7123J.Choo is a sole trader in the designer shoe business. The following trial balancewas extracted from his books at the financial year end 30 November 2019:Dr (S)Sales revenueSales returnsCost of salesFreight chargesCommission IncomeAdditional information(a)(b)RentMotor vehicleCapitalDrawingsInventoryAccumulated depreciation on Motor VehiclesSalaryUtilitiesGeneral expenseTrade receivablesTrade payablesAllowance for impairment loss of Trade ReceivablesBank loanCash at BankREQUIRED11025 68059024 00040 00010 3002 7505 0002.7005 0303 00012 700Sitstreptat inneba 131 860Cr ($)54 7001 96011 100Owner had taken a pair of shoe worth $800, as a gift to his wife.One quarter of loan is due on 31 December 2019.4 00010020 00040 000131 860A missing sales invoice worth $1 000 was discovered. No entries hadbeen made.Prepare the statement of financial performance for the year ended 30November 2019.Prepare the statement of financial position as at 30 November 2019.

Financial statements are prepared at the end of accounting period for review of profitability and…

Answered: REQUIRED (a) (b) Prepare the statement…

REQUIRED (a) (b) Prepare the statement of financial performance for the year ended 30 November 2019. Prepare the statement of financial position as at 30 November 2019.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 8E: Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives...

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