Required:Prepare an income statement for the year ended 30 April 20X1 

Required:Preparestatement of financial position as at 30 April 20X1, for Fred's Fries.

Assume that the loan secured on Fred's house is a long-term liability.

 

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1 Cash Accumulated Depreciation Loss on Sale Fixtures and Sittings 2 Depreciation - Fixtures and Sittings Accumulated Depreciation on Fixtures and Fittings 3 Bad Debt Expense Accounts Receivable Bad Debt Expense Allowance for Bad Debts 4 Depreciation - Leasehold Property Accumulated Depreciation on Lease 5 Audit Fees Provision for Auc Fees 6 Salaries and Wages Salaries and Wages Payable Debit 3,000.00 6,000.00 3,000.00 16,000.00 4,000.00 370.00 12,000.00 300.00 400.00 Credit 12,000.00 16,000.00 4,000.00 370.00 12,000.00 300.00 400.00 =(12,000 6,000) - 3,000 =80,000/5 =(22500-4000) *2% =(300000-60000) *5% 1 Cash Accumulated Depreciation Loss on Sale Fixtures and Sittings 2 Depreciation - Fixtures and Sittings Accumulated Depreciation on Fixtures and Fittings 3 Bad Debt Expense Accounts Receivable Bad Debt Expense Allowance for Bad Debts 4 Depreciation - Leasehold Property Accumulated Depreciation on Lease 5 Audit Fees Provision for Auc Fees 6 Salaries and Wages Salaries and Wages Payable Debit 3,000.00 6,000.00 3,000.00 16,000.00 4,000.00 370.00 12,000.00 300.00 400.00 Credit 12,000.00 16,000.00 4,000.00 370.00 12,000.00 300.00 400.00 =(12,000 6,000) - 3,000 =80,000/5 =(22500-4000) *2% =(300000-60000) *5%

Answer rating: 100% (QA)

To prepare an income statement for the year ended 30 April 20X1 and a statement of financial positio... View the full answer