The trial balance below is from the books of Carol Singh. Prepare the Statement of Profit or Loss and a Statement of Financial Position as at October 31, 2017. Dr Cr SS Sales 28,000 Opening stock 1, 600 Purchases 21,518 Return inwards 750 Carriage outwards 2,000 Returns outwards 750 Carriage inwards 810 Salaries and wages 1,400 Rent 2, 800 Motor expenses 1,910 Furniture and fixtures 1,112 Motor vehicle 3, 500 Accounts receivable 7,047 Accounts payable 18,050 Cash at bank 7,551 Drawings 3,802 Capital 9,000 55,800 55,800 Inventory at October 31, 2017 was $6,275.

The trial balance below is from the books of Carol Singh. Prepare the Statement of Profit or Loss and a Statement of Financial Position as at October 31, 2017. Dr Cr SS Sales 28,000 Opening stock 1, 600 Purchases 21,518 Return inwards 750 Carriage outwards 2,000 Returns outwards 750 Carriage inwards 810 Salaries and wages 1,400 Rent 2, 800 Motor expenses 1,910 Furniture and fixtures 1,112 Motor vehicle 3, 500 Accounts receivable 7,047 Accounts payable 18,050 Cash at bank 7,551 Drawings 3,802 Capital 9,000 55,800 55,800 Inventory at October 31, 2017 was $6,275.

Name: The trial balance below is from the books of Carol Singh. Prepare the
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Description: The trial balance below is from the books of Carol Singh. Prepare the Statement of Profit or Loss and a Statement of Financial Position as at October 31, 2017. Dr Cr $ $ Sales 28,000 Opening stock 1, 600 Purchases21,518 Return inwards 750 Carriage o

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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The following list of balances is from the ledger of Mr. Carty as at February 28, 2018. Carriage Outwards $4,562 Drawings $18,440 Carriage Inwards $11,830 Discount Allowed $2,306 Discount Received $1,750 Purchases $135,680 Return Inwards $5,624 Rents, rates & insurance $25,973 Heating & Lighting $11,010 Postage, stationery & telephone $2,410 Debtor $ 24,500 Fixtures & Fittings- at cost $120,740 Provision for depreciation on fixtures & fittings- as at Feb. 28, 2018 $63,020 Depreciation $12,074 Advertising $5,980 Salaries & wages $38,521 Bad debt $2,008 Cash $534 Return Outwards $13,407 Provision for doubtful debt $512 Bank $4,440 Capital $83,887 Sales $259,870 Creditor $19,840 Stock as at March 1, 2017 $15,654 You are required to: Prepare a trial balance from the information provided Using the following additional information: Stock at the close of business was valued at $17,750 Insurances have been prepaid by $1,120 Heating and lighting is accrued by…
The following list of balances is from the ledger of Mr. Carty as at February 28, 2018. Carriage Outwards $4,562 Drawings $18,440 Carriage Inwards $11,830 Discount Allowed $2,306 Discount Received $1,750 Purchases $135,680 Return Inwards $5,624 Rents, rates & insurance $25,973 Heating & Lighting $11,010 Postage, stationery & telephone $2,410 Debtor $ 24,500 Fixtures & Fittings- at cost $120,740 Provision for depreciation on fixtures & fittings- as at Feb. 28, 2018, $63,020 Depreciation $12,074 Advertising $5,980 Salaries & wages $38,521 Bad debt $2,008 Cash $534 Return Outwards $13,407 Provision for doubtful debt $512 Bank $4,440 Capital $83,887 Sales $259,870 Creditor $19,840 Stock as at March 1, 2017, $15,654 You are required to: Prepare a trial balance from the information provided Using the following additional information: Stock at the close of business was valued at $17,750 Insurances have been prepaid by $1,120 Heating and lighting are accrued by…
The following list of balances is from the ledger of Mr. Carty as at February 28, 2018. Carriage Outwards $4,562 Drawings $18,440 Carriage Inwards $11,830 Discount Allowed $2,306 Discount Received $1,750 Purchases $135,680 Return Inwards $5,624 Rents, rates & insurance $25,973 Heating & Lighting $11,010 Postage, stationery & telephone $2,410 Debtor $ 24,500 Fixtures & Fittings- at cost $120,740 Provision for depreciation on fixtures & fittings- as at Feb. 28, 2018 $63,020 Depreciation $12,074 Advertising $5,980 Salaries & wages $38,521 Bad debt $2,008 Cash $534 Return Outwards $13,407 Provision for doubtful debt $512 Bank $4,440 Capital $83,887 Sales $259,870 Creditor $19,840 Stock as at March 1, 2017 $15,654 Using the following additional information: The provision for doubtful debt is to be adjusted so that it is 3% of debtors Prepaid rates $5,435 Prepare an Income Statement for Mr. Carty for the year ended Feb. 28, 2018
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