Class Assignment: From the following information prepare the Income Statement of asole proprietor for the year ended December 31, 2019Doller (S)Doller ($)Stock (January 1, 2019)-SalesPurchasesCarriage inwards-Freight Inwards-Sales Returns-Purchases returns -15,000 Salaries--305,000190,0001,5002,5005,000-50,00025,0002,50013,500-2,0001,750Commission Paid-Commission received-Interest paid-Interest received-Discount Allowed--Discount received-Rent Paid-2501,90016,00027,0002,5003,000 Depreciation on Machines-Miscellaneous Incomes-Carriage outwards-The closing Stock of goods as at 31, December 2019 is $ 30,000.

Name: Class Assignment: From the following information prepare the Income S
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Description: Class Assignment: From the following information prepare the Income Statement of asole proprietor for the year ended December 31, 2019Doller (S)Doller ($)Stock (January 1, 2019)-SalesPurchasesCarriage inwards-Freight Inwards-Sales Returns-Purchases

For Income statement of sole proprietor first of all we need to prepare cost of goods sold…

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Class Assignment: From the following information prepare the Income Statement of a sole proprietor for the year ended December 31, 2019 Doller ($) Salaries-- Doller ($) Stock (January 1, 2019)- Sales Purchases - Carriage inwards- Freight Inwards- Sales Returns- Purchases returns- 2,500 -50,000 15,000 305,000 190,000 1,500 Commission Paid- Commission received- Interest paid- 2,500 Interest received- Discount Allowed- Discount received- Rent Paid- - 25,000 - 2,500 13,500 2,000 1,750 250 5,000 Depreciation on Machines-- Miscellaneous Incomes- 1,900 16,000 27,000 Carriage outwards - 3,000 The closing Stock of goods as at 31, December 2019 is $ 30,000.

Class Assignment: From the following information prepare the Income Statement of a sole proprietor for the year ended December 31, 2019 Doller ($) Salaries-- Doller ($) Stock (January 1, 2019)- Sales Purchases - Carriage inwards- Freight Inwards- Sales Returns- Purchases returns- 2,500 -50,000 15,000 305,000 190,000 1,500 Commission Paid- Commission received- Interest paid- 2,500 Interest received- Discount Allowed- Discount received- Rent Paid- - 25,000 - 2,500 13,500 2,000 1,750 250 5,000 Depreciation on Machines-- Miscellaneous Incomes- 1,900 16,000 27,000 Carriage outwards - 3,000 The closing Stock of goods as at 31, December 2019 is $ 30,000.

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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