Lecture 2IBFFINANCIALSTATEMENTQ No.1 Saleem provided following Trial Balance on December31, 2015.TITLEDEBIT145,000OFACCOUNTCREDITCASHA/C RECEIVABLE175,000325,00012,5008,5006,0003,500OFFICE EQUIPMENTMARKETING EXPENSEPREAPID ADVERTISINGOTHER EXPENSEOFFICE SUPPLIES EXPENSEINTEREST EXPENSEMDS. INVENTORY-BEGINNINGPURCHASESTRANSPORTATION-INSALES RETURNSALARIES EXPENSE16,00027,800275,00022,00012,00065,000SALES REVENUE675,000PURCHASES RETURNPURCHASES DISCOUNTCOMMISSION INCOMEA/C PAYABLECOMMON STOCKRETAINED EARNINGSBILL PAYABLELONG-TERM LOAN1800450027,00035,000222,30055,00022,70050,000TOTAL1093,300 1093,300ADJUSTMENT DATA:1. Mds. inventory ending Rs.45,0002. Depreciation on equipment cost 2%3. Tax rate is 20% appliedRequired: Prepare Income StatementPrepare Classified Balance Sheet

The book in which the company records all its transactions initially is termed as journal book. From…

Lecture 2 IBF FINANCIAL STATEMENT Q No.1 Saleem provided following Trial Balance on December 31, 2015. TITLE CASH A/C RECEIVABLE OF ACCOUNT DEBIT CREDIT OFFICE EQUIPMENT MARKETING EXPENSE PREAPID ADVERTISING OTHER EXPENSE OFFICE SUPPLIES EXPENSE INTEREST EXPENSE MDS. INVENTORY-BEGINNING PURCHASES TRANSPORTATION-IN SALES RETURN 145,000 175,000 325,000 12,500 8,500 6,000 3,500 16,000 27,800 275,000 22,000 12,000 65,000 SALARIES EXPENSE SALES REVENUE PURCHASES RETURN PURCHASES DISCOUNT COMMISSION INCOME 675,000 1800 4500 27,000 35,000 222,300 55,000 22,700 50,000 | 1093,300 1093,300 A/C PAYABLE COMMON STOCK RETAINED EARNINGS BILL PAYABLE LONG-TERM LOAN TOTAL ADJUSTMENT DATA: 1. Mds. inventory ending Rs.45,000 2. Depreciation on equipment cost 2% 3. Tax rate is 20% applied Required: Prepare Income Statement Prepare Classified Balance Sheet

Lecture 2 IBF FINANCIAL STATEMENT Q No.1 Saleem provided following Trial Balance on December 31, 2015. TITLE CASH A/C RECEIVABLE OF ACCOUNT DEBIT CREDIT OFFICE EQUIPMENT MARKETING EXPENSE PREAPID ADVERTISING OTHER EXPENSE OFFICE SUPPLIES EXPENSE INTEREST EXPENSE MDS. INVENTORY-BEGINNING PURCHASES TRANSPORTATION-IN SALES RETURN 145,000 175,000 325,000 12,500 8,500 6,000 3,500 16,000 27,800 275,000 22,000 12,000 65,000 SALARIES EXPENSE SALES REVENUE PURCHASES RETURN PURCHASES DISCOUNT COMMISSION INCOME 675,000 1800 4500 27,000 35,000 222,300 55,000 22,700 50,000 | 1093,300 1093,300 A/C PAYABLE COMMON STOCK RETAINED EARNINGS BILL PAYABLE LONG-TERM LOAN TOTAL ADJUSTMENT DATA: 1. Mds. inventory ending Rs.45,000 2. Depreciation on equipment cost 2% 3. Tax rate is 20% applied Required: Prepare Income Statement Prepare Classified Balance Sheet

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.18E: Multiple-step income statement On March 31, 20Y5, the balances of the accounts appearing in the...

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Required information Skip to question [The following information applies to the questions displayed below.] Valley Company’s adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense—selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Adjusted Account Balances Debit Credit Merchandise inventory (ending) $ 41,000 Other (non-inventory) assets 130,400 Total liabilities $ 25,000 K. Valley, Capital 104,550 K. Valley, Withdrawals 8,000 Sales 225,600 Sales discounts 2,250 Sales returns and allowances 12,000 Cost of goods sold 74,500 Sales salaries expense 32,000 Rent expense—Selling space 8,000 Store supplies expense 1,500 Advertising expense 13,000 Office salaries expense 28,500 Rent expense—Office space 3,600 Office…