Question 2: The following balances were taken from Titan Company. Interest revenues R.O 37 500 Service revenues R.O 12 500 Rent expenses R.O 3 000 Salaries R.O 6 250 Electricity Expenses R.O 5 000 Phone expenses R.O 5 000 Interest expense R.O 2 500 Depreciation expenses R.O 2 000 At the end of accounting period appeared that: Interest revenues 3 250 / month Service revenues R.O 1 500/ month Rent expenses R.O 500 / month. Salaries R.O 500 / month. Electricity expense R.O1 250 / month. Phone expense R.O 2 000 / month Interest expense R.O 1 750 Required: Prepare income statement according to cash and accrual basis.
Question 2: The following balances were taken from Titan Company. Interest revenues R.O 37 500 Service revenues R.O 12 500 Rent expenses R.O 3 000 Salaries R.O 6 250 Electricity Expenses R.O 5 000 Phone expenses R.O 5 000 Interest expense R.O 2 500 Depreciation expenses R.O 2 000 At the end of accounting period appeared that: Interest revenues 3 250 / month Service revenues R.O 1 500/ month Rent expenses R.O 500 / month. Salaries R.O 500 / month. Electricity expense R.O1 250 / month. Phone expense R.O 2 000 / month Interest expense R.O 1 750 Required: Prepare income statement according to cash and accrual basis.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Question 2: The following balances were taken from Titan Company.
Interest revenues R.O 37 500
Service revenues R.O 12 500
Rent expenses R.O 3 000
Salaries R.O 6 250
Electricity Expenses R.O 5 000
Phone expenses R.O 5 000
Interest expense R.O 2 500
At the end of accounting period appeared that:
Interest revenues 3 250 / month
Service revenues R.O 1 500/ month
Rent expenses R.O 500 / month.
Salaries R.O 500 / month.
Electricity expense R.O1 250 / month.
Phone expense R.O 2 000 / month
Interest expense R.O 1 750
Required:
Prepare income statement according to cash and accrual basis.
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