Rachel Co. had opening balances at 01 January 20X0 as follows: Items $ 30000 14000 25000...

 

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Rachel Co. had opening balances at 01 January 20X0 as follows: Items $ 30000 14000 25000 Non-current assets 90000 Share capital 1$ 80000 Retained earnings 21000 Trade payables 38000 Employees payables 12000 Tax payables 8000 In the first quarter of the year, the available transactions were as follows: 1, 2, 3, 4, Cash Inventory Trade receivables Credit purchase Payment to suppliers Credit sales Receipts from Sales $72,000 $65,000 $150,000 $120,000 5₁, 6, Additional information: - NCA acquisition, paid by cash Wages and salaries expense incurred Closing inventory (at 31 Mar 20X0): $8,000 Wages and salaries outstanding at 31 March 20X0: $9,000 $,24000 $23,500 Tax payables at 31 March 20X0: $7,000 All non-current assets were depreciated at the rate of 20% at cost per annum At 01 January 20X0, total cost of NCA: $120,000; accumulated depreciation: $30,000. CIT rate: 15% Required: Prepare those following statement (for internal use): - Income statement for the quarter ended 31 March 20X0 Statement of financial position at 31 March 20X0 Statement of cash flows for the quarter ended 30 March 20X0 Rachel Co. had opening balances at 01 January 20X0 as follows: Items $ 30000 14000 25000 Non-current assets 90000 Share capital 1$ 80000 Retained earnings 21000 Trade payables 38000 Employees payables 12000 Tax payables 8000 In the first quarter of the year, the available transactions were as follows: 1, 2, 3, 4, Cash Inventory Trade receivables Credit purchase Payment to suppliers Credit sales Receipts from Sales $72,000 $65,000 $150,000 $120,000 5₁, 6, Additional information: - NCA acquisition, paid by cash Wages and salaries expense incurred Closing inventory (at 31 Mar 20X0): $8,000 Wages and salaries outstanding at 31 March 20X0: $9,000 $,24000 $23,500 Tax payables at 31 March 20X0: $7,000 All non-current assets were depreciated at the rate of 20% at cost per annum At 01 January 20X0, total cost of NCA: $120,000; accumulated depreciation: $30,000. CIT rate: 15% Required: Prepare those following statement (for internal use): - Income statement for the quarter ended 31 March 20X0 Statement of financial position at 31 March 20X0 Statement of cash flows for the quarter ended 30 March 20X0

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1 Income Statement for the quarter ended 31 March 20X0 Revenue 150000 Cost of Goods Sold 8000 Gross ... View the full answer