Q4: Prepare Income Statement and Balance Sheet from the following Trial Balance of Amjad Company Trial Balance on 30 September 2020 Debit Credit Owners capital 125,000 Drawings - owners. 25.000 Purchases 160,000 Wages Opening inventories 30,000 25,000 Travelling expenses 35,000 Plant and machinery 55,000 Furniture 45,000 Acc. depreciation – Plant and Machinery 32,000 Acc. Depreciation - Furniture Cash and cash equivalents 18,000 45,000 Accounts receivable 30,000 Accounts payable 33,000 Bank loan 50,000 Rent expenses 20,000 Marketable securities 60,000 Purchase returns 12,000 Sales returns 25,000 Miscellaneous expenses 22,000 Stationery expenses 28,000 Salary expenses 45,000 Sales 360,000 Service revenue 15,000 Interest income 5,000 Total 650,000 650,000 1. Closing inventory was RO. 30,000 2. Stationary expenses of RO. 4,500 were outstanding. 3. Prepaid Service Revenue was RO. 7500 4. Depreciation rate for Plant & Machinery is 15% per annum and depreciation expenses for Furniture is RO. 2000 per annum.

Q4: Prepare Income Statement and Balance Sheet from the following Trial Balance of Amjad Company Trial Balance on 30 September 2020 Debit Credit Owners capital 125,000 Drawings - owners. 25.000 Purchases 160,000 Wages Opening inventories 30,000 25,000 Travelling expenses 35,000 Plant and machinery 55,000 Furniture 45,000 Acc. depreciation – Plant and Machinery 32,000 Acc. Depreciation - Furniture Cash and cash equivalents 18,000 45,000 Accounts receivable 30,000 Accounts payable 33,000 Bank loan 50,000 Rent expenses 20,000 Marketable securities 60,000 Purchase returns 12,000 Sales returns 25,000 Miscellaneous expenses 22,000 Stationery expenses 28,000 Salary expenses 45,000 Sales 360,000 Service revenue 15,000 Interest income 5,000 Total 650,000 650,000 1. Closing inventory was RO. 30,000 2. Stationary expenses of RO. 4,500 were outstanding. 3. Prepaid Service Revenue was RO. 7500 4. Depreciation rate for Plant & Machinery is 15% per annum and depreciation expenses for Furniture is RO. 2000 per annum.

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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Dec 31, 2019 SERVICE REVENUE Sales revenue, net Cost of goods sold $ 281,000 120,000 161,000 Gross profit OPERATING EXPENSES Selling expenses Wages expense - seling Fuel expense- selling Depreciation expense - selling Total selling expenses General and administrative expenses 15,000 20,000 45,000 80,000 Rent expense - administrative Office supplies expense - administrative 12,000 15,000 Total general and administrative expenses Total operating expenses Total incorme froDm operations 27,000 107,000 54,000 OTHER EXPENSES Interest expense 2,000 52,000 13,000 %24 Total income before tax Income tax expense Net incorne 39,000 Eamings Per Share (EPS) 0.65 What is Carson's Bakery gross profit margin? O 13.87% O 38.87% 33.54% O 57.29%
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