Please solve using the shown Workbook in excel
Homework Answers
| 1) | |||||||||||||
| Assets | ,= | Liabilities | ,+ | Equity | Retained Earnings | ||||||||
| Transaction | Cash | Account | Supplies | PPE | ,= | Acoounts | Interest | Bank | Contributed | Revenue - | Expenses | ||
| Receivable | payable | Payable | loan | capital | |||||||||
| Opening Balance | 5300 + | 6400 + | 11600 + | 36000 | ,= | 3000 + | 100 + | 12000 | ,+ | 20000 + | 70000 | -10000 | Operating exp |
| 3300 | -38000 | COGS | |||||||||||
| -1100 | Interest | ||||||||||||
| Total | 5300 + | 6400 + | 11600 + | 36000 | ,= | 3000 + | 100 + | 12000 | ,+ | 20000 + | 73300 | -49100 | |
| Credit purcahse of goods | 10000 | 10000 | |||||||||||
| Cash sales | 13000 | -8000 | 13000 | -8000 | COGS | ||||||||
| credit sales | 8000 | -6000 | 8000 | -6000 | COGS | ||||||||
| paid wages | -2500 | -2500 | wages | ||||||||||
| Received from debtors | 9000 | -9000 | |||||||||||
| Paid interest | -500 | -500 | Interest | ||||||||||
| Sold equipment | 1500 | -3000 | -1500 | ||||||||||
| Rental expenses | -5500 | 500 | -6000 | Rent | |||||||||
| (6000/12) | |||||||||||||
| Annual depreciation | -8000 | -8000 | Depreciation | ||||||||||
| (Net PPE) | (9000-1000) | ||||||||||||
| 20300 + | 5400 + | 7600 + | 25000 | ,= | 13500 + | 100 + | 12000 | ,+ | 20000 + | 94300 | -81600 |
| 2) | Income statement | ||
| Partcular | Amount | Amount | |
| Revenue | |||
| sales | 70000 | ||
| Operating income | 3300 | ||
| Cash sales | 13000 | ||
| Credit sales | 8000 | ||
| Total | 94300 | ||
| less : expenses | |||
| Operating expenses | 10000 | ||
| COGS | 52000 | ||
| Interest | 1600 | ||
| Wages | 2500 | ||
| Depreciation | 9000 | ||
| Loss on sale | 500 | ||
| Rent | 6000 | 81600 | |
| Net Income | 12700 |
| Balance sheet | |
| As at 31 dec 2019 | |
| Assets | Amount |
| Cash | 20300 |
| Account receivable | 5400 |
| Supplies | 7600 |
| Net PPE | 25000 |
| Total | 58300 |
| Liabilities | |
| Accounts payable | 13500 |
| Interest Payable | 100 |
| Bank loan | 12000 |
| 25600 | |
| contributed capital | 20000 |
| Retained earnings | 12700 |
| Total | 58300 |
Calculation of loss on sale of equipment = cost - depreciation -sale price
= 3000 -1000 - 1500 = 500
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Please solve using the shown Workbook in excel
Balance Sheet & Income Statement Coast Ltd., which...
Please show in excel like above, thanks! Balance Sheet & Income Statement Coast Ltd., which has...
Please show in excel like above,
thanks!
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Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. Following is the company's unadjusted trial balance as of December 31, 2019. December 31, 2019 Unadjusted Trial Balance $ 17,000 4,000 $ 828 11,700 32,000 45,000 12,200 5,000 1,400 15,000 59,700 10,000 Cash Accounts receivable Allowance for doubtful accounts Merchandise inventory Trucks Accum. depreciation-Trucks Equipment Accum. depreciation-Equipment Accounts payable Estimated warranty liability Unearned services revenue Interest payable Long-term notes payable D. Buggs,...
Please show in excel like above,
thanks!
Balance Sheet & Income Statement Coast Ltd., which has just started trading on 1 January 2019. has the following account balances prior to the recording of the final month of the year: Account Balances as at 30 November 2019 Account $ Cash $5 300 Accounts receivable $6 400 Stock of Supplies $11 600 Property, Plant & Equipment -cost $36 000 Accounts payable $3 000 Interest payable S 100 Bank Loan $12 000 Contributed...
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Complete the income statement.
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