XYZ Holdings is a company that purchases widgets from Company ABC. This is their first year of operations. The accounts for the financial year ending 30 June 2021 are as follows: Sales 100,000 Accounts receivable 80,000 Drawings 20,000 Building 20,000 Bank loan, due 30 June 2030 100,000 Cost of sales 50,000 Accumulated depreciation - Building 10,000 Cash 60,000 Wages 15,000 Opening retained profit 0 Electricity 500 Capital 50,000 Property, plant and equipment 20,000 Depreciation 12,000 Accounts payable 30,000 Accumulated depreciation - Property, plant and equipment 2,000 Accrued expenses 500 Interest expense 5,000 Insurance expense 10,000 Closing retained profit ??? Required: Prepare an income statement in the Excel template in the 'Income Statement' tab on the LMS, upload your worksheet. Ignore GST and taxes.
XYZ Holdings is a company that purchases widgets from Company ABC. This is their first year of operations. The accounts for the financial year ending 30 June 2021 are as follows: Sales 100,000 Accounts receivable 80,000 Drawings 20,000 Building 20,000 Bank loan, due 30 June 2030 100,000 Cost of sales 50,000 Accumulated depreciation - Building 10,000 Cash 60,000 Wages 15,000 Opening retained profit 0 Electricity 500 Capital 50,000 Property, plant and equipment 20,000 Depreciation 12,000 Accounts payable 30,000 Accumulated depreciation - Property, plant and equipment 2,000 Accrued expenses 500 Interest expense 5,000 Insurance expense 10,000 Closing retained profit ??? Required: Prepare an income statement in the Excel template in the 'Income Statement' tab on the LMS, upload your worksheet. Ignore GST and taxes.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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XYZ Holdings is a company that purchases widgets from Company ABC. This is their first year of operations.
The accounts for the financial year ending 30 June 2021 are as follows:
| Sales | 100,000 |
| Accounts receivable | 80,000 |
| Drawings | 20,000 |
| Building | 20,000 |
| Bank loan, due 30 June 2030 | 100,000 |
| Cost of sales | 50,000 |
| 10,000 | |
| Cash | 60,000 |
| Wages | 15,000 |
| Opening retained profit | 0 |
| Electricity | 500 |
| Capital | 50,000 |
| Property, plant and equipment | 20,000 |
| Depreciation | 12,000 |
| Accounts payable | 30,000 |
| Accumulated depreciation - Property, plant and equipment | 2,000 |
| Accrued expenses | 500 |
| Interest expense | 5,000 |
| Insurance expense | 10,000 |
| Closing retained profit | ??? |
Required:
Prepare an income statement in the Excel template in the 'Income Statement' tab on the LMS, upload your worksheet. Ignore GST and taxes.
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