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SAP!! DECEMBER 31,2012 TITLE OF ACCOUNT DEBIT CREDIT Cash 130,350   Account receivable 54600   Note receivable 83,000   Land 100,000   Inventory-opening 40,500   Supplies 650   Prepaid insurance 1200   Furniture and Fixture 183,200   Accumulated depreciation-furniture   2400 Account payable   47,000 Note payable    (long-term)   12,600 Capital-Frank   275,000 Sales revenue   364,500 Sales discount 1400   Sales return and allowance 2000   Commission income   600 Purchases 89,300   Purchases discount   3000 Purchases return and allowances   1200 Freight in 5200   Rent expense 8400   Salaries expense 5000   Insurance expense 1500                           TOTAL 706,300 706,300       ADJUSTMENT DATA: Depreciation for the year Rs. 600 Inventory on hand at the end of the year Rs. 32,000 Tax rate 15% INSTRUCTIOS: Income Statement showing EBIT and EAT  Balance Sheet

SAP!! DECEMBER 31,2012 TITLE OF ACCOUNT DEBIT CREDIT Cash 130,350   Account receivable 54600   Note receivable 83,000   Land 100,000   Inventory-opening 40,500   Supplies 650   Prepaid insurance 1200   Furniture and Fixture 183,200   Accumulated depreciation-furniture   2400 Account payable   47,000 Note payable    (long-term)   12,600 Capital-Frank   275,000 Sales revenue   364,500 Sales discount 1400   Sales return and allowance 2000   Commission income   600 Purchases 89,300   Purchases discount   3000 Purchases return and allowances   1200 Freight in 5200   Rent expense 8400   Salaries expense 5000   Insurance expense 1500                           TOTAL 706,300 706,300       ADJUSTMENT DATA: Depreciation for the year Rs. 600 Inventory on hand at the end of the year Rs. 32,000 Tax rate 15% INSTRUCTIOS: Income Statement showing EBIT and EAT  Balance Sheet

FINANCIAL ACCOUNTING
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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ASAP!!

DECEMBER 31,2012

TITLE OF ACCOUNT

DEBIT

CREDIT

Cash

130,350

 

Account receivable

54600

 

Note receivable

83,000

 

Land

100,000

 

Inventory-opening

40,500

 

Supplies

650

 

Prepaid insurance

1200

 

Furniture and Fixture

183,200

 

Accumulated depreciation-furniture

 

2400

Account payable

 

47,000

Note payable    (long-term)

 

12,600

Capital-Frank

 

275,000

Sales revenue

 

364,500

Sales discount

1400

 

Sales return and allowance

2000

 

Commission income

 

600

Purchases

89,300

 

Purchases discount

 

3000

Purchases return and allowances

 

1200

Freight in

5200

 

Rent expense

8400

 

Salaries expense

5000

 

Insurance expense

1500

 

 

                      TOTAL

706,300

706,300

 

 

 

ADJUSTMENT DATA:

  1. Depreciation for the year Rs. 600
  2. Inventory on hand at the end of the year Rs. 32,000
  3. Tax rate 15%

INSTRUCTIOS:

  • Income Statement showing EBIT and EAT 
  • Balance Sheet 
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