Good Enterprise was established 3 years ago. The business sells health and beauty products. The Trial...

  

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Good Enterprise was established 3 years ago. The business sells health and beauty products. The Trial Balance of the business as per below: Cash Bank Good Enterprise Trial Balance as at 31 December 2021 Accounts RM Inventory (1 January 2021) Account receivables Prepaid insurance expenses Land Buildings Accumulated depreciation - buildings Equipment Accumulated depreciation - equipment Account payables Bank overdraft Mortgage loan Sales Purchases Salary expenses Repair expenses Advertising expenses Utility expenses Property tax expenses Interest expenses Capital Total 34,400 42,000 38,000 59,000 18,600 120,000 90,000 110,000 103,000 64,000 15,500 10,400 15,900 10,000 5,500 736,300 RM2 4,000 4) Accrued interest expenses is RM5,300. 5) Accrued property tax expenses is RM2,700. 6) Closing inventory as at 31 December 2021 is RM39,700. 26,200 24,600 15,420 50,000 294,600 321,480 736,300 Additional information: 1) Depreciation for the year is RM1,000 for the buildings and RM4,200 for the equipment. 2) Allowance for doubtful debt is allocated 3% of the account receivables. 3) Insurance expenses for the year is RM11,600. You are required to prepare: 1) Income Statement for the year ended 31 December 2021. 2) Statement of Financial Position as at 31 December 2021. Good Enterprise was established 3 years ago. The business sells health and beauty products. The Trial Balance of the business as per below: Cash Bank Good Enterprise Trial Balance as at 31 December 2021 Accounts RM Inventory (1 January 2021) Account receivables Prepaid insurance expenses Land Buildings Accumulated depreciation - buildings Equipment Accumulated depreciation - equipment Account payables Bank overdraft Mortgage loan Sales Purchases Salary expenses Repair expenses Advertising expenses Utility expenses Property tax expenses Interest expenses Capital Total 34,400 42,000 38,000 59,000 18,600 120,000 90,000 110,000 103,000 64,000 15,500 10,400 15,900 10,000 5,500 736,300 RM2 4,000 4) Accrued interest expenses is RM5,300. 5) Accrued property tax expenses is RM2,700. 6) Closing inventory as at 31 December 2021 is RM39,700. 26,200 24,600 15,420 50,000 294,600 321,480 736,300 Additional information: 1) Depreciation for the year is RM1,000 for the buildings and RM4,200 for the equipment. 2) Allowance for doubtful debt is allocated 3% of the account receivables. 3) Insurance expenses for the year is RM11,600. You are required to prepare: 1) Income Statement for the year ended 31 December 2021. 2) Statement of Financial Position as at 31 December 2021.

Answer rating: 100% (QA)

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