Homework Answers
INCOME STATEMENT FOR THE YEAR ENDED DEC.31, 2019
| PARTICULARS | AMT | AMT |
| (IN $) | (IN $) | |
| SALES | 85000 | |
| LESS: COST OF SALE | (40000) | |
| GROSS PROFIT | 45000 | |
| LESS: OPERATING EXPENSES | ||
| ADVERTISEMENT | 3000 | |
| INTEREST EXPENSES | 4000 | |
| RENT EXPENSES | 12000 | |
| UTILITIES EXPENSES | 1000 | |
| WAGES | 10000 | (30000) |
| NET PROFIT BEFORE TAX | 15000 | |
| LESS: TAX EXPENSES | (4500) | |
| NET PROFIT AFTER TAX | 10500 | |
| DIVIDEND PAID | (5000) | |
| RETAINED EARNINGS | 5500 |
BALANCE SHEET AS ON DEC.31, 2019
| LIABILITIES | IN ($) | IN (S) | ASSETS | IN ($) | IN ($) |
| COMMON STOCK | LAND | 30000 | |||
| OPENING | 9000 | ||||
| ADD: ISSUED DURING THE YEAR | 1000 | 10000 | INVENTORY | 25000 | |
| RETAINED EARNING | |||||
| OPENING | 67500 | CASH | 57000 | ||
| ADD: DURING THE YEAR | 5500 | 73000 | |||
| NOTE PAYABLE, LONG TERM | 20000 | ||||
| ACCOUNT PAYABLE | 8000 | ||||
| WAGES PAYABLE | 1000 | ||||
| 112000 | 112000 |
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