The financial year of Liz King ended on 31 December 2011. From the following information, ascertain the

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The financial year of Liz King ended on 31 December 2011. From the following information, ascertain the amounts to be included in the statement of comprehensive income for the year ended 31 December 2001, through use of ledger accounts or otherwise.

1 Rent: owing at 1 January 2011 £110; paid in 2011 £540.

2 Marketing costs: paid in 2011 £111; owing at 31 December 2011 £34.

3 Royalties earned: received in 2011 £200; still owed at 31 December 2011 £40.

4 Insurance: prepaid at 1 January 2011 £32; paid in 2011 £865.

5 Wages and salaries: paid during 2011 £470; owing at 1 January 2011 £25; owing at 31 December 2011 £87.

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Frank Woods Business Accounting Basics

ISBN: 9780273725008

1st Edition

Authors: Frank Wood, Mr David Horner

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