Below is the Trial balance of Miss Piggy & Kermit Inc. after his first years trading: Miss
Question:
Below is the Trial balance of Miss Piggy & Kermit Inc. after his first year’s trading:
Miss Piggy & Kermit Inc
Trial Balance as of 30 June 20X8
Dr. Cr
$ $
Revenue 99,082
Purchases 71,409
Rent 2,000
Printing and stationery 562
Electricity 1,266
Wages 9,492
Insurance 605
Premises 145,000
Computer equipment 8,000
Trade receivables 9,498
Other operating expenses 1,518
Trade payables 3,618
Cash at bank 6,541
Drawings 12,200
Motor vehicle 16,500
Motor expenses 3,109
Capital 185,000
287,700 287,700
Inventory on 30 June 20X8 was valued at $11,498.
Prepare the income statement for the year ended 30 June 20X8.
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield