The following balances were extracted from the books ofMunirah Trading for the year ended 30 June 2022.Trial balance as at 30 June 2022Inventory at 1 July 2021SalesPurchasesReturn inwardsReturn outwardsElectricity chargesRentalSalary and wagesFixtures & fittingsCash & BankAccounts receivableAccounts payableCapitalDrawingsDr (S) Cr (S)5,000148,6002,4007008,3006,50010,50016,60013,000176,0003,60011,00030,0009,000220,600 220,600Additional information:-i) Inventory as at 30 June 2022 was valued at $5,500ii) Accrual electricity charges of $65iii) Prepaid rental of $500iv) Furniture is to be depreciated at a rate of 10% on cost.REQUIRED:-a) Prepare the Statement of Comprehensive Income for theyear ended 30 June 2022.b) Prepare the Statement of Financial Position as at 30 June2022.

A Statement of Comprehensive Income allows a company to establish precise and reasonable estimates.…

Munirah Trading for the year ended 30 June 2022. Trial balance as at 30 June 2 Inventory at 1 July 2021 Sales Purchases Return inwards Return outwards Electricity charges Rental Dr (S) Cr (S) 5,000 148,600 2,400 700 8,300 176,000 3,600

Munirah Trading for the year ended 30 June 2022. Trial balance as at 30 June 2 Inventory at 1 July 2021 Sales Purchases Return inwards Return outwards Electricity charges Rental Dr (S) Cr (S) 5,000 148,600 2,400 700 8,300 176,000 3,600

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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Oa column for the date the check was made Barbie Merchandising Company Adjusted Trial Balance For the Period Ended December 31, 2020 Account Title Sales Sales returns and allowances ంజు doaouint Purchases Purchase returns and allow3nces Purchase discount Freight in Selling expense Debit Credit P1.652.000 P35.000 13.000/ 1.120,500 18:C00 36.000 55.000 40,000 P2,322,000 1o ఉ P2,322,000 Beginning and ending balance of Merchandissinvertchyamcuredto P56.500 and P65500 respectively How much is the net profit
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Current Attempt in Progress The trial balance of Crane Company at the end of its fiscal year, August 31, 2022, includes these accounts: Inventory $35,000; Purchases $154,900; Sales Revenue $191,000; Freight-In $9,200; Sales Returns and Allowances $4,400; Freight-Out $1,900; and Purchases Returns and Allowances $6,900. The ending inventory is $28,000. Prepare a cost of goods sold section for the year ending August 31.
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2021 2021 Cost Retail $39,000 $ 52,000 96,920 114,000 $102,775 $118,600 2,600 3,100 2022 13,000 2,600 111,010 2,200 2022 Cost Retail Required: Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. (Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and final answers to the nearest whole dollar.) 9,200 2,800 108,840 4,960 1.00 1.08 1.10
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