The trial balance for Andrew’s Slabs as at 30 June 2017 was:Trial BalanceDetailsDebit $Credit $Cash at Bank10,700 Accounts receivable52,000 Inventory20,000 Equipment45,000 Accumulated depreciation on equipment 10,000Vehicles50,000 Accumulated depreciation motor vehicles 6,250Land27,500 Accounts payable 25,000Loan 85,000Capital 181,430Sales revenue 120,000Interest revenue 2,000Cost of goods sold86,250 Salaries expense30,000 Rates expense1,500 Stationery expense800 Advertising expense1,900 Interest expense300 Motor Vehicle expense780 Repairs Expense2,500 Insurance Expense450 Total329,680329,680additional information: Depreciation of equipment 10% using the straight-line methodDepreciation of vehicles 12.5% using the diminishing balance methodRates paid in advance $600Salaries owing $3,500Interest revenue earned but not received $1,300Create an allowance for doubtful debts equal to 5% of accounts receivable.Physical stocktake determined inventory at end 30 June 2017 was $18,800 prepare income statement and balance sheet.. its urgent please..

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Description: The trial balance for Andrew’s Slabs as at 30 June 2017 was:Trial BalanceDetailsDebit $Credit $Cash at Bank10,700 Accounts receivable52,000 Inventory20,000 Equipment45,000 Accumulated depreciation on equipment 10,000Vehicles50,000 Accumulated depreci

Income Statement and Balance sheet are given below:

Answered: prepare income statement and balance…

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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The trial balance for Andrew’s Slabs as at 30 June 2017 was:

Trial Balance
Details	Debit $	Credit $
Cash at Bank	10,700
Accounts receivable	52,000
Inventory	20,000
Equipment	45,000
Accumulated depreciation on equipment		10,000
Vehicles	50,000
Accumulated depreciation motor vehicles		6,250
Land	27,500
Accounts payable		25,000
Loan		85,000
Capital		181,430
Sales revenue		120,000
Interest revenue		2,000
Cost of goods sold	86,250
Salaries expense	30,000
Rates expense	1,500
Stationery expense	800
Advertising expense	1,900
Interest expense	300
Motor Vehicle expense	780
Repairs Expense	2,500
Insurance Expense	450
Total	329,680	329,680

additional information:

Depreciation of equipment 10% using the straight-line method
Depreciation of vehicles 12.5% using the diminishing balance method
Rates paid in advance $600
Salaries owing $3,500
Interest revenue earned but not received $1,300
Create an allowance for doubtful debts equal to 5% of accounts receivable.
Physical stocktake determined inventory at end 30 June 2017 was $18,800

prepare income statement and balance sheet.. its urgent please..

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