Additional information at 31 December 2022: (1) Inventory on hand was valued at $9,200 (2) Rent prepaid $1,600 (3) Telephone expenses accrued $750 (4) Depreciation is to be provided for as follows Motor vehicle-40% reducing balance Office equipment -25% straight line Required (a) An Income statement for the year ended 31 December 2022. (b) Statement of financial Position as at 31 December 2022. T

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Additional information at 31 December 2022:
(1) Inventory on hand was valued at $9,200
Rent prepaid $1,600
(2)
Telephone expenses accrued $750
Depreciation is to be provided for as follows
Motor vehicle-40% reducing balance
Office equipment - 25% straight line
(3)
(4)
Required
(a) An Income statement for the year ended 31 December 2022.
(b) Statement of financial Position as at 31 December 2022.
T
Transcribed Image Text:Additional information at 31 December 2022: (1) Inventory on hand was valued at $9,200 Rent prepaid $1,600 (2) Telephone expenses accrued $750 Depreciation is to be provided for as follows Motor vehicle-40% reducing balance Office equipment - 25% straight line (3) (4) Required (a) An Income statement for the year ended 31 December 2022. (b) Statement of financial Position as at 31 December 2022. T
The following accounts information extracted from the books of Northem Company at
31 December 2022:
Dr S
Cr$
31,810
Capital
Purchases
Office equipment
Motor vehicle
Sales
Wages and salaries
Lighting and heating
Rent and rates
Vehicle running costs
Telephone expenses
General office expenses
Trade receivables
Trade payables
Accumulated depreciation - motor vehicle
Accumulated depreciation-office equipment
Bank
Cash
Inventory at 1 January 2022
Returns inwards
135,600
10,000
8,500
$1,000
6,400
4,800
3,000
9.200
5,180
26,200
4,070
200
7,000
2,800
273,950
215,300
18,440
3,400
5,000
273,950
Transcribed Image Text:The following accounts information extracted from the books of Northem Company at 31 December 2022: Dr S Cr$ 31,810 Capital Purchases Office equipment Motor vehicle Sales Wages and salaries Lighting and heating Rent and rates Vehicle running costs Telephone expenses General office expenses Trade receivables Trade payables Accumulated depreciation - motor vehicle Accumulated depreciation-office equipment Bank Cash Inventory at 1 January 2022 Returns inwards 135,600 10,000 8,500 $1,000 6,400 4,800 3,000 9.200 5,180 26,200 4,070 200 7,000 2,800 273,950 215,300 18,440 3,400 5,000 273,950
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