2. The trial balance of Rossy Fashion Center contained the following accounts at 30November 2021.Debit (RM)4,35013,85022,3503,100Credit (RM)CashAccount receivableInventorySuppliesEquipmentAccumulated depreciation - EquipmentNote payableAccount payableShare capital – ordinaryRetained carnings66,50011,50025,50024,25025,00019,000Dividends4,000Sales revenue377,6006,400248,70068,00012,2007,000Sales returnsCost of goods soldSalary and wages cxpenscAdvertising expenseUtilities expenseMaintenance and repairs expenseFreight-outRent expense6,0508,35012,000482,850482,850Adjustment data:1) Supplies on hand totalled RM1,050.2) Depreciation is RM5,750 on the equipment.3) Interest of RM2,000 is accrued on notes payable at 30 November.4) Inventory actually on hand is RM22,260.5) Note payable of RM3,000 are due in January 2022. Required:(a) Prepare the Income Statement for the year ended 30 November 2021.(b) Prepare the Retained Earnings Statement for the year ended 30 November 2021(c) Prepare the Statement of Financial Position as at 30 November 2021.

Name: 2. The trial balance of Rossy Fashion Center contained the following
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Description: 2. The trial balance of Rossy Fashion Center contained the following accounts at 30November 2021.Debit (RM)4,35013,85022,3503,100Credit (RM)CashAccount receivableInventorySuppliesEquipmentAccumulated depreciation - EquipmentNote payableAccount payab

Statement of income means the statement which shows all the nominal account and balancing figure is…

Business

Accounting

Required: (a) Prepare the Income Statement for the year ended 30 November 2021. (b) Prepare the Retained Earnings Statement for the year ended 30 November 2021. (c) Prepare the Statement of Financial Position as at 30 November 2021.

Required: (a) Prepare the Income Statement for the year ended 30 November 2021. (b) Prepare the Retained Earnings Statement for the year ended 30 November 2021. (c) Prepare the Statement of Financial Position as at 30 November 2021.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 2PA: To demonstrate the difference between cash account activity and accrual basis profits (net income),...

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