Tom owns a shoe retail business, Good Soles, which had the following balances as at 31 December 2019. 100 000 Capital Drawings Commission income Salaries expense 2 000 25 600 57 400 Trade receivables 22 000 1000 Cir) Bank loan repayable 31 May 2023 Fixtures and fittings 50 000 90 000 Motor vehicles 150 000 190 000 )-3.500 3 150 Sales revenue Allowance for impairment of trade receivables C (12k -Ik)a Iu Discount received 48 000 - 300o li) Inventory Cash at bank 700 Sales returns 3 400 Cost of sales 13 900 Trade payables ILOinv 15 150 + 3000 ci) cional information $3000 of Tom's inventory was damaged in a fire. This has not been adjusted yet. Ryan, a credit customer who owed $1 000, was declared bankrupt. The company decided write off the amount owing by him as uncollectible. This was not recorded in the books. The business reviewed its trade receivables as at 31 December 2019 and estimated 14% of deb night not be collectible. 10 000 of the bank loan is due to be repaid on 30 April 2020. ED epare the statement of financial performance for the year ended 31 December 2019. epare the statement of financial position as at 31 December 2019.
Tom owns a shoe retail business, Good Soles, which had the following balances as at 31 December 2019. 100 000 Capital Drawings Commission income Salaries expense 2 000 25 600 57 400 Trade receivables 22 000 1000 Cir) Bank loan repayable 31 May 2023 Fixtures and fittings 50 000 90 000 Motor vehicles 150 000 190 000 )-3.500 3 150 Sales revenue Allowance for impairment of trade receivables C (12k -Ik)a Iu Discount received 48 000 - 300o li) Inventory Cash at bank 700 Sales returns 3 400 Cost of sales 13 900 Trade payables ILOinv 15 150 + 3000 ci) cional information $3000 of Tom's inventory was damaged in a fire. This has not been adjusted yet. Ryan, a credit customer who owed $1 000, was declared bankrupt. The company decided write off the amount owing by him as uncollectible. This was not recorded in the books. The business reviewed its trade receivables as at 31 December 2019 and estimated 14% of deb night not be collectible. 10 000 of the bank loan is due to be repaid on 30 April 2020. ED epare the statement of financial performance for the year ended 31 December 2019. epare the statement of financial position as at 31 December 2019.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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help me with this 2 pls
Transcribed Image Text:Tom owns a shoe retail business, Good Soles, which had the following balances as at 31 December
2019.
100 000
Capital
Drawings
Commission income
Salaries expense
2 000
25 600
57 400
Trade receivables
22 000
1000 Cir)
Bank loan repayable 31 May 2023
Fixtures and fittings
50 000
90 000
Motor vehicles
150 000
190 000
)-3.500
3 150
Sales revenue
Allowance for impairment of trade receivables C
(12k -Ik)a Iu
Discount received
48 000 - 300o li)
Inventory
Cash at bank
700
Sales returns
3 400
Cost of sales
13 900
Trade payables
ILOinv
15 150
+ 3000 ci)
cional information
$3000 of Tom's inventory was damaged in a fire. This has not been adjusted yet.
Ryan, a credit customer who owed $1 000, was declared bankrupt. The company decided
write off the amount owing by him as uncollectible. This was not recorded in the books.
The business reviewed its trade receivables as at 31 December 2019 and estimated 14% of deb
night not be collectible.
10 000 of the bank loan is due to be repaid on 30 April 2020.
ED
epare the statement of financial performance for the year ended 31 December 2019.
epare the statement of financial position as at 31 December 2019.
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