Daniel's Cupcakes Ltd commenced operations on 1 July 2021. The company has provided the following accounts...

 

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Daniel's Cupcakes Ltd commenced operations on 1 July 2021. The company has provided the following accounts for the month of July. Accounts Accumulated Depreciation: Office Equipment Accumulated Depreciation: Office Furniture Advertising expense Cash at bank Cost of sales Drawings Depreciation expense - Office Equipment Depreciation expense - Office Furniture Insurance Expense Office Equipment Office Furniture Rent expense Sales revenue Utilities expense Wages expense Total Dr ($) 10,000 10,500 42,000 2,800 1,500 800 950 20,000 12,000 8,600 3,750 8,200 121,100 Cr ($) 17,000 8,100 96,000 121,100 Required: Based on the Trial Balance information, prepare a classified Income statement for Daniel's Cupcakes Ltd for the month ending 31 July 2021. (10 marks) Click or tap here to enter text. Daniel's Cupcakes Ltd commenced operations on 1 July 2021. The company has provided the following accounts for the month of July. Accounts Accumulated Depreciation: Office Equipment Accumulated Depreciation: Office Furniture Advertising expense Cash at bank Cost of sales Drawings Depreciation expense - Office Equipment Depreciation expense - Office Furniture Insurance Expense Office Equipment Office Furniture Rent expense Sales revenue Utilities expense Wages expense Total Dr ($) 10,000 10,500 42,000 2,800 1,500 800 950 20,000 12,000 8,600 3,750 8,200 121,100 Cr ($) 17,000 8,100 96,000 121,100 Required: Based on the Trial Balance information, prepare a classified Income statement for Daniel's Cupcakes Ltd for the month ending 31 July 2021. (10 marks) Click or tap here to enter text.

Answer rating: 100% (QA)

Income statement is a financial statement that sets out the income and expenses of ... View the full answer