Juice World Jamaica Limited, a leading juice manufacturing company has recently hired you asan Accounting Officer. As per job description, you are required to assist in the preparation of thefinancial statements. The Accounts Manager has extracted a list of balances as at December 2021for you to review.Revenue7 600 010Administrative Expenses2 300 000Distribution Costs980 231Interest paid on loanPurchases125 0004 500 330Inventories at 1 January 2021Trade receivables1 018 900630 340Provision for doubtful debts at Jan 202119 634Bad debts70 110Non- current Investment300 900Additional notesi.Provide for Administrative Expenses of $500 000 paid in advance at 31 December 2021and Distribution Costs of $50 528 owing at 31 December 2021Provision for Doubtful Debts is to be maintained at 10% of receivablesii.iii. Inventories at 31 December 2021 were valued at $ı 000 000iv. Provide for corporation tax of $80 000 which is payable on October 1, 2022Loan interest accrued $62 500v.Required:А.Prepare for presentation to the shareholders a published Income Statement for the yearended 31 December 2021.В.Notes to the Income Statement.

Income Statement - This statement shows the income earned and loss incurred by the organization in…

Juice World Jamaica Limited, a leading juice manufacturing company has recently hired you as an Accounting Officer. As per job description, you are required to assist in the preparation of the financial statements. The Accounts Manager has extracted a list of balances as at December 2021 for you to review. Revenue 7 600 010 2 300 000 Administrative Expenses Distribution Costs 980 231 125 000 4 500 330 Interest paid on loan Purchases Inventories at 1 January 2021 Trade receivables 1 018 900 630 340 19 634 Provision for doubtful debts at Jan 2021 Bad debts Non- current Investment 70 110 300 900 Additional notes Provide for Administrative Expenses of $500 000 paid in advance at 31 December 2021 and Distribution Costs of $50 528 owing at 31 December 2021 ii. i. Provision for Doubtful Debts is to be maintained at 10% of receivables iii. Inventories at 31 December 2021 were valued at $1 000 000 Provide for corporation tax of $80 000 which is payable on October 1, 2022 Loan interest accrued $62 500 iv. V. Required: Prepare for presentation to the shareholders a published Income Statement for the year ended 31 December 2021. A. В. Notes to the Income Statement.

Juice World Jamaica Limited, a leading juice manufacturing company has recently hired you as an Accounting Officer. As per job description, you are required to assist in the preparation of the financial statements. The Accounts Manager has extracted a list of balances as at December 2021 for you to review. Revenue 7 600 010 2 300 000 Administrative Expenses Distribution Costs 980 231 125 000 4 500 330 Interest paid on loan Purchases Inventories at 1 January 2021 Trade receivables 1 018 900 630 340 19 634 Provision for doubtful debts at Jan 2021 Bad debts Non- current Investment 70 110 300 900 Additional notes Provide for Administrative Expenses of $500 000 paid in advance at 31 December 2021 and Distribution Costs of $50 528 owing at 31 December 2021 ii. i. Provision for Doubtful Debts is to be maintained at 10% of receivables iii. Inventories at 31 December 2021 were valued at $1 000 000 Provide for corporation tax of $80 000 which is payable on October 1, 2022 Loan interest accrued $62 500 iv. V. Required: Prepare for presentation to the shareholders a published Income Statement for the year ended 31 December 2021. A. В. Notes to the Income Statement.

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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