The following trial balance was extracted from the books of AUGASTINE at31“ December 2021. All figures in thousands of shillings.DrCrSh(000)Sh(000)Salaries and wagesRent and ratesSalesPurchases4,80030025,60016,700Stock 1 January 19-34,350Insurance150Motor expensesGeneral expensesPremisesMotor vehiclesDebtorsCreditorsBankCapitalDrawings42028015,0002.0004,3203,14084023,3202,90052.06052.060The following additional information was provided at 31“ December 2021:1. Stock Sh4,5902. Rates prepaid Sh403. General expenses owing Sh304. Insurance prepaid Sh40.REQUIRED(a) Prepare the Income statement for the year ended 31* Dec 2021(b) Statement of Financial Position as at the same date

An income statement is a financial statement that shows you the company's income and expenditures.…

The following trial balance was extracted from the books of AUGASTINE at 31" December 2021. All figures in thousands of shillings. Dr Cr Sh(000) Sh(000) Salaries and wages Rent and rates Sales 4,800 300 25,600 Purchases Stock 1 January 19-3 16,700 4,350 Insurance 150 Motor expenses 420 General expenses Premises Motor vehicles Debtors Creditors Bank Capital Drawings 280 15,000 2.000 4,320 3,140 840 23,320 2,900 52,060 52,060 The following additional information was provided at 31" December 2021: 1. Stock Sh4,590

The following trial balance was extracted from the books of AUGASTINE at 31" December 2021. All figures in thousands of shillings. Dr Cr Sh(000) Sh(000) Salaries and wages Rent and rates Sales 4,800 300 25,600 Purchases Stock 1 January 19-3 16,700 4,350 Insurance 150 Motor expenses 420 General expenses Premises Motor vehicles Debtors Creditors Bank Capital Drawings 280 15,000 2.000 4,320 3,140 840 23,320 2,900 52,060 52,060 The following additional information was provided at 31" December 2021: 1. Stock Sh4,590

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter9: Payroll Accounting: Employer Taxes And Reports

Section: Chapter Questions

Problem 4CE

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The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000
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