Delalande's trial balance as at 30 April 2022 was as follows: Capital account as at 01...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Delalande's trial balance as at 30 April 2022 was as follows: Capital account as at 01 May 2021 Bank financing Creditors Debtors Purchases Bank Vehicles on 01 May 2021 Provision for depreciation 01 May 2021 Inventory as at 01 May 2021 Equipments on 01 May 2021 Provision for depreciation on 01 May 2021 Salaries Rent Insurance Commission General expenses Sales $ 4. Rent prepaid amounted to $5,000 5. Insurance includes a prepayment of $1,000. 6. Commission accrued during the year was $3,600. 44,750 181,000 42,100 46,000 25,500 26,250 27,500 24,739 $ 50,000 30,000 22,000 11,000 24,339 20,400 14,500 18,500 227,100 417,839417,839 The following information is relevant: 1. Inventory as at 30 April 2022 was valued at $46,000. 2. The equipments which were bought on 01 July 2017 were sold at $4,000 cash during the year ended 30 April 2022. The firm's policy is to depreciate equipments and vehicles at the rate of 20% per annum on straight-line basis and 25% per annum on reducing balance method respectively. A full year's depreciation is provided in the year of purchase and none in the year of disposal. 3. Salaries payable but owing amounted to $1,250. Prepare Delalande's income statement for the year ended on 30 April 2022 and statement of financial position as at that date after taking into account the above adjustments. Delalande's trial balance as at 30 April 2022 was as follows: Capital account as at 01 May 2021 Bank financing Creditors Debtors Purchases Bank Vehicles on 01 May 2021 Provision for depreciation 01 May 2021 Inventory as at 01 May 2021 Equipments on 01 May 2021 Provision for depreciation on 01 May 2021 Salaries Rent Insurance Commission General expenses Sales $ 4. Rent prepaid amounted to $5,000 5. Insurance includes a prepayment of $1,000. 6. Commission accrued during the year was $3,600. 44,750 181,000 42,100 46,000 25,500 26,250 27,500 24,739 $ 50,000 30,000 22,000 11,000 24,339 20,400 14,500 18,500 227,100 417,839417,839 The following information is relevant: 1. Inventory as at 30 April 2022 was valued at $46,000. 2. The equipments which were bought on 01 July 2017 were sold at $4,000 cash during the year ended 30 April 2022. The firm's policy is to depreciate equipments and vehicles at the rate of 20% per annum on straight-line basis and 25% per annum on reducing balance method respectively. A full year's depreciation is provided in the year of purchase and none in the year of disposal. 3. Salaries payable but owing amounted to $1,250. Prepare Delalande's income statement for the year ended on 30 April 2022 and statement of financial position as at that date after taking into account the above adjustments.
Expert Answer:
Answer rating: 100% (QA)
Delalandes Income Statement for the year ended 30 April 2022 Sales 227100 Less Cost of Goods Sold In... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Daisy Company's trial balance was in balance at the end of the period and showed the following accounts: Account Balance Accounts payable Cash $27,200 44,800 Common Stock 21,700 Equipment Land Notes...
-
What key components of a business model are very important in an enterprise?
-
Enter the transactions for Weeks 1 5 into the appropriate Journal for the month of June 2022. Next, post all the Journal transactions to the ledger accounts as specified in the Account System...
-
help me with questions 10, 11 and 12 to answer them for practiceolin data structures Given the following linked list definitions: struct listRec! string name; listRec *link, ;: nodeType *begin; Code...
-
Interest Revenue from Installment Sale Becker Corporation sells farm machinery on the installment plan. On July 1, 2010, Becker entered into an installment-sale contract with Valente Inc. for a...
-
At the instant shown in Figure 32. 40 , the potential difference across the capacitor is half its maximum value and the charge on the plates is increasing. Draw the direction of the current and...
-
Which of the following indicates a satisfactory situation from the viewpoint of good internal control? (a) The cashier reports to the treasurer. (b) Payroll accounting reports to the controller. (c)...
-
The motion of the uniform rod AB of mass 8 kg and length h L = 900 mm is guided by small wheels of negligible mass that roll on the surface shown. If the rod is released from rest when =20?,...
-
Research paper 1 page introduction to the Texas City Explosion 1947. Detailing a major national or international catastrophic occupational accident is required. The material must outline the...
-
The TimpRiders LP has operated a motorcycle dealership for a number of years. Lance is the limited partner, Francesca is the general partner, and they share capital and profits equally. Francesca...
-
Would more than a paragraph be written to describe the value a person might bring to a project?
-
When is a duty to disclose fraud to parties other than the client's senior management and its audit committee most likely to exist? a. When the amount is material. b. When the fraud results from...
-
Audit evidence can come in different forms with different degrees of reliability. Which of the following is the most persuasive type of evidence? a. Bank statements obtained from the client. b....
-
Derive Equation 3.47. \(\frac{1}{G_{12}}=\frac{v_{\mathrm{f}}}{G_{\mathrm{f} 12}}+\frac{v_{\mathrm{m}}}{G_{\mathrm{m}}} \tag{3.47}\)
-
An auditor would be least likely to use confirmations in connection with the examination of a. Inventory held in a third-party warehouse. b. Refundable income taxes. c. Long-term debt. d....
-
The permanent file section of the working papers that is kept for each audit client most likely contains a. Review notes pertaining to questions and comments regarding the audit work performed. b. A...
-
Celia works as a farm worker and is paid the minimum wage. Even though she works full time she still experiences poverty due to low wages. Even so, she and other farm workers insure that the larger...
-
What are the two methods used to translate financial statements and how does the functional currency play a role in determining which method is used?
-
Contribution analysis described in textbooks is too simplistic and is of little relevance to management. How far do you agree with this statement?
-
This chapter has emphasized that it is managers that make decisions and not management accountants. How far do you agree with this assertion?
-
The following transactions relate to Gordon's business for the month of July 2011: 1. Bought goods on credit from Watson. 2. Sold some goods for cash. 3. Sold some goods on credit to Moon. 4. Sent a...
-
The Rankine Corporation reported net income of \($10\) million in 2016, and it appears that net income for 2017 will be the same. During 2017, the company made the following expenditures: 1....
-
The following cash flow information was taken from the 2015 annual report for Johnson & Johnson. Compute the missing values in the table (amounts are in millions). Based on this data, how does the...
-
The following cash flow information was taken from the 2015 annual report for General Electric. Compute the missing values in the table (amounts are in millions). Based on this data, describe GEs...
Study smarter with the SolutionInn App