Q No.2 Saleem provided following Trial Balance on December 31, 2012 and adjustment data. TITLE OF ACCOUNT CASH A/C RECEIVABLE OFFICE EQUIPMENT MARKETING EXPENSE PREAPID ADVERTISING OTHER EXPENSE OFFICE SUPPLIES EXPENSE INTEREST EXPENSE MDS INVENTORY-BEGINNING PURCHASES TRANSPORTATION-IN SALES RETURN SALARIES EXPENSE SALES REVENUE PURCHASES RETURN PURCHASES DISCOUNT INTEREST INCOME A/C PAYABLE CAPITAL-SALEEM SHORT-TERM LOAN BILL PAYABLE LONG-TERM LOAN TOTAL ADJUSTMENT DATA: 1. Mds.inventory ending Rs.45,000 2. Depreciation on office equipment Rs.22,500 3. Bad debts expense 5% of A/c receivable 4. Tax rate is 2% applied DEBIT Required: 1. Multiple step Income Statement showing EBIT and EAT 2. Balance Sheet classified form CREDIT 45,000 175,000 325,000 12,500 8,500 6,000 3,500 16,000 27,800 275,000 22.000 12,000 65,000 993,300 $75,000 1800 4500 27,000 35,000 222,300 55,000 22,700 50,000 993,300

Q No.2 Saleem provided following Trial Balance on December 31, 2012 and adjustment data. TITLE OF ACCOUNT CASH A/C RECEIVABLE OFFICE EQUIPMENT MARKETING EXPENSE PREAPID ADVERTISING OTHER EXPENSE OFFICE SUPPLIES EXPENSE INTEREST EXPENSE MDS INVENTORY-BEGINNING PURCHASES TRANSPORTATION-IN SALES RETURN SALARIES EXPENSE SALES REVENUE PURCHASES RETURN PURCHASES DISCOUNT INTEREST INCOME A/C PAYABLE CAPITAL-SALEEM SHORT-TERM LOAN BILL PAYABLE LONG-TERM LOAN TOTAL ADJUSTMENT DATA: 1. Mds.inventory ending Rs.45,000 2. Depreciation on office equipment Rs.22,500 3. Bad debts expense 5% of A/c receivable 4. Tax rate is 2% applied DEBIT Required: 1. Multiple step Income Statement showing EBIT and EAT 2. Balance Sheet classified form CREDIT 45,000 175,000 325,000 12,500 8,500 6,000 3,500 16,000 27,800 275,000 22.000 12,000 65,000 993,300 $75,000 1800 4500 27,000 35,000 222,300 55,000 22,700 50,000 993,300

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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