstanding as of 31 December 2022. The company provides depreciation of 10% depreciation on the cost of office equipment. The company depreciates furniture and fittings at 20% using the straight-line method. The following are the unadjusted ledger balances of Teresa Limited for the year ended 31 December 2022: Ordinary Share Capital Sales Trade payables Returns Outwards Purchases Returns Inwards Carriage outwards Carriage inwards Rental expense Insurance expense Marketing and selling expense Salaries Cash at Bank Opening Inventory Trade Receivables Office Equipment at cost Accumulated Depreciation (1st January 2022: Office Equipment) Furniture and Fittings at cost b) c) 1,000,000 1,116,000 d) e) f) 75,760 1,120 192,000 884 896 840 Additional information needed for year-end adjustments, are as follows: a) There is an amount of $4,850 included in the insurance expense, which is meant for January 2023. 140,000 77,600 171,280 160,000 110,580 58,800 120,000 1,000,000 100,000 260,000 The closing inventory as of 31 December 2022 amounts to $35,000. The company's management decided to write off $12,000 as irrecoverable debts for the financial period. There is an amount of $28,000 rental expenses outstanding as of 31 December 2022. The company provides depreciation of 10% depreciation on the cost of office equipment. The company depreciates furniture and fittings at 20% using the straight-line method.
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Income Statement for Particulars Amount Sales Less Returns 1115116 Closing Inventory 35000 Less C... View the full answer
Related Book For
International Financial Reporting and Analysis
ISBN: 978-1408075012
5th edition
Authors: David Alexander, Anne Britton, Ann Jorissen
Posted Date:
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