For the financial year ended 30th June 2020, JD & Co provided the following figures: Trial Balance for JD & Co as at 30th June 2020 $ Capital - John Dough 18,000 Cash at bank 17,775 Equipment 27,000 Loan 39,600 Accounts Payable 7,500 Drawings - John Dough 1,725 Utilities expenses 750 Telephone expenses 975 Sales Revenue 21,225 Stocks 12,600 Cost of Goods sold 5,100 Accounts Receivable 15,000 Interest expense 1,275 Salary expense 3,000 Supplies on hand 825 Salaries Payable 1,800 Computer 4,800 Depreciation expenses – Equipments 5,400 Depreciation expenses – Computer 960 Accumulated Depreciation – Equipments 10,800 Accumulated Depreciation – Computer 960 Rent expenses 900 Supplies expense 1,800 Required: Prepare both the Income Statement and the Balance Sheet for JD & Co. Income Statement for the year ended 30th June 2020
For the financial year ended 30th June 2020, JD & Co provided the following figures:
|
|
|
|
$ |
|
|
Capital - John Dough |
18,000 |
|
Cash at bank |
17,775 |
|
Equipment |
27,000 |
|
Loan |
39,600 |
|
Accounts Payable |
7,500 |
|
Drawings - John Dough |
1,725 |
|
Utilities expenses |
750 |
|
Telephone expenses |
975 |
|
Sales Revenue |
21,225 |
|
Stocks |
12,600 |
|
Cost of Goods sold |
5,100 |
|
|
15,000 |
|
Interest expense |
1,275 |
|
Salary expense |
3,000 |
|
Supplies on hand |
825 |
|
Salaries Payable |
1,800 |
|
Computer |
4,800 |
|
|
5,400 |
|
Depreciation expenses – Computer |
960 |
|
|
10,800 |
|
Accumulated Depreciation – Computer |
960 |
|
Rent expenses |
900 |
|
Supplies expense |
1,800 |
Required:
Prepare both the Income Statement and the Balance Sheet for JD & Co.
Income Statement for the year ended 30th June 2020
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