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1. Prepare an income statement for the year ending 2021 for Global Trading 2. Prepare the balance sheet as of December 31, 2021 for Global Trading

1. Prepare an income statement for the year ending 2021 for Global Trading 2. Prepare the balance sheet as of December 31, 2021 for Global Trading

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following is the Global Trading account balance for the year ending December 31 2021. Debit Credit 390,000 Capital Vehicle Building Accounts Receivable Accounts Payable Bank Loan Beginning Stock Sales Purchase sales return Advertising Expense Salary Rent received Commission received Accumulated depreciation - Vehicle Amount 80,000 400,000 13,000 23,000 110,000 300 4,600 1,700 632,600 Here is additional information: 1. Unpaid salary on 31 December 2021 is RM400. 2. The commission of RM1,600 has not been received until December 31 2021. 3. It was found that RM1,500 had been overpaid on advertising expenses. 4. The company has received previous rent of RM1,200. 5. Annual depreciation for vehicles and buildings is as follows the following: a. Vehicle RM16,000 b. Building - RM20,000 6. Ending stock is RM20,000 You are wanted: 1. Prepare an income statement for the year ending 2021 for Global Trading. 2. Prepare the balance sheet as of December 31, 2021 for Global Trading 20,000 30,000 156,000 15,000 5,600 16,000 632,600
Transcribed Image Text:The following is the Global Trading account balance for the year ending December 31 2021. Debit Credit 390,000 Capital Vehicle Building Accounts Receivable Accounts Payable Bank Loan Beginning Stock Sales Purchase sales return Advertising Expense Salary Rent received Commission received Accumulated depreciation - Vehicle Amount 80,000 400,000 13,000 23,000 110,000 300 4,600 1,700 632,600 Here is additional information: 1. Unpaid salary on 31 December 2021 is RM400. 2. The commission of RM1,600 has not been received until December 31 2021. 3. It was found that RM1,500 had been overpaid on advertising expenses. 4. The company has received previous rent of RM1,200. 5. Annual depreciation for vehicles and buildings is as follows the following: a. Vehicle RM16,000 b. Building - RM20,000 6. Ending stock is RM20,000 You are wanted: 1. Prepare an income statement for the year ending 2021 for Global Trading. 2. Prepare the balance sheet as of December 31, 2021 for Global Trading 20,000 30,000 156,000 15,000 5,600 16,000 632,600
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