Question

Required Prepare a clasified balance sheet for Babylon Lighting of December 31, 20 اللعنه 27300 too The following adjusted trial balance was taken from the worksheet of Babylon Lighting. Prim u s Ton Tongan, hade hon intuits during the year Babylon Lighting Adjusted Trial Balance December 31, 20.. Debit Acces Receivable Merchandise Store Supplies Ofte Supplies Prepaid Insurance Store Equipment Aerulind Depreciation Store Equipment 5.000 Office Equipment 15.000 Accumulated Depreciation Office Equipment Accounts Payable Salaries Payable Mortgage Payable (Current portion $1,200 Jillian Johnson, Capital 1044BD Jillian Johnson, Drawing 8600 Income Summary 46000 Sales 106.600 Sales Discounts 1.600 61,800 3.000 Purchases Returns and Allowances Purchases Discounts 2.400 Sales Swary Expense 13.600 Office Salary Expense 7.800 Advertising Expense Score Supplies Expense 60) Office Supplies Expense Insurance Expense 1.000 Depreciation Expense Store Equipment 500 Depreciation Expense-Office Equipment 325920 Purchases

Pretty sure I've got this but I would love to have something to cross check against. Thanks!

Answer 1

Babylon Lighting Statement of Income For the period ending 31.12.20 Sales 106600 Sales Discount -1600 Net Sales 105000 Cost of goods sold: 42600 Opening Inventory Purchases 61800 Income Summary 4000 Purchase urns and Allowances -3000 Purchase Discounts -2400 closing Inventory -46600 56400 Gross Profit 48600 Selling Expenses: Sales Salary Expense 13600 Advertising Expense 800 Store Supplies Expense 600 Depreciation Expense - Store Equip. 1000 16000 Administrative Expense: Office Salary Expense Office Supplies Expense 7600 480 Insurance Expense 260 Depreciation Expense- Office Equip 500 8840 Operating Income 23760 Statement of Owner's Equity For the period ending 31.12.20 Jillian Johnson, Capital 104480 23760 Operating Income 128240 Jillian Johnson, Drawing -8600 119640

Balance sheet As at 31.12.20 Amounts in $ Amounts in $ Liabilities Amounts in $ Amounts in $ Assets Current Liabilities Current Assets Accounts Payable Salaries Payable Cash 29900 27300 Accounts Receivable 55200 1340 Merchandise Inventory Mortgage Payable 1200 46600 29840 Store Supplies Office Supplies 1180 Non Current Liabilities 28400 400 134480 Mortgage Payable Prepaid Insurance 1200 Non Assets Store Equipment 37000 Accum. Depre Store Equip -5000 32000 Office Equipment Owner's Equity 11400 Jillian Johnson, Capital 15000 Accum. Depre- Office Equip -3600 119640 177880 Total Liabilities & Equity Total Assets 177880 0