Prepare an income statement for December 2020 and a classified statement of financial position at December 31, 2020.
On December 1, 2020, Cambridge Printers had the account balances shown below.
Debit | Credit | ||
Cash |
£ 4,650 |
Accumulated Depreciation – Equipment | £ 1,500 |
Accounts Receivable | 3,900 | Accounts Payable | 3,000 |
Inventory | 1,950 (3,000 x £0.65) | Owner’s Capital | 27,000 |
Equipment | 21,000 | ||
£ 31,500 | £ 31,500 |
The following transactions occurred during December.
December 3: Purchased 4,000 units of inventory on account at a cost of £0.72 per unit.
December 5: Sold 4,400 units of inventory on account for £0.92 per unit. (It sold 3,000 of the £0.65 units and 1,400 of the £0.72.).
December 7: Granted the December 5 customer £184 credit for 200 units of inventory returned costing £144. These units were returned to inventory.
December 17 Purchased 2,200 units of inventory for cash at £0.78 each.
December 22 Sold 2,000 units of inventory on account for £0.95 per unit. (It sold 2,000 of the £0.72 units.)
Adjustment data: 1) Accrued salaries payable £400. 2) Depreciation £200 per month.
This solution comprises income statement and statement of financial position as on 31 december 2020..
Prepare an income statement for December 2020 and a classified statement of financial position at December...
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