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4. The West Lake is a retail trader in Black River. The firm has provided the following accounts details...

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4. The West Lake is a retail trader in Black River. The firm has provided the following accounts details forg) Prepare the trial balance as at December 31, 2016.
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4. The West Lake is a retail trader in Black River. The firm has provided the following accounts details for 2016. Receipt from debtors Cash sales Investment income Disposal of machinery Bal c/d List of balances Details Wages owing Investment income owing Stock Creditors Equipment (book value) Machinery (book value) Motor vehicle (book value) Debtors Office expenses prepaid Rates owing- 10% Loan - 1 Cashbook 55,000 Bal b/d 60,000 22.500 11.500 Rent 106,000 255,000 Office expense Wages Loan repayment Payment to creditors Rates Loan interest Cash purchases Jan. 01 4,500 3.000 8.250 4.100 80.000 95,000 40.000 5.000 4.600 3.000 120,000 Dec. 31 6,000 5.500 9.500 6.750 78.000 75.000 36.000 Additional notes: i. The machinery that was sold had a book value of 15,000 ii. Discounts of 3,450 were allowed to credit customers 45,000 24.000 6.500 7.200 5.500 82.500 30,000 35.000 37.500 22,650 17,600 8,250 35,000 255,000 g) Prepare the trial balance as at December 31, 2016.

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a Capital at January 1 2016 Investment stock Equipment Machinery Motor Vehicle b case Debtor offic View the full answer


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Financial Reporting Financial Statement Analysis and Valuation a strategic perspective

Financial Reporting Financial Statement Analysis and Valuation a strategic perspective

ISBN: 978-1337614689

9th edition

Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

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Question Details
Chapter # 1- Overview of Financial Reporting, Financial Statement Analysis, and Valuation
Section: INTEGRATIVE CASE
Problem: 2
Posted Date: September 30, 2023 03:44:16
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