Don Store Pty Ltd is owned and managed by Lucy Hale in the South Africa. The following adjusted Trial Balance for Don Store Pty Ltd has been prepared at the year end by Lucy Hale. DON STORE PTY LTD TRIAL BALANCE AS AT 30 JUNE 2020 Account Debit ($) Credit ($) Cash 35 400 Accounts receivable 50 000 Inventory (1 July 2019) 105 800 Prepaid Rent 7 100 Term Deposit 126 000 Store Equipment 80 000 Accumulated Dep’n – Store Equipment 20 000 Delivery Truck 60 000 Accumulated Depreciation – Delivery Truck 12 000 Accounts Payable 56 800 Unearned Revenue 8 500 Bank loan 40 000 Saphira Browne, Capital (1 July 2019) 320 660 Saphira Browne, Drawings 12 500 Sales Revenue 440 000 Sales Returns and Allowances 15 800 Purchase Returns and Allowances 5 900 Discounts Received 8 200 Purchases 245 720 Freight Inwards 22 870 Freight Outwards 7 500 Wages Expense 86 180 Delivery Truck Maintenance Expense 12 450 Discount Allowed 1 340 Store Rent Expense 25 700 Advertising Expense 9 000 Accrued Delivery Truck Maintenance Expense 2 400 Doubtful Debts Expense 1 000 Allowance for Doubtful Debts 1 000 Depreciation expense – Store Equipment 10 000 Depreciation Expense – Delivery Truck 6 000 Accrued Accounting Wages 4 900 920 360 920 360 Additional Information: A stocktake performed at 30 June 2020 recorded an ending inventory balance of $145 600. The wages account balance is comprised of $70 200 for Selling and Distribution and $15 980 for Administration. REQUIRED: Using the template provided on the following page, prepare a fully classified Income Statement for the year ending 30 June 2020. DON STORE PTY LTD Income Statement FOR YEAR ENDED 30 JUNE 2020 INCOME Less: EXPENSES PROFIT

Don Store Pty Ltd is owned and managed by Lucy Hale in the South Africa. The following adjusted Trial Balance for Don Store Pty Ltd has been prepared at the year end by Lucy Hale. DON STORE PTY LTD TRIAL BALANCE AS AT 30 JUNE 2020 Account Debit ($) Credit ($) Cash 35 400 Accounts receivable 50 000 Inventory (1 July 2019) 105 800 Prepaid Rent 7 100 Term Deposit 126 000 Store Equipment 80 000 Accumulated Dep’n – Store Equipment 20 000 Delivery Truck 60 000 Accumulated Depreciation – Delivery Truck 12 000 Accounts Payable 56 800 Unearned Revenue 8 500 Bank loan 40 000 Saphira Browne, Capital (1 July 2019) 320 660 Saphira Browne, Drawings 12 500 Sales Revenue 440 000 Sales Returns and Allowances 15 800 Purchase Returns and Allowances 5 900 Discounts Received 8 200 Purchases 245 720 Freight Inwards 22 870 Freight Outwards 7 500 Wages Expense 86 180 Delivery Truck Maintenance Expense 12 450 Discount Allowed 1 340 Store Rent Expense 25 700 Advertising Expense 9 000 Accrued Delivery Truck Maintenance Expense 2 400 Doubtful Debts Expense 1 000 Allowance for Doubtful Debts 1 000 Depreciation expense – Store Equipment 10 000 Depreciation Expense – Delivery Truck 6 000 Accrued Accounting Wages 4 900 920 360 920 360 Additional Information: A stocktake performed at 30 June 2020 recorded an ending inventory balance of $145 600. The wages account balance is comprised of $70 200 for Selling and Distribution and $15 980 for Administration. REQUIRED: Using the template provided on the following page, prepare a fully classified Income Statement for the year ending 30 June 2020. DON STORE PTY LTD Income Statement FOR YEAR ENDED 30 JUNE 2020 INCOME Less: EXPENSES PROFIT

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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Don Store Pty Ltd is owned and managed by Lucy Hale in the South Africa. The following adjusted Trial Balance for Don Store Pty Ltd has been prepared at the year end by Lucy Hale.

DON STORE PTY LTD

TRIAL BALANCE

AS AT 30 JUNE 2020

Account	Debit ($)	Credit ($)
Cash	35 400
Accounts receivable	50 000
Inventory (1 July 2019)	105 800
Prepaid Rent	7 100
Term Deposit	126 000
Store Equipment	80 000
Accumulated Dep’n – Store Equipment		20 000
Delivery Truck	60 000
Accumulated Depreciation – Delivery Truck		12 000
Accounts Payable		56 800
Unearned Revenue		8 500
Bank loan		40 000
Saphira Browne, Capital (1 July 2019)		320 660
Saphira Browne, Drawings	12 500
Sales Revenue		440 000
Sales Returns and Allowances	15 800
Purchase Returns and Allowances		5 900
Discounts Received		8 200
Purchases	245 720
Freight Inwards	22 870
Freight Outwards	7 500
Wages Expense	86 180
Delivery Truck Maintenance Expense	12 450
Discount Allowed	1 340
Store Rent Expense	25 700
Advertising Expense	9 000
Accrued Delivery Truck Maintenance Expense		2 400
Doubtful Debts Expense	1 000
Allowance for Doubtful Debts		1 000
Depreciation expense – Store Equipment	10 000
Depreciation Expense – Delivery Truck	6 000
Accrued Accounting Wages		4 900

	920 360	920 360

Additional Information:

A stocktake performed at 30 June 2020 recorded an ending inventory balance of $145 600.
The wages account balance is comprised of $70 200 for Selling and Distribution and $15 980 for Administration.

REQUIRED:

Using the template provided on the following page, prepare a fully classified Income Statement for the year ending 30 June 2020.

DON STORE PTY LTD Income Statement FOR YEAR ENDED 30 JUNE 2020
INCOME
















Less: EXPENSES























PROFIT

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