REQUIRED Use the information provided below to prepare the Statement of Comprehensive Income of Cheshire Ltd for the year ended 31 December 2023. INFORMATION The information given below was extracted from the accounting records of Cheshire Ltd on 31 December 2023 (the end of the financial year). CHESHIRE LTD PRE-ADJUSTMENT TRIAL BALANCE AS AT 31 DECEMBER 2023 Balance Sheet Accounts Section Ordinary share capital Retained earnings Land and buildings Vehicles (cost) Equipment (cost) Accumulated depreciation on vehicles Accumulated depreciation on equipment Debentures (10% p.a.) Trading inventory Debtors control Provision for bad debts Bank Creditors control South African Revenue Services: Company tax Nominal accounts section Sales Cost of sales Sales returns Maintenance Rates Carriage on sales Wages and salaries Stationery Bad debts Sundry expenses Insurance Telephone Water and electricity Directors' fees Auditor's fees Ordinary share dividends Debit (R) 2 500 000 850 000 500 000 550 000 235 000 5 000 140 000 2 050 000 75 000 40 000 30 000 45 000 425 000 5 000 10 000 20 000 35 000 65 000 70 000 200 000 25 000 100 000 7 975 000 Credit (R) 1 450 000 250 000 300 000 200 000 1 250 000 10 000 515 000 4 000 000 7 975 000

REQUIRED Use the information provided below to prepare the Statement of Comprehensive Income of Cheshire Ltd for the year ended 31 December 2023. INFORMATION The information given below was extracted from the accounting records of Cheshire Ltd on 31 December 2023 (the end of the financial year). CHESHIRE LTD PRE-ADJUSTMENT TRIAL BALANCE AS AT 31 DECEMBER 2023 Balance Sheet Accounts Section Ordinary share capital Retained earnings Land and buildings Vehicles (cost) Equipment (cost) Accumulated depreciation on vehicles Accumulated depreciation on equipment Debentures (10% p.a.) Trading inventory Debtors control Provision for bad debts Bank Creditors control South African Revenue Services: Company tax Nominal accounts section Sales Cost of sales Sales returns Maintenance Rates Carriage on sales Wages and salaries Stationery Bad debts Sundry expenses Insurance Telephone Water and electricity Directors' fees Auditor's fees Ordinary share dividends Debit (R) 2 500 000 850 000 500 000 550 000 235 000 5 000 140 000 2 050 000 75 000 40 000 30 000 45 000 425 000 5 000 10 000 20 000 35 000 65 000 70 000 200 000 25 000 100 000 7 975 000 Credit (R) 1 450 000 250 000 300 000 200 000 1 250 000 10 000 515 000 4 000 000 7 975 000

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

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 17P: On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and...

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