9tori mont beloetxa aJohn Trading is in the business of importing footwear for resale. The followingbalances were extracted from his books on 30 June 2019:008 astSales RevenueSales ReturnsCost of SalesDiscountsCommission IncomeWages and SalariesRent and RatesInterest on LoanMotor VehicleAccumulated Depreciation on Motor VehicleEquipmentAccumulated Depreciation on EquipmentInventoryTrade ReceivablesAllowance for impairment of Trade Receivables000 Trade Payables081 Cash at BankLong Term LoanCapital, 1 July 2018Drawings 8.bAdditional information:1.2.3.Dr ($)REQUIRED(a)6 600122 370820nolleisigesob30 20024 9001 37550 00015 00013 80024 8004 600Cr ($)206 0005 900300 365abaIst1 06090010 0003 0001 24013 57030 00034 595300 365* itul e not soliqques of 02T 12 suparto s bouaalOwner took goods worth $700 for his own use. No records were made.Partial repayment of loan, $10 000 due on 31 December 2019.to rifillonThe business issue a cheque of $1 800 for the current year fire insurance.Prepare the statement of financial performance for the year ended 30June 2019.6705(b) Prepare the statement of financial position as at 30 June 2019.

Statement of financial performance is the one that indicates the profitability of an entity.…

1ori most beloetx John Trading is in the business of importing footwear for resale. The following balances were extracted from his books on 30 June 2019: 00a ast Sales Revenue Sales Returns Cost of Sales Discounts Commission Income Wages and Salaries Rent and Rates Interest on Loan Motor Vehicle Accumulated Depreciation on Motor Vehicle Equipment Accumulated Depreciation on Equipment Inventory Trade Receivables Allowance for impairment of Trade Receivables Trade Payables Cash at Bank Long Term Loan Capital, 1 July 2018 Drawings 1. 2. 3. REQUIRED (a) Dr ($) (b) 6 600 122 370 820 30 200 24 900 1 375 50 000 15 000 13 800 24 800 4 600 Cr ($) 206 000 Ist 5 900 300 365 1 060 900 Additional information: Owner took goods worth $700 for his own use. No records were made. Partial repayment of loan, $10 000 due on 31 December 2019. The business issue a cheque of $1 800 for the current year fire insurance. 10 000 3 000 1 240 13 570 30 000 34 595 300 365 Prepare the statement of financial performance for the year ended 30 June 2019. Prepare the statement of financial position as at 30 June 2019.

1ori most beloetx John Trading is in the business of importing footwear for resale. The following balances were extracted from his books on 30 June 2019: 00a ast Sales Revenue Sales Returns Cost of Sales Discounts Commission Income Wages and Salaries Rent and Rates Interest on Loan Motor Vehicle Accumulated Depreciation on Motor Vehicle Equipment Accumulated Depreciation on Equipment Inventory Trade Receivables Allowance for impairment of Trade Receivables Trade Payables Cash at Bank Long Term Loan Capital, 1 July 2018 Drawings 1. 2. 3. REQUIRED (a) Dr ($) (b) 6 600 122 370 820 30 200 24 900 1 375 50 000 15 000 13 800 24 800 4 600 Cr ($) 206 000 Ist 5 900 300 365 1 060 900 Additional information: Owner took goods worth $700 for his own use. No records were made. Partial repayment of loan, $10 000 due on 31 December 2019. The business issue a cheque of $1 800 for the current year fire insurance. 10 000 3 000 1 240 13 570 30 000 34 595 300 365 Prepare the statement of financial performance for the year ended 30 June 2019. Prepare the statement of financial position as at 30 June 2019.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 48CE

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