The following is the Trial Balance of cooks Itd for the year ended 30 June 2021....

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The following is the Trial Balance of cooks Itd for the year ended 30 June 2021. Prepare an Income Statement for the year ended 30 June 2021. Prepare a Balance Sheet as at 30 June 2021. Required: (a) (b) Additional Information: The Trial Balance below needs to be adjusted for the following i.e. (Balance Day Adjustments) 1. A stock-take showed that Closing Inventory 30/6/21 was $52,000. 2. It was discovered that $240 of the Insurance paid, belonged to next year. 3. An additional $8,400 of Salaries,Office staff was unpaid at balance date. Land & Buildings Plant & Machinery Motor Vehicles Bank Overdraft Accounts Receivable Sales Inventory at 1/7/20 Purchases Mortgage Accounts Payable GST Collected GST Paid Capital Advertising Office Expenses Bad Debts Drawings Salaries - Sales Salaries -Office staff Insurance Trial Balance 684,000 150,000 22,800 70,000 36,000 890,000 32,000 5,400 11,400 1,860 18,000 30,000 54,000 4,540 2,010,000 65,400 1,104,000 168,000 40,000 29,600 603,000 2,010,000 Workings The following is the Trial Balance of cooks Itd for the year ended 30 June 2021. Prepare an Income Statement for the year ended 30 June 2021. Prepare a Balance Sheet as at 30 June 2021. Required: (a) (b) Additional Information: The Trial Balance below needs to be adjusted for the following i.e. (Balance Day Adjustments) 1. A stock-take showed that Closing Inventory 30/6/21 was $52,000. 2. It was discovered that $240 of the Insurance paid, belonged to next year. 3. An additional $8,400 of Salaries,Office staff was unpaid at balance date. Land & Buildings Plant & Machinery Motor Vehicles Bank Overdraft Accounts Receivable Sales Inventory at 1/7/20 Purchases Mortgage Accounts Payable GST Collected GST Paid Capital Advertising Office Expenses Bad Debts Drawings Salaries - Sales Salaries -Office staff Insurance Trial Balance 684,000 150,000 22,800 70,000 36,000 890,000 32,000 5,400 11,400 1,860 18,000 30,000 54,000 4,540 2,010,000 65,400 1,104,000 168,000 40,000 29,600 603,000 2,010,000 Workings

Answer rating: 100% (QA)

Income Statement of Cooks Limited for the year ended 30 June 2021 Amount Sales 1104000 Less Cost of ... View the full answer