From the following trial balance of V.Vette, you are asked to draw up an income statementfor the year ended 31 December 20X3 and a statement of financial position as at that date.Activity 2*From the fo ded 31 December 20X3 and a statement of financial position as at that date.DrCr2$Sales108,000Purchases82,190Carriage inwardsCarriage outwards555490Wages9,255Insurance542Returns inwards180Returns outwards212Drawings4,600Premises34,000Equipment8,600Trade receivables4,850Trade payables3,433Bank3,250Cash in hand123Sundries500Inventory as at 1 January 20X37,950Rent1,200emeateCapitalRates86047,500159,145159,145Inventory as at 31 December 20X3 $8,990O

Financial statements are a set of high-level reports that summaries an organization's financial…

Activity 2* for the year ended 31 December 20X3 and a statement of financial position as at that date. From the following trial balance of V.Vette, you are asked to draw up an income statement Dr Cr Sales 108,000 Purchases 82,190 Carriage inwards Carriage outwards Wages 555 490 9,255 Insurance 542 Returns inwards 180 Returns outwards 212 Drawings 4,600 Premises 34,000 Equipment Trade receivables Trade payables 8,600 4,850 3,433 Bank 3,250 Cash in hand 123 Sundries 500 Inventory as at 1 January 20X3 7,950 Rent 1,200 Rates 860 Capital 47,500 159,145 159,145 Inventory as at 31 December 20X3 $8,990

Activity 2* for the year ended 31 December 20X3 and a statement of financial position as at that date. From the following trial balance of V.Vette, you are asked to draw up an income statement Dr Cr Sales 108,000 Purchases 82,190 Carriage inwards Carriage outwards Wages 555 490 9,255 Insurance 542 Returns inwards 180 Returns outwards 212 Drawings 4,600 Premises 34,000 Equipment Trade receivables Trade payables 8,600 4,850 3,433 Bank 3,250 Cash in hand 123 Sundries 500 Inventory as at 1 January 20X3 7,950 Rent 1,200 Rates 860 Capital 47,500 159,145 159,145 Inventory as at 31 December 20X3 $8,990

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter1: Accounting And The Financial Statements

Section: Chapter Questions

Problem 60APSA: Problem 1-60A Income Statement and Balance Sheet The following information for Rogers Enterprises is...

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