The following items were taken from the accounting records of XYZ Corp Ltd: Adjusted Trial Balance...

 

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The following items were taken from the accounting records of XYZ Corp Ltd: Adjusted Trial Balance For the year ended June 30, 2021 Dr Cr Inventory May 1, 2020 Inventory June 30, 2021 Purchase discounts Purchases Capital Sales Revenue Sales Returns and Allowances Freight-Out Salaries Expense Utilities Expense Rent Expense Depreciation Expense Insurance Expense Interest Expense Interest Revenue Total 29000 31000 2600 368000 32500 536,800 11,700 7,600 68,000 18,000 24,000 9,000 4,500 3,600 2,500 574400 574400 a) Prepare a multi-column income statement for the year ended 30th June 2021. (10 marks) b) Will classified balance sheets and non-classified balance sheets generate different figures of assets, liabilities, and owner's equity? Why or why not? (2 marks) The following items were taken from the accounting records of XYZ Corp Ltd: Adjusted Trial Balance For the year ended June 30, 2021 Dr Cr Inventory May 1, 2020 Inventory June 30, 2021 Purchase discounts Purchases Capital Sales Revenue Sales Returns and Allowances Freight-Out Salaries Expense Utilities Expense Rent Expense Depreciation Expense Insurance Expense Interest Expense Interest Revenue Total 29000 31000 2600 368000 32500 536,800 11,700 7,600 68,000 18,000 24,000 9,000 4,500 3,600 2,500 574400 574400 a) Prepare a multi-column income statement for the year ended 30th June 2021. (10 marks) b) Will classified balance sheets and non-classified balance sheets generate different figures of assets, liabilities, and owner's equity? Why or why not? (2 marks)

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Income Statements Explanation a The muticolumn income statement is prepared in amore presented manne... View the full answer