The table below shows accounting data of ABC company as of 30 June 2020. From the data, establish an income statement and a balance sheet for the company. Note: Company income tax 30%, during the accounting period companies has paid 5% of interest on the mortgage. Profit is retained for further investment Administration expense 1500 sales 342000 insurance expense 8500 cash 54000 cost of good solds 92000 equipment 31000 electricity and telephone expense 9540 accounts payables 15020 bank overdraft fee 2500 wages and salaries 42100 supplies expense 700 land and buildings 325000 prepair by a client for a company service 4500 vehicles 54000 mortgage 250000 prepaid rent 10000 supplies 43000 account recievables 72000
The table below shows accounting data of ABC company as of 30 June 2020. From the data, establish an income statement and a balance sheet for the company. Note: Company income tax 30%, during the accounting period companies has paid 5% of interest on the mortgage. Profit is retained for further investment Administration expense 1500 sales 342000 insurance expense 8500 cash 54000 cost of good solds 92000 equipment 31000 electricity and telephone expense 9540 accounts payables 15020 bank overdraft fee 2500 wages and salaries 42100 supplies expense 700 land and buildings 325000 prepair by a client for a company service 4500 vehicles 54000 mortgage 250000 prepaid rent 10000 supplies 43000 account recievables 72000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The table below shows accounting data of ABC company as of 30
June 2020. From the data, establish an income statement and a balance sheet
for the company.
Note: Company income tax 30%, during the accounting period companies has
paid 5% of interest on the mortgage. Profit is retained for further investment
| Administration expense | 1500 |
| sales | 342000 |
| insurance expense | 8500 |
| cash | 54000 |
| cost of good solds | 92000 |
| equipment | 31000 |
| electricity and telephone expense | 9540 |
| accounts payables | 15020 |
| bank overdraft fee | 2500 |
| wages and salaries | 42100 |
| supplies expense | 700 |
| land and buildings | 325000 |
| prepair by a client for a company service | 4500 |
| vehicles | 54000 |
| mortgage | 250000 |
| prepaid rent | 10000 |
| supplies | 43000 |
| account recievables | 72000 |
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