3:22David Reyes owns and operates Subic Bait and Boat Rental.The year end trial balance and adjustment information isprovided as follows:Subic Bait Shop and Boat RentalTRIAL BALANCEDecember 31,2019CashAccounts ReceivableMerchandise Inventory100,000.0075,000.00190,000.00SuppliesPrepaid Insurance9,000.0012,000.00Land50,000.00Building450,000.00Accum. Depreciation- BuildingStore EquipmentAccum. Depreciation- Store EquipNotes PayableAccounts PayableUnearned Boat Rental RevenueReyes, CapitalReyes, Withdrawals80,000.00250,000.0075,000.0025,000.0050,000.00110,000.00779,000,00100,000.00Sales1,002,500.00Sales Return and AllowancesPurchases6,000.00525,000.00Purchase return & allowancesPurchased Discounts4,000.00|5,000,00Transportation inSalaries ExpenseUtilities ExpenseAdvertising expenseTelecommunication expenseMiscellaneous Expense1,500.00210,000.0060.000.0037,500.0017,500.0037,000.002,130,500.00 2,130,500.00|ADJUSTMENTS:A. Based on physical count, it was determined thatmerchandise inventory costing 150,000 is on hand as atDec. 31, 2019.B. Supplies remaining at the end year 2,000c. Unexpired insurance on dec 31 is 3,000D. Depreciation expense on the building 20,000E. Depreciation expense on the Equipment 15,000F. Salaries incurred but not yet paid is at 2,250G. Unearned boat rental revenue is at dec. 31 10,000Required: Perform the following1. Income Statement2. Balance Sheet3. Statement of owner's equity

Name: 3:22David Reyes owns and operates Subic Bait and Boat Rental.The year
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Description: 3:22David Reyes owns and operates Subic Bait and Boat Rental.The year end trial balance and adjustment information isprovided as follows:Subic Bait Shop and Boat RentalTRIAL BALANCEDecember 31,2019CashAccounts ReceivableMerchandise Inventory100,000.

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Answered: Required: Perform the following 1.…

Business

Accounting

Required: Perform the following 1. Income Statement 2. Balance Sheet 3. Statement of owner's equity

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 3.6.1P: Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the...

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Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the year ended December 31, 20Y8. are as follows: a. Wages accrued but not paid at December 31. $2150 h. Depreciation of equipment during the year. $12500 c. Laundry supplies on hand at December 31. $1,500 d. Insurance premiums expired. $4600 Instructions 1. Using the following integrated financial statement framework, record each adjustment to the appropriate accounts, identifying each adjustment by its letter. After all adjustments are recorded, determine the balances.
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2. The following is extracted trial balance of Brahim Labi Sdn Bhd, after his first year’s trading, Brahim Labi Sdn BhdTrial Balance as at 30 June 2020Particulars Debit (RM) Credit (RM)Sales 265,900Purchases 154,870Rent 4,200Lighting and heating expenses 530Salaries and wages 51,400Insurance 2,100Buildings 85,000Fixtures 1,100Account receivable 31,300Sundry expenses 412Account payable 15,910Cash at bank 14,590Drawings 30,000Vans 16,400Motor running expenses 4,110Capital 114,202TOTAL 396,012 396,012Inventory at 30 June 2020 was RM16,280.Required: i. Statement of Profit and Loss and Others Comprehensive Income for the year ended 30 June 2020.ii. Statement of Financial Position as at 30 June 2020.
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6. The following trial balance was extracted from the books of Fasuha Trading as at 31 December 2020. Particulars Debit RM Credit RM Office equipment 12,250 Motor vehicles 9,150 Furniture 3,600 Accumulated depreciation as at 1 January 2020: Office equipment Motor vehicles Furniture 2,450 1,373 1,060 Account receivables and account payables 6,860 3,632 Capital 29,608 6% loan to Rara 2,500 Purchases and sales 19,110 31,560 Discount 215 175 Advertising 4,250 Cash in hand 1,630 Provision for doubtful debts 300 Commission received 740 6% loan from Afina Bank (taken from 1 May 2020) 8,000 Rent 1,200 700 Drawings 1,900 Maintenance and petrol 1,260 Staff’s wages 4,005 Insurance 1,000 Cash at bank 5,270 Carriage inwards 210 Carriage outwards 250 Telephone and electricity…
e answer The following trial balance was extracted from the ledger accounts of William Enterprise, a sole proprietor as at 31 December 2019. Trial Balance as at 31 December 2019DRCR GH¢GH¢ Building, at cost650,000 Office equipment at cost135,000 Plant and Machinery263,500 Purchases248,000 Sales500,000 Inventory 1 January 201927,500 Discount allowed4,800 Returns inwards3,200 Wages and Salaries64,885 Rent5,580 Insurance6,000 Trade receivables145,000 Trade payables132,750 Bank overdraft58,956 Cash in hand5,400 Long term loan350,000 Capital 1 January 2018________517,159 1,558,8651,558,865 The following additional information as at 31 December 2019 is available:Inventory as at December 2019 was valued at GH¢24,000. Required:1.Prepare william Enterprise’s Income Statement (Profit or loss account) for the year ended 31 December 2019.2. Prepare Statement financial position as at that date
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