Prepare an income statement by using the following trial balance. Account Name Opening Stock Finished goods Raw
Question:
Prepare an income statement by using the following trial balance.
Transcribed Image Text:
Account Name Opening Stock Finished goods Raw material Purchase of raw material Direct wages Manufacturing expenses Administrative expenses Depreciation Preliminary expenses Written off Selling and distribution expenses Loss on sale of plant Interest on debentures Trial Balance as on March 31, 2009 Amount (3) Account Name Sales Closing Stock Finished goods Raw material Profit on sale of shares 1,00,000 50,000 5,00,000 2,00,000 1,00,000 30,000 20,000 10,000 40,000 55,000 10,000 Amount (*) 10,00,000 1,50,000 1,00,000 50,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 0% (1 review)
Particulars Sales Less Cost of Goods Sold COGS Raw Material Consumed Opening stock of RM Purchase ...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
On May 1, 2011, Conrad Sayer opened Conrads Repair Service. During the month, he completed the following transactions for the company: May 1 Began business by depositing $5,000 in a bank account in...
-
Create adjusting entries for various situations, prepare annual financial reports, calculate ratios, and develop a brief report for management explaining accounting ratios and the effects of interest...
-
General Ledger (GL) Assignments expose students to general ledger software similar to that in practice. GL is part of Connect, and GL assignments are auto-gradable and have algorithmic options. For...
-
The advantages of the computerized conversion process model " What is the EOQ model? (For self-study and research) What is JIT? (Self study and research) A firm expects to sell 2000 units of its...
-
Match the qualitative characteristics below with the following statements. 1. Relevance 2. Faithful representation 3. Predictive value 4. Confirmatory value 5. Comparability 6. Completeness 7....
-
The accompanying figure shows the isoquant for producing 1,000 units.a. At point A in the figure, the marginal rate of technical substitution (MRTS) is_________.b. At point A in the figure,...
-
Describe cycle counting. On what basis can the count frequency be determined? LO.1
-
Baldacci Inc. has a casting machine that is used for three of the companys products. Each machine setup costs $ 20,445, and the machine was set up in June for six different production runs. The...
-
Bateman corporation sold an office building that it used in its business for $800,150. bateman bought the building ten years ago for $599,925 and has claimed $200,225 of depreciation expense. what is...
-
A businessman started a business on April 1, 2009 with 5,00,000 represented by 1,000 units of a product costing 500 each. During the year, he sold these items at the rate of 750 per unit and the...
-
Show whether the following items are an expenses or not. (a) Purchased building of 2,00,000 and issued cheque (b) Purchased equipment of 50,000 from Mahesh Enterprises (c) Purchased goods of 30,000...
-
Pirates Incorporated had the following balances at the beginning of September. The following transactions occur in September. September 1 .......Provide services to customers for cash, $3,700....
-
2vx Voy Ax g 2vo cos 0 sin 0 g vo sin(20) g
-
PORTAGE COLLEGE Diversity Awareness Course Score | Home | Help | Exit Module 2 Post-Test Module 1 Module 2 Module 3 Module 2 Post-Test Betsy really likes working at Thompson Trucking. She likes how...
-
Suppose f(x) = 5x cos x. Find the equation of the tangent line to f(x) at the point (, -5). y = x+
-
First, for this case study, define the ethical dilemma facing "John". Second, isn't the collectability of an account ultimately based on opinion? If so , how does that play in the ethical dilemma...
-
Does the game have a dominant-strategy equilibrium? If so, what is it and why is it that? If not, why not?
-
What are some of the primary limitations to the use of resistance welding?
-
A sprinkler head malfunctions at midfield in an NFL football field. The puddle of water forms a circular pattern around the sprinkler head with a radius in yards that grows as a function of time, in...
-
In its income statement for the year ended June 30, 2009, The Clorox Company reported the following condensed data (dollars in millions). Selling and Research and administrative expenses .... $ 715...
-
The trial balance of Pollard Company at the end of its fiscal year, August 31, 2012, includes these accounts: Beginning Inventory $18,700; Purchases $154,000; Sales Revenue $190,000; Freight-in...
-
Below is a series of cost of goods sold sections for companies A, F, L, and V. InstructionsFill in the lettered blanks to complete the cost of goods soldsections. A. L. Beginning inventory Purchases...
-
Billy Bob bank has three assets. It has $83 million invested in consumer loans with a 3-year duration, $46 million invested in T-Bonds with a 12-year duration, and $69 million in 6-month (0.5 years)...
-
Ventaz Corp manufactures small windows for back yard sheds. Historically, its demand has ranged from 30 to 50 windows per day with an average of 4646. Alex is one of the production workers and he...
-
Which of the following statements is not true regarding the $500 credit for dependent other than a qualifying child credit. Cannot be claimed on the same tax return if the child tax credit is also...
Study smarter with the SolutionInn App