Spotless Dry Cleaners had these balances in their ledger accounts on 31 March 20x7. You are required
Question:
Spotless Dry Cleaners had these balances in their ledger accounts on 31 March 20x7.
You are required to:
1. Prepare a trial balance in accordance with Figure 6.5.
2. Prepare the financial statements for the year ended 31 March 20x7.
3. Comment on the financial performance and financial position.
Transcribed Image Text:
Capital Vehicles Operations equipment Machinery Electricity and water Salaries and wages Fixed deposit: Allied Bank Advertising Interest on loan Accounts receivable Bank (Dr.) Rent paid Drawings Office equipment Stationery Telephone Fees received Loan: National Bank (liability) Repairs Accounts payable Bad debts expense Bank charges 37 161 00 14 600 00 27 394 00 14 700 00 1 341 00 17 927 00 10 000 00 2 349 00 550 00 740 00 8 397 00 12 370 00 1 728 00 8 749 00 91 00 R609 00 78 924 00 5 000 00 1 906 00 3 740 00 98 00 876 00
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (3 reviews)
Answer Trial Balance Account Title Debit Dr Credit Cr Capital 37161 Vehicles 14600 Operations Equipment 27394 Machinery 14700 Electricity and Water 13...View the full answer
Answered By
Rustia Melrod
I am a retired teacher with 6 years of experience teaching various science subjects to high school students and undergraduate students. This background enables me to be able to help tutor students who are struggling with the science of business component of their education. Teaching difficult subjects has definitely taught me patience. There is no greater joy for me than to patiently guide a student to the correct answer. When a student has that "aha!" moment, all my efforts are worth it.
The Common Core standards are a useful yardstick for measuring how well students are doing. My students consistently met or exceeded the Common Core standards for science. I believe in working with each student's individual learning styles to help them understand the material. If students were struggling with a concept, I would figure out a different way to teach or apply that concept. I was voted Teacher of the Year six times in my career. I also won an award for Innovative Teaching Style at the 2011 National Teaching Conference.
4.90+
4+ Reviews
10+ Question Solved
Related Book For
Fundamental Accounting
ISBN: 9781485112112
7th Edition
Authors: David Flynn, Carolina Koornhof, Ronald Arendse, Anna C. E. Coetzee, Edwardo Muriro, Louise Christel Posthumus, Louise Mancy Smit
Question Posted:
Students also viewed these Business questions
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
You are an investment analyst. A client of yours, Mr A, owns 3.5% of the share capital of Price. Price is a listed company and prepares financial statements in accordance with International...
-
You are an auditor in Smit & Chandra, a mid-tier audit firm. Your firm is the incumbent auditor on Biotech Ltd, a pharmaceutical company. Since the previous audit, the company has listed on the...
-
Sewing industries is a factory located in Divundu that specialises in assembling mini-sewing electrical machines which are portable and which can be used in close proximity. The business has provided...
-
The manufacturing company for which you currently serve as plant controller is contemplating moving from a conventional manufacturing layout to a just-in-time (JIT) system. The overall strategy is to...
-
On January 1, 2016, Asure Corporation acquires the net assets of BlueBox Inc. and records the acquisition as a merger. Asures acquisition entry looks like this (amounts in thousands): Brand names and...
-
\(\mu=45, \sigma=15, n=100\) In Exercises 1-4, a population has a mean \(\mu\) and a standard deviation \(\sigma\). Find the mean and standard deviation of the sampling distribution of sample means...
-
The transactions completed by Sure N' Safe Courier Company during July 2012, the first month of the fiscal year, were as follows: July 1. Issued Check No. 610 for July rent, $7,500. 2. Issued Invoice...
-
Problem 1 Suzie Co.'s checkbook balance at December 31, 2016 was 180, 000. In addition, Suzie held the following i items in its sale on that date: Check payable to Suzie amounting to P65, 000 dated...
-
Record the transactions of Dr James Smith in Question 6.9 into the general journal. Data from Question 6.9. Dr James Smith has a successful dental practice. An extract was taken from his records....
-
On 31 July, Misty Steam Cleaners had this trial balance in their books. This is the final trial balance for the financial year: You are required to: Prepare the financial statements. Real accounts...
-
The file P12_13.xlsx contains quarterly data on GDP. a. Look at a time series plot of GDP. Does it suggest a linear relationship; an exponential relationship? b. Use regression to estimate a linear...
-
You are a trainee at NewLaw LLP. The United Kingdom's (UK) Government is considering whether the benefits of their World Trade Organization (WTO) membership outweigh the sacrifice in terms of the...
-
What extent do cultural and societal factors influence the development and implementation of accountability measures in international contexts, and how can organizations adapt their practices to...
-
Article "the future of immigrant children " by Ron Haskins and Marta Tienda summarize a brief description on the policy brief
-
What are the key challenges in creating systems of accountability within governmental institutions, and how can these obstacles be effectively overcome to promote public trust and accountability ?
-
A trustee of a testamentary trust owns title to an apartment complex. The trustee also owns title to nine other apartment complexes in his individual name, not the name of the trust. While the...
-
The following paired sample data have been obtained from normally distributed populations. Construct a 90% confidence interval estimate for the mean paired difference between the two population...
-
What does non-recourse financing mean?
-
Why is a companys capital structure, as measured by debt and equity ratios, important to financial statement analysts?
-
How does inventory turnover provide information about a companys short-term liquidity?
-
How does inventory turnover provide information about a companys short-term liquidity?
-
An S corporation shareholder's initial (upon formation) basis in the S corp is equal to the: Multiple choice question. tax basis of the property contributed plus any liabilities on the property...
-
Full-Service Brokers do not provide investment advice. Group of answer choices True False
-
Rick has the following stock portfolio. Each company pays a quarterly dividend. Company Number of Shares Market Price Per Share Quarterly Dividend Per Share Therm-Ware 910 $22.00 $0.23 Quick Foods...
Study smarter with the SolutionInn App