From the following trial balance, prepare income statement and balance sheet for Xyz Companyfor December, 31" 2020AccountDebitCreditCash in Bank15,000Sale Revenue18,900Supplies3,200Cash in had3,000Account Receivable650Саpital40,000Provision3,000Inventory1,000Equipment32,000Intangible asset8,600Prepaid insurance450Office Supplies4,000Long-tem loan4,000Bond payable3,500Wages payable400Trade receivable500Owner Drawing500Purchase7,000Bills payable330Consultation revenue370received in advanceSalary payable5,000Interest payable700Prepaid sale expenses600Deferred tax liability6,000Telephone expenses3,700Salary expenses10,500

Income Statement of XYZ LTD as on 31st December 2020 Particulars Amount Sales…

From the following trial balance, prepare income statement and balance sheet for Xyz Company for December, 31" 2020 Account Debit Credit Cash in Bank 15,000 Sale Revenue 18,900 |Supplies 3,200 Cash in had 3,000 Account Receivable 650 Capital 40,000 Provision 3,000 Inventory Equipment 1,000 32,000 Intangible asset 8,600 Prepaid insurance Office Supplies 450 4,000 Long-term loan Bond payable 4,000 3,500 Wages payable 400 Trade receivable 500 Owner Drawing Purchase Bills payable 500 7,000 330 Consultation revenue 370 received in advance Salary payable Interest payable 5,000 700 Prepaid sale expenses Deferred tax liability 600 6,000 Telephone expenses 3,700 Salary expenses 10,500

From the following trial balance, prepare income statement and balance sheet for Xyz Company for December, 31" 2020 Account Debit Credit Cash in Bank 15,000 Sale Revenue 18,900 |Supplies 3,200 Cash in had 3,000 Account Receivable 650 Capital 40,000 Provision 3,000 Inventory Equipment 1,000 32,000 Intangible asset 8,600 Prepaid insurance Office Supplies 450 4,000 Long-term loan Bond payable 4,000 3,500 Wages payable 400 Trade receivable 500 Owner Drawing Purchase Bills payable 500 7,000 330 Consultation revenue 370 received in advance Salary payable Interest payable 5,000 700 Prepaid sale expenses Deferred tax liability 600 6,000 Telephone expenses 3,700 Salary expenses 10,500

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 15E

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