The following are the balances of A. Branks at the close of Business on February 28, 2017.
Question:
The following are the balances of A. Branks at the close of Business on February 28, 2017.
$
Purchases 11 280
Sales 19 740
Cash in Hand 210
Cash in Bank 1 140
Capital account 1 March 2016 9 900
Drawings 2 850
Office Furniture 1 440
Rent 1 020
Wages and Salaries 2 580
Discount allowed 690
Discount Received 360
Accounts Receivable 4 920
Accounts Payable 2 490
Inventory 1 March 2016 2 970
Provision for bad and doubtful debts 270
Delivery Van 2 400
Van running costs 450
Bad debt written off 810
Additional Notes
(a)Inventory 28 February 2017 $3,510.
(b)Wages and salaries accrued in February 2017 $90. (c) Rent prepaid on 28 February 2017 $140
(d)Van running costs owning at 28 February 2017 $60.
(e)Increase the provision for bad and doubtful debts by $60.
(f)Provide for depreciation as follows: Office furniture $180; Delivery van $480.
YOU ARE REQUIRED TO:
A.Extract A. Branks Trial Balance as of February 28, 2017
B. Prepare A. Branks Income Statement for the year ended February 28, 2017.
C.Prepare A. Branks Balance Sheet as of 28 February 2017
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill