Account Cash Accounts Receivable Prepaid Rent Office Supplies XYZ Trading Adjusted Trial Balance As at 30 September 2023 Equipment Accumulated Depreciation - Equipment Accounts Payable Unearned Revenue Salaries Payable Capital Service Revenue Salaries Expense Rent Expense Depreciation Expense - Equipment Debit (RM) 10,000 5,000 2,300 800 15,000 8,600 1,200 500 43,400 Credit (RM) 2,500 3,000 4,400 600 6,700 26,200 43,400 Required: Based on the adjusted trial balance, prepare the income statement for the year ended 30 September 2023 and the balance sheet as at 30 September 2023.

Account Cash Accounts Receivable Prepaid Rent Office Supplies XYZ Trading Adjusted Trial Balance As at 30 September 2023 Equipment Accumulated Depreciation - Equipment Accounts Payable Unearned Revenue Salaries Payable Capital Service Revenue Salaries Expense Rent Expense Depreciation Expense - Equipment Debit (RM) 10,000 5,000 2,300 800 15,000 8,600 1,200 500 43,400 Credit (RM) 2,500 3,000 4,400 600 6,700 26,200 43,400 Required: Based on the adjusted trial balance, prepare the income statement for the year ended 30 September 2023 and the balance sheet as at 30 September 2023.

Name: Please do not give solution in image format ? AccountCashAccounts Rece
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Please do not give solution in image format ? AccountCashAccounts ReceivablePrepaid RentOffice SuppliesXYZ TradingAdjusted Trial BalanceAs at 30 September 2023EquipmentAccumulated Depreciation - EquipmentAccounts PayableUnearned RevenueSalaries Payab

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Prepare the Statement of Comprehensive Income as at: 28 February 2021.Embassy TradersPre-adjustment Trial Balance as at: 28 February 2021Debit CreditBalance Sheet Accounts SectionCapital 1 651 100Drawings 132 900Land and buildings 1 254 800Vehicles at cost 925 000Equipment 662 000Accumulated depreciation on vehicles 528 000Accumulated depreciation on equipment 369 000Fixed deposit: Bob-bank (9% p.a.) 200 000Trading inventory 152 000Debtors control 174 800Provision for bad debts 10 000Bank 127 800Creditors control 184 800Mortgage loan: Bob-bank (18% p.a.) 330 000Nominal Accounts SectionSales 2 075 000Cost of sales 795 000Sales returns 15 000Salaries and wages 586 000Bad debts 18 000Stationary 30 000Rates and taxes 58 000Motor expenses 32 000Advertising 23 000Telephone 44 000Electricity and water 66 000Bank charges 8 000Insurance 5 000Interest on mortgage loan 26 000Interest on fixed deposit 15 000Rent income 171 6005 334 500 5 334 500Adjustments and additional information1.Trading…
Use the trial balance, adjustments and additional information to prepare the Statement ofComprehensive Income for the year ended 28 February 2022.Liat TradersPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022Balance sheet accounts section Debit CreditR RCapital 550 854Drawings 75 150Land and buildings 477 164Vehicles at cost 91 000Equipment at cost 67 000Accumulated depreciation on vehicles 31000Accumulated depreciation onequipment 23800Trading inventory 68 800Debtors control 45 850Provision for bad debts 1900Bank 15 560Cash float 1 250Petty cash 250Creditors control 38 860Loan: MUFG Bank (15%) 21600Nominal accounts sectionSales 498 000Cost of sales 244 000Sales returns 8 000Wages 42 500Bank charges 2 300Rent income 26000Packing materials 12 000Advertising 8 500Rates 3 000Bad debts 900Discount allowed 750Discount received 980Stationery 8 500Interest on loan 2 970Water and electricity 5 550Insurance 5 000Telephone 7 0001 192 994 1 192 994Adjustments and additional information1. A…
You are presented with the following trial balance of Carl Ltd at 31 October 2018. DrCr R,000Building at costBuildings, accumulated depreciation, 1 November 2018 Plant at costPlant, accumulated depreciation, 1 November 2018 Land at costBank balanceRevenuePurchasesDiscounts receivedReturns inwardsWagesEnergy expensesTrade PayablesTrade ReceivablesInventory at 1 November 2018Allowance for debtors at 1 November 2018 Administrative expensesDirector's remunerationAccumulated profit at 1 November 201810% DebentureDividend paidR1 Ordinary sharesShare premium accountR,000 74060 220110 23550 1,8001,1059035 180 105250 3201601080 70306503,28080 3,280130 50Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost, allocated 30%…
Title Verne Cova Company has the following balances in selected accounts on December 31, 2014.Accounts Rec Description Verne Cova Company has the following balances in selected accounts on December 31, 2014.Accounts Receivable$ 0Accumulated DepreciationâEquipment0Equipment6,606Interest Payable0Notes Payable10,213Prepaid Insurance2,220Salaries and Wages Payable0Supplies2,318Unearned Service Revenue41,421All the accounts have normal balances. The information below has been gathered at December 31, 2014.1.Verne Cova Company borrowed $9,950 by signing a 12%, one-year note on September 1, 2014.2.A count of supplies on December 31, 2014, indicates that supplies of $881 are on hand.3.Depreciation on the equipment for 2014 is $1,942.4.Verne Cova Company paid $2,220 for 12 months of insurance coverage on June 1, 2014.5.On December 1, 2014, Verne Cova collected $28,400 for consulting services to be performed from December 1, 2014, through March 31, 2015.6.Verne Cova performed…
Prepare the Statement of Comprehensive Income of Royal Traders for the year ended 28February 2021.INFORMATIONThe trial balance, adjustments and additional information given below were extracted from the accounting records ofRoyal Traders on 28 February 2021, the end of the financial year.ROYAL TRADERSPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2021Balance sheet accounts sectionCapital 301 000Drawings 134 720Vehicles at cost 360 000Equipment at cost 240 000Accumulated depreciation on vehicles 186 000Accumulated depreciation on equipment 62 000Trading inventory 140 000Debtors control 62 000Provision for bad debts 8 000Bank 42 800Cash float 1 000 Creditors control 82 800Mortgage loan: Leo Bank (18% p.a.) 160 000 Nominal accounts section Sales 1 000 000Cost of sales 480 000Sales returns 8 000Salaries and wages 178 000Bad debts 2 000Stationery 4 000Rent expense 42 880Motor expenses 34 000Bad debts recovered 2 000Telephone 14 000Electricity and water 24 000Bank charges 6 000Insurance 12…
The comparative balance sheet of Merrick Equipment Co. for Dec. 31, 20Y9 and 20Y8, is:Dec. 31, 20Y9 Dec. 31, 20Y8AssetsCash $70,720 $47,940Accounts receivable (net) 207,230 188,190Inventories 298,520 289,850Investments 0 102,000Land 295,800 0Equipment 438,600 358,020Accumulated depreciation—equipment (99,110) (84,320)Total assets $1,211,760 $901,680Liabilities and Stockholders' EquityAccounts payable (merchandise creditors) $205,700 $194,140Accrued expenses payable (operating expenses) 30,600 26,860Dividends payable 25,500 20,400Common stock, $1 par 202,000 102,000Paid-in capital: Excess of issue price over par—common stock 354,000 204,000Retained earnings 393,960 354,280Total liabilities and stockholders' equity $1,211,760 $901,680The income statement for the year ended December 31, 20Y9, is as follows:Sales $2,023,898Cost of goods sold 1,245,476Gross profit $778,422Operating expenses:Depreciation expense $14,790Other operating expenses 517,299Total operating expenses 532,089Operating…
The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows:Dec 31 20Y9 Dec 31 20Y8ASSETSCash $ 70,720 $ 47,940Accounts Receivable 207,230 188,190Inventories 298,520 289,850Investments - 102,000Land 295,800 -Equipment 438,600 358,020Accumulated Depreciation-Equipment (99,110) (84,320)Total Assets $ 1,211,760 $ 901,680LIABILITIES AND STOCKHOLDERS' EQUITYAccounts Payable $ 205,700 $ 194,140Accrued Expenses Payable (operating expenses) 30,600 26,860Dividends Payable 25,500 20,400Common Stock, $1 par 202,000 102,000Paid-in Capital; Excess of issue price over par-common stock 354,000 204,000Retained Earnings 393,960 354,280Total Liabilities and Stockholders Equity: $ 1,211,760 $ 901,680Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows:A. Equipment and land were acquired for cashB. There were no disposals of equipment during the year.C. The investments were sold for $91,800 cash.D. The common stock was…
NEED ANSWER ASAP At the end of the 2021 year, the accounting staff at Prestige Design Flooring Inc. (PDF) have the followingunadjusted trial balance as at December 31, 2021.Cash 6,700Accounts Receivable 24,327Supplies 4,231Prepaid Insurance 5,700Equipment 896,000Accumulated Depreciation (Equipment) 112,600Other Assets 64,225Accounts Payable 14,327Unearned Service Revenue 16,600Note Payable (due 2026) 80,000Common Shares 289,540Retained Earnings, 12/31/2020 38,454Service Revenue 802,427Wages Expense 131,650Rent Expense 218,415Interest Expense 2,700 Total $1,353,948 $1,353,948The accounting staff have identified the following items where a year end accrual entry may be required.a. PDF purchased 12-month insurance on July 1, 2021. It is reported as prepaid insurance in the trial balanceabove.b. A physical inventory count showed that $690 of office supplies is on hand at year end.c. PDF’s equipment depreciation was $31,980 for the 2021 year.d. An analysis showed the unearned service…
DATA PROVIDEDThe pre-adjustment trial balance of Wing-It (Pty) Ltd as at 31 August 2022 is presented:AccountDebitCreditProfessional fees765 000Goods sold435 000Cost of sales215 000Interest received19 500Interest on loan6 300Bank charges3 200Cleaning1 500Staff welfare650Salaries and wages35 850Municipal services6 850Printing and stationery16 715Telephone18 600Fuel and oil56 000Repairs and maintenance: Building5 200Repairs and maintenance: Vehicles6 850Capital: Blue520 000Capital: Green630 000Drawings: Blue35 000Drawings: Green27 000Current account: Blue2 500Current account: Green6 400Retained income265 000Land500 000Buildings1 500 000Accumulated depreciation on buildings21 000Vehicles380 000Accumulated depreciation on vehicles65 000Equipment and electronics79 500Accumulated depreciation on equipment and electronics1 5008% Long-term loan325 000Bank: FNB168 000Bank: ABSA32 000Debtors control account85 000Allowance for credit losses6 400Creditors control account78 600Petty cash2…
The following is a pre-adjusted Trial balance of Khulumani Pty Ltd (Khulumani) on 28 February 2020 Balance sheet sectionCapital 596 400,00Drawings 130 500,00Land and buildings 600 000,00Equipment 145 000,00Accumulated depreciation (1 March 2020) 33 000,00Fixed deposit: TT Bank (8% p.a) 50 000,00Loan: BTK Bank (16% p.a) 60 000,00Inventory (1 March 2020) 105 330,00Debtors control 51 630,00Creditors control 74 400,00Bank 18 720,00Petty cash 1 500,00Nominal AccountsSales 841 600,00Purchases 408 760,00Sales returns 6 000,00Purchases returns 4 500,00Rent income 80 400,00Interest on fixed deposit 2 000,00Bank charges 2 700,00water & electricity 18 810,00Telephone 5 250,00Insurance 5 850,00Interest on loan 7 250,00Rates and taxes 24 600,00Salaries & wages 84 640,00Consumables stores 10 960,00Advertising 14 800,00 Adjustments and additional information1. Inventory on hand on 28 February 2020 amounted to R91 000. Inventories are measured at cost, on a FIFO method andat net realisable…
The ledger of X Limited contained the following account balances at December 31, 2019, the end of company's fiscal year. Accounts …… …… …… …… …… …… …… …… Balances ($)Cash …… …… …… …… …… …… …… …… …… 7130Accounts Receivable …… …… …… …… …… 23000Inventory …… …… …… …… …… …… …… …… 37000Supplies …… …… …… …… …… …… …… …… 1010Prepaid Rent …… …… …… …… …… …… …… 9410Machinery …… …… …… …… …… …… …… … 23900Accumulated Depreciation-Machinery …… 9980Equipment …… …… …… …… …… …… …… … 62700Accumulated Depreciation-Equipment …… 7530Land …… …… …… …… …… …… …… …… …… 73000Accounts Payable …… …… …… …… …… …… 976015% Debenture …… …… …… …… …… …… … 31000Common Stock ($ 2.5 par value) …… …… … 40000Additional Paid in Capital-Common Stock … 42000Retained Earnings …… …… …… …… …… …… 59400Sales …… …… …… …… …… …… …… …… …… 547200Sales Returns and Allowances …… …… …… 8000Sales Discount …… …… …… …… …… …… …… 3600Salaries Expense …… …… …… …… …… …… … 75500Cost of Goods Sold …… …… …… …… …… …… 385400Loss from employee strike …… ………
Trial Balance as at 30 April 2020 Dr. Cr. Sales - 288,128 Purchases 143,568 - Equipment 216,000 - Motor Vehicle 108,000 - Depreciation expense 20,790 - Provision for depreciation - Equipment - 81,900 Provision for depreciation - Motor Vehicle - 36,000 Opening stock 28,170 - Returns in 1,170 - Returns out - 432 Accounts payables - 45,794 Accounts receivables 51,480 - Bad debts expense 1,890 - Bank 36,792 - Cash 13,500 - Carriage in 2,610 - Carriage out 2,430 - Discounts allowed 3,294 - Discounts received - 2,160 Capital - 212,058 Drawings 22,500 - Rent 43,200 - Insurance 6,012 - Interest expense 7,434 - Loan - 52,000 Provision for bad debts - 1,548 Telephone 5,940 - Water rates 5,240 - 720,020 720,020 Stock at 30 April 2020 was $25,700 You are required to prepare the financial statements (Income Statement and Balance Sheet) for the year ended 30 April 2020