The following additional information should is to be taken into account Stock on December 31, 2015 was valued at $12,500 Accrued salaries amounted to $500 Prepaid Insurance amounted to 125. Office Equipment is to depreciated at 20% per annum Provision for Doubtful Debts at 5% of the Debtors A/C is to be Created You are required to prepare the: Income Statement for the year ended 31 December 2015. Statement of Financial Position (Balance Sheet as at 31 December 2015.)
The following additional information should is to be taken into account Stock on December 31, 2015 was valued at $12,500 Accrued salaries amounted to $500 Prepaid Insurance amounted to 125. Office Equipment is to depreciated at 20% per annum Provision for Doubtful Debts at 5% of the Debtors A/C is to be Created You are required to prepare the: Income Statement for the year ended 31 December 2015. Statement of Financial Position (Balance Sheet as at 31 December 2015.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
The following additional information should is to be taken into account
- Stock on December 31, 2015 was valued at $12,500
- Accrued salaries amounted to $500
- Prepaid Insurance amounted to 125.
- Office Equipment is to
depreciated at 20% per annum - Provision for Doubtful Debts at 5% of the Debtors A/C is to be Created
You are required to prepare the:
- Income Statement for the year ended 31 December 2015.
Statement of Financial Position (Balance Sheet as at 31 December 2015.)
Transcribed Image Text:Capital
Drawing
Stock (Jan 1, 2015)
Purchases
Debtors
Creditors
Sales
Premises
Office Equipment
Bank
Sales Returns
Purchases Returns
Salaries
Commission Received
Insurance
Advertising
Carriage Inwards
Carriage Outwards
Discount Allowed
Discount Received
Bad Debts
Water and Electricity
S. Anderson
Trial Balance as at 31 December 2015
Dr
1,675
13,000
60,000
3,800
25,000
3,500
1,655
435
6,000
395
1,350
240
400
230
300
750
118,730
Cr
30,0000
4, 490
80,800
600
2,700
140
118,730
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education