The table below shows accounting data of ABC company as of 30June 2020. From the data, establish an income statement and a balance sheetfor the company.Note: Company income tax 30%, during the accounting period companies haspaid 5% of interest on the mortgage. Profit is retained for further investmentAdministration expense1500sales 342000insurance expense8500cash 54000cost of good solds92000equipment31000electricity and telephone expense9540accounts payables15020bank overdraft fee2500wages and salaries42100supplies expense700land and buildings325000prepair by a client for a company service4500vehicles54000mortgage250000prepaid rent10000supplies43000account recievables72000

Name: The table below shows accounting data of ABC company as of 30June 2020
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Description: The table below shows accounting data of ABC company as of 30June 2020. From the data, establish an income statement and a balance sheetfor the company.Note: Company income tax 30%, during the accounting period companies haspaid 5% of interest on the

Interest on mortgage = Mortgage x rate of interest = $250,000 x…

Answered: The table below shows accounting data…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 6MCQ

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The table below shows accounting data of ABC company as of 30
June 2020. From the data, establish an income statement and a balance sheet
for the company.

Note: Company income tax 30%, during the accounting period companies has
paid 5% of interest on the mortgage. Profit is retained for further investment

Administration expense	1500
sales	342000
insurance expense	8500
cash	54000
cost of good solds	92000
equipment	31000
electricity and telephone expense	9540
accounts payables	15020
bank overdraft fee	2500
wages and salaries	42100
supplies expense	700
land and buildings	325000
prepair by a client for a company service	4500
vehicles	54000
mortgage	250000
prepaid rent	10000
supplies	43000
account recievables	72000

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