B-FNDC002_Enabling_Financial_Statements_and_Ratio_Analysis (2).xls [Compatibility Mode] - ExcelHANNAH THERESE MOVIDOFileHomeInsertPage LayoutFormulasDataReviewViewHelpQ Search& ShareX Cut- 11 - A Aab Wrap TextE AutoSum -ACambriaGeneralED Copy -PasteV Fill -BIU -E, % ,E E E Merge & Center -Conditional Format as CellInsert Delete FormatSort & Find &€.0.0000 .0Format PainterFormatting - Table Styles -ClearFilter- Select -ClipboardFontAlignmentNumberStylesCellsEditingL12feAв сDEGKMNPQRV2 On December 31, 20xx, you have completed your first full year in business. During the year,3you billed PhP1,000,000 for the services you have rendered to your clients. You had twoemployees, a bookkeeper and a clerical assistant. In addition to your monthly salary ofPHP20,000, you paid annual salaries of PhP142,560 and PhP139,920 to the bookkeeperand the clerical assistant, respectively.578 Employment taxes and benefit costs for you and your employees totaled PhP34,600 for the9year. Expenses for office supplies totaled PhP10,400 for the year. In addition, youspent PhP17,000 during the year on tax-deductible travel and entertainment associatedwith client visits and new business development. Lease payments for the office space1011rented (a tax-deductible expense) were PhP5,000 per month. Depreciation expenseon the office furniture and fixtures was PhP15,600 for the year. During the year, you121314paid interest of PHP15,000 on the PhP500,000 borrowed to start the business. You are15paying an average tax rate of 30%.1617 Required:1819 a. Prepare an income statement for the year ended December 31, 20xx.20 b. Evaluate your financial performance.2122 Solution and Answer:23FSRA_Enabling1FSRA_Enabling2FSRA_Enabling3FSRA_Enabling4+Ready目+ 100%11:48 AMA ) 1) ENG09/02/2021

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Income statement: A financial statement prepared by the business entity that reports the income and…

Answered: Required: a. Prepare an income…

Business

Accounting

Required: a. Prepare an income statement for the year ended December 31, 20xx. b. Evaluate your financial performance.

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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Blyth Traders are a well-established wholesale business operating in the north of England and south Scotland. Their trial balance for year ended 31" December 2021 is presented below: Dr [E] Cr (E] Non-current assets (cost): Plant and machinery 150,000 Vehicles 100,000 Premises 600,000 Accumulated depreciation (1-1-21): Plant and equipment Vehicles 90,000 50,000 Premises 96,000 Sales Sales returns Purchases Carriage in Wages and salaries Discounts allowed Electricity costs Vehicle maintenance Advertising and marketing Irrecoverable debts 829,000 2,000 335,000 15.000 114.000 4.500 37.500 8,000 2,500 14,000 3,000 Allowance for receivables Bank 1,500 19,200 Accounts payable Accounts receivable 31,600 60,000 Inventory (1-1-21) 91,700 Drawings Bank loan [10%] Capital (1-1-21) 60,000 150.000 324,900 1.594.700 1.594.700 Additional notes: 1) Inventory at 31" December 2021 was valued at £94,000. However, on 4th January 2022 additional lines of inventory were uncovered that had not been included…
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