preceding 1st January. The accounts were made upto 31st December, 2015 as usual and the Trading ar n wOJ Profit and Loss Account gave the following result : To Opening Stock To Purchases To Gross Profit c/d $ 1,40,000| By Sales 9,10,000 By Closing Stock 3,00,000 12,00,00 1,50,00 13,50,000 13,50,0 18,000 By Gross Profit b/d 20,000 51,000 48,000 12,000 15,000 3,00,0 To Rent, Rates and Insurance To Directors' Fees To Salaries To Office Expenses To Travel" rs' Commission To Discounts
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- From the following trail balance of alex and co prepare trading and profit and loss account and balance sheet as on 31st December 2010. debit Amount credit amount Machinery Debtors bank stock opening purchses drawing carriages Wages salaries insurance general expenses bad debts 12000 10690 3151 2920 9092 250 600 1910 1300 119 132 700 Sales Capital Purchase discount creditors 11439 18390 627 12408 total 42864 total 42864 Adjustment: Closing stock $7928 Deprecoate machinery by 5% Wages outstanding $3001. From the following balances taken from the books Shane Ltd. for the year ending March 31, 2022, calculate the gross profit.(₹)Closing Stock2,50,000Net sales during the year40,00,000Net purchases during the year15,00,000Opening stock15,00,000Direct expenses80,000Calculate the amount of gross profit on the basis of the following balances extracted from the books of Edward and Co. for the year ended March 31, 2022.Advertisements (₹)Opening Stock50,000Net sales11,00,000Net purchases6,00,000Direct expenses60,000Administration expenses45,000Selling and distribution expenses65,000Loss due to fire20,000Closing stock70,000
- The following is a partial trial balance for the Green Star Corporation as of December 31, 2018:Account Title Debits CreditsSales revenue 1,300,000Interest revenue 30,000Gain on sale of investments 50,000Cost of goods sold 720,000Selling expenses 160,000General and administrative expenses 75,000Interest expense 40,000Income tax expense 130,000100,000 shares of common stock were outstanding throughout 2018.Required:1. Prepare a single-step income statement for 2018, including EPS disclosures.2. Prepare a multiple-step income statement for 2018, including EPS disclosures.ASAP From the following balances taken from the books of Simmi and Vimmi Ltd. for the year ending March 31, 2017, calculate the gross profit. Closing Stock 2,50,000 Net sales during the year 40,00,000 Net purchases during the year 15,00,000 Opening stock 15,00,000 Direct expenses 80,000After all revenue and expense accounts have been closed at the end of the fiscal year on 31 March 2021 at Zuhoor Muscat Company, Income Summary has a debit of RO 240.400 and a credit of RO 302.600. At the same date, Share Capital has a credit balance of RO650,000, and Dividends has a balance of RO 55.000. The total equity at the end of the period is:
- Mr.michel started business on 1st January 2019 and form the following trail balance prepare. Trading profit and loss account and balance sheet as on 31st December 2019. Dr Amount Cr amount Cash Machinery Debtors Stock 1st January 2019 Bills receivalble Salaries Rent Wages Purchases Sales return Drawing 5000 20000 12000 10000 4000 15000 2000 3000 36000 1000 2500 Sales Capital Creditors Purchase return 50000 30500 28000 2000 total 110500 total 110500 Adjustments 1.closing stock 31st December 2019 was $250000 2.depreciative machinery by 10% 3.salaries outstanding $3000. From the following balances taken from the books of Simmi and Vimmi Ltd. for the year ending March 31, 2017, calculate the gross profit. (₹) Closing Stock 2,50,000 Net sales during the year 40,00,000 Net purchases during the year 15,00,000 Opening stock 15,00,000 Direct expenses 80,000Following is the trial balance of Standard Ltd as on 31st March 2020: Debit Credit Stock on 31st March 2019 75000 Sales 350000 Purchases 245000 Wages 50000 Discount 5000 Furniture and fittings 17000 Salaries 7500 Rent…
- XYZ Company is doing business for many years. The company had opening balance of Retained earnings on 1st January 2018 was OMR 120,000. During the year ended 31st December 2019, it reported Net Income and losses. 31st December Net Income/(Net Loss) OMR 2018 (25,000) 2019 (15,000) 2020 40,000 The company paid dividends of OMR 25,000 at the end of every year till 31st December 2019. The closing balance of Retained earnings at the end of of the year 2020 was a. 0 b. 125,000 c. 70,000 d. 45,000If answered within 40mins,it would be helpful!! The next two questions are based on the following information. 1. Strata Co. is a retailer whose shares are publicly traded. During year X1, Strata reported the following quarterly information in its SEC filings. Quarter Q1 Q2 Q3 Q4 Pretax income 100k 130k 140k 180k Taxes(20%) (20k) (26k) (28k) (36k) NI 80k 104k 112k 144k As a retailer, Strata counts it inventory on 6/30 and 12/31 of each year. While observing Strata’s inventory count on 12/31/x1 prior to closing, the auditor discovered that Strata’s ending inventory count was over stated by 30,000 as it included good received from Rapid Co. that were being held on consignment. The auditor went back to the inventory scan records that were made when Strata counted its inventory back on 6/30/x1 and discovered that the same 30,000 good being held on consignment…XYZ Company is doing business for many years. The company had opening balance of Retained earnings on 1st January 2018 was OMR 120,000. During the year ended 31st December 2019, it reported Net Income and losses. 31st December Net Income/(Net Loss) OMR 2018 (25,000) 2019 (15,000) 2020 40,000 The company paid dividends of OMR 25,000 at the end of every year till 31st December 2019. The Opening balance of Retained earnings at beginning of the year 2020 was a. 70,000 b. (30,000) c. 30,000 d. 45,000