Question: *NOTE: Need to prepare Income statement and balance sheet Prepare Income Statement and a Balance Sheet from below Trial Balance. Trial Balance: stock on 1st

*NOTE: Need to prepare Income statement and balance sheet

Prepare Income Statement and a Balance Sheet from below Trial Balance.

Trial Balance:

stock on 1st Jan 2020 7,000

carriage outward 0

carriage inward 0

returns inward 0

returns outward 0

purchases 24,000

sales 42,000

salaries and wages 7,000

rent 600

building 15,800

Van 0

Furniture 0

Account receivable 7,000

Account payable 5,500

Cash 3,900

Drawing 4,200

Capital 16,000

Short Term Loan 6000

closing stock 31 Dec 2020 6,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

*NOTE: Need to prepare Income statement and balance sheet QUESTION: Prepare Income Statement and a Balance Sheet from below Trial Balance. Trial Balance: stock on 1st Jan 2020 7,000 carriage outward...

Q:

*NOTE: Need to prepare Income statement and balance sheet Prepare Income Statement and a Balance Sheet from below Trial Balance. Trial Balance: stock on 1st Jan 2020 7,000 carriage outward 0 carriage...

Q:

prepare income statement and balance sheet STEP 2: Adjusting Entries Debit Credit 6,000 Trial Balance Debit Credit 180,000 270.000 20,000 390,000 24,000 200.000 300,000 1,600,000 625.000 100,000...

Q:

Please answer 1st question. Prepare journal entries for July transaction and transfer to the general ledger and subsidiary ledger. QUESTION 2 Mr Imran opened a supplier business to a retail business...

Q:

ABC Company makes steel tool cabinets for offices. They are in the process of preparing a Master Budget including the Operating budget, Cash Statement, Income Statement and Balance Sheet for 2020....

Q:

HI, I am having trouble finding the percentage change that must occur to the NUMERATOR value AND the DENOMINATOR value of each forecasted ratio in order to achieve the improvement required by the...

Q:

Answer For Question 2 - Prepare Income Statement and Balance Sheet QUESTION 2 Mr Imran opened a supplier business to a retail business a few years ago in Bayan Lepas, Penang. He closes his account...

Q:

target income statement target balance sheet walmart income statement walmart balance sheet industry averages A B D 12 Months Ended Jan 30, 2021 Feb. 01, 2020 $ 93,561 $78,112 66,177 54,864 18,615...

Q:

Please Answer Question 3 - Prove the subsidiary ledger of account receivable and account payable are the same as the respective control account. QUESTION 2 Mr Imran opened a supplier business to a...

Q:

BUSN 5200 Homework Assignment for Week 3: For Week 3, please complete the following for Joe's Fly-By-Night Oil Company, whose latest income statement and balance sheet are shown below: Joe's...

Q:

57) An engine of 98 kilowatts power is used to pump water from a mine 50 metres deep. Calculate the quantity of water in kilolitres which it can pump out in one hour.

Q:

Three numbers piq and r are pairwise coprime. Also pq = 629 and q r = 391. Find: The sum of pigir.

Q:

If g is inversely proportional to p and q = 3 when rho = 5 find (i) an equation connecting and 4. (ii) the value of a when p = 10, (iii) the negative value of p when q = 1/3

Q:

Nevine Corporation owns and manages a small 10-store shopping centre and classifies the shopping centre as an investment property. Nevine has a May 31 year end and initially recognized the property...

Q:

On January 1, Jones Company acquired a new delivery truck for $40,000 cash. Additional cash payments during the year were as follows. Taxes and fees on delivery truck, $3,200 Installation of GPS...

Q:

The trial balance before adjustment of Chloe Inc. shows the following balances: Instructions (a) Give the entry for bad debt expense for the current year assuming: 1. The allowance should be 4% of...

Q:

Xing, Inc., purchases a delivery truck on January 1 for $25,000. The truck has an estimated useful life of five years and an estimated salvage value of $2,500. Required For both the straight-line and...

Q:

Garrett Deliveries purchases a truck for $18,000. The truck has an estimated salvage value of $4,000 and is expected to be driven for seven years. Garrett uses the straight-line method of...

Q:

why is it important for an organisation to have a controlling process? explain briefly

Q:

1. Why do we trust one type of information more than another?

Q:

9. Imagine giving a talk to an assembly that is critical of you. Imagine a large aggressive dog that is your friend and facing the assembly. Imagine further that you are on a mountain top and the...

Q:

8. Now spend two to three hours walking around listening to what people are saying. Place yourself in a place where you can hear what people are saying clearly and distinctly, for example in a cafe,...