General journal for coffee machine Perfect Cover Insurance BrokersINCOME STATEMENTFOR THE YEAR ENDED JUNE 3033,70014,650Net Sales19,050COGSOther Revenue:20,800CommissionsExpenses:Operating ExpensesMiscellaneous Expenses17,7601,2203,07311,893Doubtful Debts ExpenseDepreciation Expenses900Interest ExpenseLoss on Coffee Machine95035,796Profit / Loss4,054On the last day of the period Rita's office equipment (coffee machine) exploded and hadto be scrapped. Rita replaced the old machine which had a cost of $980 with a new onewhich was paid for in cash. At the time of disposal, the old coffee machine hadaccumulated depreciation of $30.

Fixed asset is written off in the books of accounts, when there is obsolescence, or the asset is…

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Business

Accounting

General journal for coffee machine

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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Concept explainers

Management by Exception

A manager’s job is a very tough one. A manager needs to look at the various areas of work and as a manager he has to look after two or more important jobs or activities at the same time for the growth of the business. In order to do all these things in an effective manner, a manager must adopt or practice different management styles and tactics.

Question

General journal for coffee machine

Perfect Cover Insurance Brokers
INCOME STATEMENT
FOR THE YEAR ENDED JUNE 30
33,700
14,650
Net Sales
19,050
COGS
Other Revenue:
20,800
Commissions
Expenses:
Operating Expenses
Miscellaneous Expenses
17,760
1,220
3,073
11,893
Doubtful Debts Expense
Depreciation Expenses
900
Interest Expense
Loss on Coffee Machine
950
35,796
Profit / Loss
4,054
On the last day of the period Rita's office equipment (coffee machine) exploded and had
to be scrapped. Rita replaced the old machine which had a cost of $980 with a new one
which was paid for in cash. At the time of disposal, the old coffee machine had
accumulated depreciation of $30.

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