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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Write & Insert Fields Preview Results Finish The following are extracts from the financial records of COF (Pty) Ltd for the year ended 30 June 2021: Extract from the statement of profit or loss and other comprehensive income for the year ended 30 June 2021 30 June 2021 R Revenue from sale of goods 920 000 Cost of sales Profit on sale of non-current assets Commission income 490 000 31 000 23 000 Audit fees 84 000 Depreciation Interest expense (finance cost) Income tax expense 72 000 20 000 87 000 Profit for the year (after tax) Extract from the statement of financial position as at 30 June 2021 BACHELOR OF COMMERCE YEAR1- ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE + REGENT BUSINESS SCHOOL (RBS) - JANUARY 2021 43 123 000 30 June 2021 30 June 2020 302 000 690 000 292 000 Inventories Trade receivables Trade payables Taxation payable Prepaid expenses Accrued expenses Required: 720 000 400 000 385 000 75 000 60 000 2 000 8 000 84 000 88 000 Prepare only the "Cash generated by operations"…
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