onEct is a retailer of mobile phones. All of its revenue comes from a percentage of the sales value of Very Berry mobile phones which it delivers to customers' homes and workplaces. At the end of the financial year, 31 January 2012, the following balances were presented. NOTE: The business calculates annual depreciation expense at a rate of 20% on the reducing balance basis. Capital 88000 Delivery van at cost 60000 Provision for Depreciation: Delivery Val 12000 Bank 121400 Sales Commission Received 115000 Sales Commission Outstanding 14100 Rent 13300 Rent Owing 3000 Insurance 7100 Prepaid Insurance 1800 Delivery Expense 11500 Salesmen’s wages 46700 5-year bank loan 50000 Loan Interest 5000 Using the information provided, prepare for ConEct: Prepare an Income Statement for the year ended 31 January 2012 Prepare a classified Balance Sheet as at 31 January 2012
ConEct is a retailer of mobile phones. All of its revenue comes from a percentage of the sales value of Very Berry mobile phones which it delivers to customers' homes and workplaces. At the end of the financial year, 31 January 2012, the following balances were presented.
NOTE: The business calculates annual
|
Capital |
88000 |
|
Delivery van at cost |
60000 |
|
Provision for Depreciation: Delivery Val |
12000 |
|
Bank |
121400 |
|
Sales Commission Received |
115000 |
|
Sales Commission Outstanding |
14100 |
|
Rent |
13300 |
|
Rent Owing |
3000 |
|
Insurance |
7100 |
|
Prepaid Insurance |
1800 |
|
Delivery Expense |
11500 |
|
Salesmen’s wages |
46700 |
|
5-year bank loan |
50000 |
|
Loan Interest |
5000 |
Using the information provided, prepare for ConEct:
- Prepare an Income Statement for the year ended 31 January 2012
Prepare a classified Balance Sheet as at 31 January 2012
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