Listed below are Madali Lang 'To Company accounts and their balances for 2018: Sales Cash on...

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Listed below are Madali Lang 'To Company accounts and their balances for 2018: Sales Cash on Bank Accounts Payable Wages Expense Share Capital Cost of Goods Sold Inventory Electricity Expense Accounts Receivable Travel Expenses P 680,000 1,230,000 340,000 100,000 1,180,000 230,000 150,000 80,000 380,000 30,000 Required: 1. Classify each account as revenue, expense, asset, liability or share capital. 2. Prepare an income statement for the year ended June 30, 2018. Listed below are Madali Lang 'To Company accounts and their balances for 2018: Sales Cash on Bank Accounts Payable Wages Expense Share Capital Cost of Goods Sold Inventory Electricity Expense Accounts Receivable Travel Expenses P 680,000 1,230,000 340,000 100,000 1,180,000 230,000 150,000 80,000 380,000 30,000 Required: 1. Classify each account as revenue, expense, asset, liability or share capital. 2. Prepare an income statement for the year ended June 30, 2018.

Answer rating: 100% (QA)

1 Revenue Sales 680000 Accounts receivable 380000 Expense Wages ... View the full answer