Use the trial balance provided below to answer the Question. Note that the accounts in the...

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Use the trial balance provided below to answer the Question. Note that the accounts in the trial balance appear in no particular Qrder. Next Generation Ltd Trial balance on 31 December 2019 Debit Credit Share capital 570,000 Property, plant, and equipment 2,100,000 Bank 195,000 Revenue 480,000 Rental income 35,000 Cost of sales 225,000 Salaries and wages 110,000 Insurance 28,000 Fuel 12,000 Telephone line charges 8,000 Interest income 24,000 Interest expense 71,000 Inventory 165,000 Accounts receivable 43,000 Accounts payable 182,000 Тах еxpense 17,000 Petty cash 2,000 Long-term loan 270,000 Short-term loan 15,000 Mortgage 1,400,000 ТОTAL 2,976,000 2,976,000 Using the information included in the trial balance provided, complete the income statement for Next Generation Ltd for the year ending 31 December 2019. Next Generation Ltd Income statement for the year ended 31 December 2019 Gross profit Other income Selling, administrative, and general expenses Operating profit Profit before tax Net profit Using the information included in the trial balance provided, complete the statement of financial position for Next Generation Ltd as at 31 December 2019. Assume that the business is keeping the net profit earned during the year as retained earnings, instead of paying it out to the shareholders. Statement of financial position of Next Generation Ltd as at 31 December 2019 Non-current assets Current assets TOTAL ASSETS Non-current liabilities Current liabilities Owner's equity TOTAL EQUITY AND LIABILITIES Use the trial balance provided below to answer the Question. Note that the accounts in the trial balance appear in no particular Qrder. Next Generation Ltd Trial balance on 31 December 2019 Debit Credit Share capital 570,000 Property, plant, and equipment 2,100,000 Bank 195,000 Revenue 480,000 Rental income 35,000 Cost of sales 225,000 Salaries and wages 110,000 Insurance 28,000 Fuel 12,000 Telephone line charges 8,000 Interest income 24,000 Interest expense 71,000 Inventory 165,000 Accounts receivable 43,000 Accounts payable 182,000 Тах еxpense 17,000 Petty cash 2,000 Long-term loan 270,000 Short-term loan 15,000 Mortgage 1,400,000 ТОTAL 2,976,000 2,976,000 Using the information included in the trial balance provided, complete the income statement for Next Generation Ltd for the year ending 31 December 2019. Next Generation Ltd Income statement for the year ended 31 December 2019 Gross profit Other income Selling, administrative, and general expenses Operating profit Profit before tax Net profit Using the information included in the trial balance provided, complete the statement of financial position for Next Generation Ltd as at 31 December 2019. Assume that the business is keeping the net profit earned during the year as retained earnings, instead of paying it out to the shareholders. Statement of financial position of Next Generation Ltd as at 31 December 2019 Non-current assets Current assets TOTAL ASSETS Non-current liabilities Current liabilities Owner's equity TOTAL EQUITY AND LIABILITIES

Answer rating: 100% (QA)

Next Generation Ltd Income statement for the year ended 31 December 2019 Amount in Revenu... View the full answer