indly advise on how to add an entry for dlosing inventory in the below income statement reapared for Anne for period ended 31 Oct 2021 he closing inventory is £ 320 Income Statement Particulars Amount Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Repair Expesnes Wages Expenses Rent Expenses Travel Expenses Total Operating Expenses Operating Income/Loss other Income £5,600 £4,830 £770 £110 £820 £850 £1,200 £2,980 -£2,210 Rent Revenue £800 Net Loss -£1,410

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
100%

 

Please help in editing the Income Statement for the period ended 31st October 2021 for the question attached to include the entry for 
The closing inventory = £ 320

Kindly advise on how to add an entry for closing inventory in the below income statement
preapared for Anne for period ended 31 Oct 2021
The closing inventory is £ 320
Income Statement
Particulars
Amount
Sales Revenue
Cost of Goods Sold
Gross Profit
Operating Expenses
Repair Expesnes
Wages Expenses
Rent Expenses
Travel Expenses
Total Operating Expenses
Operating Income/Loss
Other Income
£5,600
£4,830
£770
£110
£820
£850
£1,200
£2,980
-£2,210
Rent Revenue
£800
Net Loss
-£1,410
Transcribed Image Text:Kindly advise on how to add an entry for closing inventory in the below income statement preapared for Anne for period ended 31 Oct 2021 The closing inventory is £ 320 Income Statement Particulars Amount Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Repair Expesnes Wages Expenses Rent Expenses Travel Expenses Total Operating Expenses Operating Income/Loss Other Income £5,600 £4,830 £770 £110 £820 £850 £1,200 £2,980 -£2,210 Rent Revenue £800 Net Loss -£1,410
Prepare an Income Statement for the period ended 31st October 2021
The closing inventory is £ 320
Anne York is a sole trader who started the business of buying and selling furniture in Brighton on the
1st of October 2021.
She is going to prepare accounts to 31st of September 2021. She contributed to the business with
£10,000 in the Bank, £4,800 cash, 45,000 flat and 12,000 Car. The transactions during the month are
as follows:
2/10 Purchased furniture £5400 for sale on credit from Home Ltd
4/10 She bought a computer for £800 and a printer £200 from a local shop in London and paid by
cheque.
5/10 Sold goods for £ 2800 and received the money via Bank account
12/10 Paid in Cash £110 for repairing printer
18/10 Part of furniture returned to Home Ltd £250
21/10 The owner received rent £800 for flat and deposited it to the bank account
23/10 Sold goods to Rayan £2100; from this amount £1800 cash received immediately and the rest
remains on credit.
23/10 Sold goods of £700 to David and received cash
24/10 Bought a new Laptop for business use by issuing a cheque £1700
26/10 Paid the month's wages to the part-time shopkeeper by cheque £820
30/10 The owner rented an office place in a Business Park near the London on 1 October and paid
rent by cheque £850
31/10 The owner has also paid £ 1200 from the business bank account to book a hotel and flight in
Scotland for her holiday.
31/10 £150 Cash received from Rayan.
Transcribed Image Text:Prepare an Income Statement for the period ended 31st October 2021 The closing inventory is £ 320 Anne York is a sole trader who started the business of buying and selling furniture in Brighton on the 1st of October 2021. She is going to prepare accounts to 31st of September 2021. She contributed to the business with £10,000 in the Bank, £4,800 cash, 45,000 flat and 12,000 Car. The transactions during the month are as follows: 2/10 Purchased furniture £5400 for sale on credit from Home Ltd 4/10 She bought a computer for £800 and a printer £200 from a local shop in London and paid by cheque. 5/10 Sold goods for £ 2800 and received the money via Bank account 12/10 Paid in Cash £110 for repairing printer 18/10 Part of furniture returned to Home Ltd £250 21/10 The owner received rent £800 for flat and deposited it to the bank account 23/10 Sold goods to Rayan £2100; from this amount £1800 cash received immediately and the rest remains on credit. 23/10 Sold goods of £700 to David and received cash 24/10 Bought a new Laptop for business use by issuing a cheque £1700 26/10 Paid the month's wages to the part-time shopkeeper by cheque £820 30/10 The owner rented an office place in a Business Park near the London on 1 October and paid rent by cheque £850 31/10 The owner has also paid £ 1200 from the business bank account to book a hotel and flight in Scotland for her holiday. 31/10 £150 Cash received from Rayan.
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Accounting Changes and Error Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education