The trial balance of Boots business as at December 31st 2020 is as follows: Cash Trade...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The trial balance of Boots business as at December 31st 2020 is as follows: Cash Trade Receivable 300,000 450,000 Inventory 1,000,000 Land 1,459,900 Building 1,400,000 Equipment 900,000 Trade payable 900,000 Cost of goods sold 500,000 General Expense 340,000 Rent 103,000 Sales Revenue 3,352,900 Capital 100,000 Drawings 120,000 Retained Profit 1,980,000 Total 6,452,900 6,452,900 Required: 1. Prepare an income statement for the year ended 31st December 2020. 2. Briefly explain the main differences between a statement of financial position and an income statement? The trial balance of Boots business as at December 31st 2020 is as follows: Cash Trade Receivable 300,000 450,000 Inventory 1,000,000 Land 1,459,900 Building 1,400,000 Equipment 900,000 Trade payable 900,000 Cost of goods sold 500,000 General Expense 340,000 Rent 103,000 Sales Revenue 3,352,900 Capital 100,000 Drawings 120,000 Retained Profit 1,980,000 Total 6,452,900 6,452,900 Required: 1. Prepare an income statement for the year ended 31st December 2020. 2. Briefly explain the main differences between a statement of financial position and an income statement?
Expert Answer:
Answer rating: 100% (QA)
Answer Income Statement for the Year Ended December 31 2020 Revenue Sales Revenue 3352900 Expenses C... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
Posted Date:
Students also viewed these accounting questions
-
With the help of given information prepare a statement of gross profit for XYZ Ltd. Particulars Opening stock Credit purchase Cash purchase Purchase return Other direct expenses Closing stock Cash...
-
1. A student determines the freezing point of a solution of 0.92 g of unknown in 23.78 g of t-butyl alcohol. He obtains the following time and temperature readings (times are in minutes, temperatures...
-
Over 90 percent of the energy dissipated by an incandescent light bulb is in the form of heat, not light. What is the temperature of a vacuum-enclosed tungsten filament with an exposed surface area...
-
Government officials of the City of Jones expect to receive General Fund revenues of $400,000 in 2013 but approve spending only $380,000. Later in the year, as they receive more information, they...
-
Layers of 6-in-thick meat slabs (k = 0.26 Btu/hftF and = 1.4 10 -6 ft 2 /s) initially at a uniform temperature of 50F are cooled by refrigerated air at 23F to a temperature of 36F at their center...
-
CGI Federal, Inc., is a corporation that provides a number of services to the United States Passport Agency, included the processing of passport application. Passport applicants must submit sensitive...
-
Consider the following four LP formulations. Using a graphical approach, determine (a) Which formulation has more than one optimal solution. (b) Which formulation is unbounded. (c) Which formulation...
-
data in Range N 6 : Y 4 3 describes NFL quarterback ( QB ) statistics for the 2 0 1 3 season. Write different formulas for the following questions. Name Team G QBRat Comp Att Pct Yds Y / G Y / A TD...
-
5. What did the company mean by the "full retrospective method"? Was there any financial statement related impact? If so, where and in what amount? (Hint: Consolidated Statements of Stockholders'...
-
Dwight will incrased his 401(k) contribution to a 8% with a company matchof 50% up to 6% of the company's anuual salary. 50,000, the employer's match would not exceed 3,000..(50,000 x 6%). how much...
-
"Civil Law versus Common Law" Please respond to the following: Predict the long-term use of both civil and common law and explain whether you believe both have a foundation strong enough to last in...
-
A stock had returns of 12%, 2%, 9%, 16%, and -7% for the past five years. The average return on corporate bonds and government of Canada treasury bills over the past five years was 5% and 2.5%...
-
As compared to investment-grade bonds, "junk bonds" are characterized by Question 33 options: higher default risk lower coupon rate all answers are correct lower yield to maturity
-
"There is a fusion of equity and common law". Is this true? Explain. "There is a fusion of equity and common law". Is this true? Explain.
-
In Intuit QuickBooks how do I record this transaction?... Wrote check number 10010 to City Credit Union for payment of amount due (City Credit Union in the Account/Category field); $110.35.
-
7. Baladna wants to analyze process that includes delivery by suppliers, production inside the company, transportation to to its customers and information systems. Then it also wants to find out...
-
On September 1, 2014, Luigi Corporation acquired Edinburgh Enterprises for a cash payment of $863,000. At the time of purchase, Edinburgh's statement of financial position showed assets of $900,000,...
-
Furlana Company Limited uses the gross profit method to estimate inventory for monthly reports. Information follows for the month of May: Instructions (a) Calculate the estimated inventory at May 31,...
-
The president of Plain Corp., Joyce Lima, is thinking of purchasing Balloon Bunch Corporation. She thinks that the offer sounds fair but she wants to consult a professional accountant to be sure....
-
John bought 1,000 shares of Intel stock on October 18, 2015, for $30 per share plus a $750 commission he paid to his broker. On December 12, 2019, he sells the shares for $42.50 per share. He also...
-
Laura Li, a U.S. resident, worked for three months this summer in China. What type of tax authority may be especially useful in determining the tax consequences of her foreign income?
-
Aishwaryas husband passed away in 2018. She needs to determine whether Jasmine, her 17-year-old stepdaughter, who is single, qualifies as her dependent in 2019. Jasmine is a resident but not a...
Study smarter with the SolutionInn App