Question The closing inventory at 5 April 2023 is valued at 4,974. On 5 December 2022, Gloria
Fantastic news! We've Found the answer you've been seeking!
Question:
Question
Transcribed Image Text:
Below is the trial balance of Gloria's Greengrocers at 5 April 2023. Trading account: Sales Opening inventory Purchases Carriage inwards 1,392,000 5,850 863,600 1,430 Other revenues and expenses: Income from flower arranging services Rent 18,361 28,944 Insurance 5,126 Advertising expense 2,938 Heating and lighting 4,168 Shop and office expenses 23,748 Salaries and wages 368,112 Discounts allowed 1,980 Carriage outwards 218 Balance sheet accounts: Fixtures and fittings at cost 312,000 Fixtures and fittings - accumulated depreciation at 6 April 2022 96,000 Motor vehicles at cost 84,000 Motor vehicles - accumulated depreciation at 6 April 2022 52,200 Receivables Allowance for irrecoverable receivables (at 6 April 2022) 3,646 716 Bank Payables 33,371 23,256 Loan Capital 18,000 147,998 Drawings 9,400 1,748,531 1,748,531 Below is the trial balance of Gloria's Greengrocers at 5 April 2023. Trading account: Sales Opening inventory Purchases Carriage inwards 1,392,000 5,850 863,600 1,430 Other revenues and expenses: Income from flower arranging services Rent 18,361 28,944 Insurance 5,126 Advertising expense 2,938 Heating and lighting 4,168 Shop and office expenses 23,748 Salaries and wages 368,112 Discounts allowed 1,980 Carriage outwards 218 Balance sheet accounts: Fixtures and fittings at cost 312,000 Fixtures and fittings - accumulated depreciation at 6 April 2022 96,000 Motor vehicles at cost 84,000 Motor vehicles - accumulated depreciation at 6 April 2022 52,200 Receivables Allowance for irrecoverable receivables (at 6 April 2022) 3,646 716 Bank Payables 33,371 23,256 Loan Capital 18,000 147,998 Drawings 9,400 1,748,531 1,748,531
Expert Answer:
Answer rating: 100% (QA)
To solve this problem Ill break it down into parts a Income Statement Start with the revenue earned ... View the full answer
Related Book For
Fundamental Accounting
ISBN: 9781485112112
7th Edition
Authors: David Flynn, Carolina Koornhof, Ronald Arendse, Anna C. E. Coetzee, Edwardo Muriro, Louise Christel Posthumus, Louise Mancy Smit
Posted Date:
Students also viewed these accounting questions
-
Below is the trial balance of Gloria's Greengrocers at 5 April 2023. Trading account: Sales 1,392,000 Opening inventory 5,850 Purchases 863,600 Carriage inwards 1,430 Other revenues and expenses:...
-
Hazzizzi Ltd Trial balance as at March 31, 2023 Trade receivables 22,800,000 Trade payables 6,100,000 Provision for bad debt 7,600,000 Bank 2,100,000 Cash in hand 928,000 Petty cash 203,000 Interest...
-
Below is the trial balance of Toms Tents at 5 April 2018. Trading account: Sales 1,125,000 Opening inventory at 6 April 2017 150,000 Purchases 590,000 Carriage inwards 1,250 Other revenues and...
-
An airplane is flying at 32,000 feet when it starts its decent. It is descending at a rate of 2000 feet per minute. Let x represent the minutes of the flight's descent and y represent the planes...
-
What is a contra-asset?
-
The pickup truck is used to hoist the 40-kg bale of hay as shown. If the truck has reached a constant velocity v = 5 m/s when x = 12 m, compute the corresponding tension T in the rope. 16 m
-
In the months leading up to the 2016 election, Christopher Steele, a former British intelligence agent, was hired by a Washington, D.C., research firm to investigate whether then-candidate Donald...
-
a. Do you agree with the controllers recommendation? Why or why not? b. Formulate an LP model for this problem. c. Create a spreadsheet model for this problem and solve it using Solver. d. What is...
-
KORBIN COMPANY Comparative Balance Sheets December 31 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in...
-
Read the Scenario below and answer the following questions. Developments in South Africa`s financial sector have seen new banks being licensed. Besides, retailers such as Shoprite are now offering...
-
A large city is planning for the Olympic Games which will be coming in a few years. The transportation system is being evaluated to determine what expansion is needed to handle the large number of...
-
Why do markets fail? Discuss the importance of equity in economic and judicial decisions.
-
All problems of LP seek to maximize or minimize some quantity, usually profit or cost. a. True b. False
-
Why do nations trade? Explain why freer international trade welfare is- enhancing. Show and explain why trade theories have influenced the evolution and interpretation of international laws.
-
Some of the costs are minimised by the use of inventory. Which one is not affected by it? a. cost of purchasing items b. cost of advertisement c. cost of carrying or holding inventory d. cost of...
-
A 200 mL sample of drinking water contains 3.5 10 -6 grams of mercury. Determine the concentration of Hg in parts per billion (ppb). Is this water safe to drink according to EPA standards? Show...
-
Identify the tax issues or problems suggested by the following situations. State each issue as a question. Jennifer did not file a tax return for 2007 because she honestly believed that no tax was...
-
Here are the financial statements of Diamond Ltd on 31 December 20x7: Additional information: 1. Favourable market conditions enabled the company to place 200 000 ordinary shares privately with...
-
The statement of financial position of a retail trading company was presented to you by an inexperienced bookkeeper: Additional information: 1. All the shares have been issued. 2. Accounts receivable...
-
Explain in your own words what is meant by the objective of financial statements. Further discuss the two underlying assumptions on which financial statements should be based, according to the...
-
As an illustration of the difficulty in identifying monopolies, try to decide which of the following are monopolies: a train operating company; your local evening newspaper; the village hairdresser;...
-
Will competition between oligopolists always reduce total industry profits?
-
In which of the following industries is collusion likely to occur: bricks, beer, margarine, cement, crisps, washing powder, or carpets? Explain why.
Study smarter with the SolutionInn App