Question: Prepare inckme statement. need answer asap woll thimbs up for quick answer Question 1 - 35 marks: Gold Medal Limited initiated operations on 1 July

Prepare inckme statement. need answer asap woll thimbs up for quick answer
Prepare inckme statement. need answer asap woll thimbs up for quick answer

Question 1 - 35 marks: Gold Medal Limited initiated operations on 1 July 2021. Gold Medal Limited manages admissions to the Olympic Games. To manage the company, officers and managers have requested monthly financial statements starting 31 July 2021. The unadjusted trial balance amounts at 31 July are shown below: Gold Medal Limited Unadjusted Trial Balance 31 July 2021 Debit Credit s S Cash 9,555 Accounts Receivable 810 Prepaid Rent Supplies 1,160 Equipment 11,400 Accumulated Depreciation 840 Notes Payable 5,800 Accounts Payable 1,000 Salaries Payable 360 Interest Payable 40 Admissions Received in Advance Share Capital 5,000 Retained Earnings 5,640 Dividends 600 Admissions Revenues 15,010 Salaries Expense 7,130 Rent Expense 1,730 Depreciation Expense 665 Supplies Expense 190 Utilities Expense 390 Interest Expense 60 33,690 33,690 Additional Information: 1. Admissions Revenue includes revenue relating to August admissions of $580. 2. Some of the depreciation had been incorrectly recorded in Salaries Expense. 3. The total monthly payroll, was paid on Thursday 28 July 2021. Employees work weekends, The bookkeeper had correctly recorded a salaries payable account however slightly understated the adjustment by $10 per day. 4. Gold Medal Limited rents its prime office space. The rent expense of $1,730 represents the rent for the month of July and August. 5. On 31 July 2021, a physical count of supplies revealed that there was $600 on hand

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!