Trial Balance as at 30 September 2012 Account Dr. Cr. $ Cash 9,415 Bank 39,355 Sales 17,085 Purchases 9,000 Returns in 300 Returns out 400 Soo Trusty Will Pay 600 1,050 Justin Fever 1,500 KG Traders 4,000 Batta Co. 2,100 Capital 20,000 28,500 Loan Rent 4,000 Fixtures 3,000 Wages 2,000 Drawings 750 Telephone 560 Electricity 410 Interest 145 72,085 72,085

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question
Using the the following trial balance, with a closing stock of $1,000, prepare a Balance Sheet as at the month end date.
Income Statement
Revenues
Sales revenue
17,085.00
(-) Return in
300.00
Net sales
16,785.00
(-) Cost of goods sold
Purchases
9,000.00
(-) Return out
400.00
Cost of goods sold
8,600.00
Gross profit
8,185.00
(-) Expenses:
Rent
4,000.00
Wages
2,000.00
Telephone
580.00
Electricity
410.00
Interest
145.00
Total expenses
7,115.00
Net income
1,070.00
%24
%24
%24
%24
%24
Transcribed Image Text:Income Statement Revenues Sales revenue 17,085.00 (-) Return in 300.00 Net sales 16,785.00 (-) Cost of goods sold Purchases 9,000.00 (-) Return out 400.00 Cost of goods sold 8,600.00 Gross profit 8,185.00 (-) Expenses: Rent 4,000.00 Wages 2,000.00 Telephone 580.00 Electricity 410.00 Interest 145.00 Total expenses 7,115.00 Net income 1,070.00 %24 %24 %24 %24 %24
Trial Balance as at 30 September 2012
Account
Dr.
Cr.
$
$
Cash
9,415
Bank
39,355
Sales
17,085
Purchases
9,000
Returns in
300
Returns out
400
Soo Trusty
600
Will Pay
1,050
Justin Fever
1,500
KG Traders
4,000
2,100
20,000
Batta Co.
Capital
Loan
28,500
Rent
4,000
Fixtures
3,000
2,000
Wages
Drawings
Telephone
750
560
Electricity
410
Interest
145
72,085
72,085
Transcribed Image Text:Trial Balance as at 30 September 2012 Account Dr. Cr. $ $ Cash 9,415 Bank 39,355 Sales 17,085 Purchases 9,000 Returns in 300 Returns out 400 Soo Trusty 600 Will Pay 1,050 Justin Fever 1,500 KG Traders 4,000 2,100 20,000 Batta Co. Capital Loan 28,500 Rent 4,000 Fixtures 3,000 2,000 Wages Drawings Telephone 750 560 Electricity 410 Interest 145 72,085 72,085
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education