Question: QUESTION 2: Financial Statement (continued) Additional Information: The stocktake performed at 30 June 2021 recorded an ending inventory balance of $86,000. Ms Alotte has worked

QUESTION 2: Financial Statement (continued) Additional Information: The stocktake performed at 30 June 2021 recorded an ending inventory balance of $86,000. Ms Alotte has worked out that wages for the year were - sales staff $274,835, bookkeeper $199,880 and the casual (Credit Controller) she employed to follow up outstanding customers with overdue accounts was paid $24,985. On enquiry, Ms Alotte has instructed that she treats the insurance expense as an administrative expense. REQUIRED: Prepare a fully classified Income Statement for the year ending 30 June 2021. Answer question 2 on the following page

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!

QUESTION 2: Financial Statement (continued) Additional Information: The stocktake performed at 30 June 2021 recorded an ending inventory balance of $86,000. Ms Alotte has worked out that wages for...

QUESTION 2: Financial Statement (11 marks) Ms Leilani owns A Stretch A Day , a yoga business specialising in yoga apparel and yoga classes. She is also a good friend of Joy Spark. They often refer...

Accounting for business QUESTION 2: Financial Statement (11 marks) Ms Jewlz owns 'A Sparke A Day', a niche jewellery business specialising in personalised jewellery. She is also a good friend of...

Adelaide Camping Store Pty Ltd is owned and managed by Saphira Browne in the inner Adelaide area. The following adjusted Trial Balance for Adelaide Camping Store Pty Ltd has been prepared at the...

Adelaide Camping Store Pty Ltd is owned and managed by Saphira Browne in the inner Adelaide area. The following adjusted Trial Balance for Adelaide Camping Store Pty Ltd has been prepared at the year...

QUESTION 2: Financial Statement (18 marks) Ms Daphne Blake is the sole proprietor of Sunset:', a beach shade sale and hire business specialising in beach tents. She is also a good friend of Fred...

According to Scooba Dive Inc. which is question 1, answer question 3 QUESTION 1: Balance Day Adjustments (20 marks) Anne Chovi is the sole proprietor of Scooba Dive Inc located in a popular beachside...

QUESTION 2: Financial Statement (11 marks] Mr Dinkley owns 'A Page A Day', a well-known and well-stocked bookshop specialising in mystery novels and comic books. He is also a very good friend of Anne...

What is the purpose of follow-up in a systems study? Describe some of the specific activities that the management implementation team would perform in their follow-up work.

Three moles of an ideal gas are taken around the cycle abc shown in Fig. 19.31. For this gas, Cp = 29.l J/mol· K Process ac is at constant pressure, process ba is at constant volume, and...

Loan sales by banks a ) _ _ _ _ _ their liquidity and so helps to b ) _ _ _ _ loan interest rates Group of answer choices a ) reduce, b ) reduce a ) increase, b ) increase a ) increase, b ) reduce a...

2. The force of interest 8 is a function of time and at any time t, measured in years, is given by the formula: 8(t) = 0.02 +0.0020 8(t) = 0.03 +0.005t Osts5 5 st s 10 a) Calculate the discount...