Question on preparing income statement, statement of financial position and statement on changes in equity:
Additional Information:
a) Prepare a fully classified income statement for the period in question
b) Prepare a fully classified statement of financial position for the period in question
c) Prepare a Statement of Changes in Equity
Having issues with accounting? We have qualified tutors / teachers / lecturers / coaches who can teach:
SMS +65 97587926 or email: enquiry@starcresto.com for accounting tuition now! For more information, visit www.tuition.starcresto.com
-
1) Insurance of $100 per month has been paid to provide coverage until 31 August 2007.
-
2) An order for $1 200 of goods was received with payment on 6 June 2006. By 30 June
2006, it had not been delivered and hence was carried forward as unearned revenue. The
goods were delivered on 10 July 2006.
-
3) A physical stock take on 30 June 2007 revealed $49,900 worth of inventory on hand.
-
4) Rent is $2 000 per month. The last rent payment was made on 1 May 2007 which covered
to the end of that month.
-
5) The annual depreciation charges for the shop shelving and office furniture and fittings are
$5 000 and $3 200 respectively.
-
6) A new motor vehicle was purchased on 1 April 2007 for $40 000. It is expected to have a
useful life of 4 years, after which time it is expected to have a residual value of $8 000.
-
7) Doubtful debts are to be provided for at 4% of the closing balance of debtors for the
period.
-
8) $12 000 of the Office Operating Expenses were specifically incurred in carrying out credit
department duties ( for example, debtor credit assessments and collecting debts). $84 000
of the wages expense specifically relates to sales staff wages.
a) Prepare a fully classified income statement for the period in question
b) Prepare a fully classified statement of financial position for the period in question
c) Prepare a Statement of Changes in Equity
Having issues with accounting? We have qualified tutors / teachers / lecturers / coaches who can teach:
- GCE O level POA
- IGCSE O Level POA
- JC POA
- Poly Accounting (Financial, Management, Cost, Corporate etc)
- CAT Certified Accounting Technician Certification
- LCCI London Chamber of Commerce and Industry
- ACCA Association of Chartered Certified Accountants
- University Accounting (Financial, Management, Cost, Corporate, UOL POA etc)
- Masters Accounting (Financial, Management, Cost, Corporate etc)
SMS +65 97587926 or email: enquiry@starcresto.com for accounting tuition now! For more information, visit www.tuition.starcresto.com
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.