The Raving Storm is a trader in hurricane shutter systems. The firm has provided the following details for the year 2017 : Receipt from debtors 80,000 Bal b/d 60,000 Cash Sales 110,000 Office expense 30,000 Investment income 35,000 Wages 50,000 Disposal of equipment 48,000 Rent 42,000 Bal c/d 256,000 Loan repayment 40,000 Payment to creditors 35,000 Rates
The Raving Storm is a trader in hurricane shutter systems. The firm has provided the following details for the year 2017 :
|
Receipt from debtors |
80,000 |
|
Bal b/d |
60,000 |
|
Cash Sales |
110,000 |
|
Office expense |
30,000 |
|
Investment income |
35,000 |
|
Wages |
50,000 |
|
Disposal of equipment |
48,000 |
|
Rent |
42,000 |
|
Bal c/d |
256,000 |
|
Loan repayment |
40,000 |
|
|
|
|
Payment to creditors |
35,000 |
|
|
|
|
Rates |
15,000 |
|
|
|
|
Loan interest |
9,000 |
|
|
|
|
Cash Purchases |
48,000 |
|
|
|
|
Equipment |
200,000 |
|
|
529,000 |
|
|
529,000 |
Additional details available included the following
|
DETAILS |
Jan. 01 |
Dec. 31 |
|
Wages prepaid |
8,000 |
12,000 |
|
Investment income prepaid |
8,500 |
11,000 |
|
Stock |
25,000 |
34,200 |
|
Creditors |
14,000 |
18,000 |
|
Equipment ( Book value ) |
240,000 |
400,000 |
|
Machinery ( Book value ) |
150,000 |
145,000 |
|
Motor vehicle ( Book value ) |
85,000 |
78,000 |
|
Debtors |
25,000 |
32,000 |
|
Office expenses owing |
5,000 |
8,000 |
|
Rates owing |
3,000 |
4,000 |
|
10% Loan |
150,000 |
110,000 |
Notes : i ] The equipment that was sold had a book value of $30,000
ii ] Discount received from supplier amount to $6,000
How much is to be shown as capital at the start of the year
How much is the total sales for the year
How much was earned as investment income for the year
How much must be shown as
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