prepare the statement of financial position QuestionInformation below relate lo Okakarara Trading for the financial year ending 31 January 2022.Okakarara Trading as at 31 January 2022AMOUNT (NS)ACCOUNT NAME:124,300Purchases22,540Inventory - 01 February 202111,220Inventory- 31 January 2022Sales380,9501,200Returns - InReturns - Out2,500Carriage - In850Carriage - Out1,500Land114,618Stationery Expense6,950Stationery on hand600Cash400Fish Bank - Credit6,850Cooler Bank - Debit12,800Telephone Expense7,690Sundry Income888Rental Expense5,820Motor Vehicle - Cost105,600Accumulated Depreciation - 31 January 202141,000Water Expense1,560Capital10,000Page 11 of 18 FACULTY OF COMMERCE, MANAGEMENT AND LAW3,600Insurance Expense80Bad debts4,110Bad debts recovered69,850Accounts Receivable33,660Accounts PayableThe following additional information is also available:1. Sold goods valued at NS 12,500 to a customer. Customer upon receiving the goods, thecustomer paid 40% by cash and remainder is to be paid 01 February 2022.2. Customer that was written off as bad debts eventually paid N$ 500 cash as final amount thatwas outstanding.3. A customer that owed N$ 1,500 cannot be traced and the amount was declared bad.4. The owner donated N$ 2,800 to Ministry of Health with a cheque from Cooler Bank5. The owner took a cheque from Fish Bank N$ 1,000 and deposited in his mother's accountfor her use.6. Insurance of N$ 1,560 was paid and was recorded as water expense.7. Motor vehicle repair of N$ 500 was debit to sales.8. Depreciation on motor vehicle is 15% with no residual and straight-line method was applied.9. Owner took NS 5,000 cash and deposited into Fish Bank10. Rent of N$ 1,180 was paid from Cool Bank but was omitted from the books11. Telephone of N$ 310 was paid from Fish Bank but was omitted from the books12. Motor Vehicles expense N$ 1,500 was debited to carriage-out.13. Owner withdraw NS 1,000 from Cooler Bank and brought it into the business.

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prepare the statement of financial position

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 3MC: Prince Corporations accounts provided the following information at December 31, 2019: What should be...

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