Create an income statement from the following information. The following trial balance was extracted from the books of a retal trader, who has been in business foRink KametTrial Balance as at 30 April 2020"Dr.Cr.Sales288, 128Purchases143,568216,000108,00020,790EqupmentMotor VehicleDepreciation expenseProvision for depreciation - EquipmentProvision for depreciation - Motor VehldeOpening stockReturns In81,90036,00028,1701,170Returns out432Accounts payablesAccounts recelvablesBad debts expenseBank45,79451,4801,89036,79213,5002,6102,4303,294CashCarlage inCalage outDiscounts allowedDiscounts recelvedСapitalDrawingsRentInsurance2160212,05822,50043,2006,012Interest expenseLoan7.43452,0001,548Provision for bad deotsTelephoneWater rates5,9405.240720,020720,020Stock at 30 Apri 2020 was $25,700You are required to prepare the financial statements (Income Statement and BalanceSheet) for the year ended 30 April 2020

An income statement seems to be a financial document showing you the revenue and expenses of the…

The following trial balance was extracted from the books of a retall trader, who has been in business fo Rink Kamet Trial Balance as at 30 April 2020 " Dr. Cr. Sales 288,128 Purchases 143,568 216,000 108,000 20,790 Equpment Motor Vehicle Depreciation expense Provision for depreciation - Equipment Provision for depreciation - Motor Vehide Opening stock Returns in 81,900 36,000 28,170 1,170 Returns out 432 Accounts payabies Accounts recelvables 45,794 51,480 Bad debts expense Bank 1,890 36,792 13,500 2,610 2,430 3,294 Cash Camriage in Camlage out Discounts allowed Discounts recelved 2160 212,058 Capital Drawings Rent Insurance 22,500 43,200 6,012 Interest expense Loan 7,434 52,000 1,548 Provision for bad debts Telephone Water rates 5,940 5,240 720,020 720,020 Stock at 30 Apri 2020 was $25,700 You are required to prepare the financial statemente (Income Statement and Balance Sheet) for the year ended 30 April 2020 ... . ..

The following trial balance was extracted from the books of a retall trader, who has been in business fo Rink Kamet Trial Balance as at 30 April 2020 " Dr. Cr. Sales 288,128 Purchases 143,568 216,000 108,000 20,790 Equpment Motor Vehicle Depreciation expense Provision for depreciation - Equipment Provision for depreciation - Motor Vehide Opening stock Returns in 81,900 36,000 28,170 1,170 Returns out 432 Accounts payabies Accounts recelvables 45,794 51,480 Bad debts expense Bank 1,890 36,792 13,500 2,610 2,430 3,294 Cash Camriage in Camlage out Discounts allowed Discounts recelved 2160 212,058 Capital Drawings Rent Insurance 22,500 43,200 6,012 Interest expense Loan 7,434 52,000 1,548 Provision for bad debts Telephone Water rates 5,940 5,240 720,020 720,020 Stock at 30 Apri 2020 was $25,700 You are required to prepare the financial statemente (Income Statement and Balance Sheet) for the year ended 30 April 2020 ... . ..

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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Similar questions

Measurement of income method consists of what exactly?
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what are debits in an income statement?
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