Answered step by step
Verified Expert Solution
Question
1 Approved Answer
acconting Question-No, 05 Marks 10 At the end of the fiscal year December 31, 2020, the following information related to the trial balance of Reed
acconting
Question-No, 05 Marks 10 At the end of the fiscal year December 31, 2020, the following information related to the trial balance of Reed Delivery Service appeared as shown below. Title of A/C Cash Accounts Receivable Prepaid Insurance Delivery Supplies Office Supplies Land Building Accumulated Depreciation Building Trucks Accumulated Depreciation Trucks Office Equipment Accumulated Depreciation Office Equipment Accounts Payable Uncamed Lockbox Fees Mortgage Payable Capital N. Reed N. Reed, Withdrawals Delivery Service Revenue Lockbox Fees Earned Truck Drivers' Wages Expense Office Salaries Expense Oil, Gas and Truck Repairs Expense Interest Expense Amount Rs. 10,072 29,314 5.140 14,700 2.400 15.000 196,000 53,400 103 NEXO 30, 900 15.00 10.800 9,396 8.340 72,000 128730 30,000 283, 470 28,800 120,600 44,000 31.05O 7.200 A. Expired insurance, Rs. 3,060, B. Inventory of unused delivery supplies, Rs. 1.430. C. Inventory of unused office supplies, Rs. 186. D. Estimated depreciation on the building, Rs. 14.400 E. Estimated depreciation on the trucks, Rs. 15.450. F. Estimated depreciation on the office equipment, Rs. 2.700, G. The company credits the lockbox foes of customers who pay in advance to the Uncarned Lockhox Fees account. Of the amount credited to this account during the year, Rs. 5,630 had heen comed by December 31. H. Lockbox fees cured but unrecorded and uncollected at the end of the accounting period, Rs. 1. Accrued but unpaid truck drivers' wages at the end of the year, Rs. 1,920. Reuwied Prepare an income statement and balance sheet at the end of December 31, 2020 816. Question-No, 05 Marks 10 At the end of the fiscal year December 31, 2020, the following information related to the trial balance of Reed Delivery Service appeared as shown below. Title of A/C Cash Accounts Receivable Prepaid Insurance Delivery Supplies Office Supplies Land Building Accumulated Depreciation Building Trucks Accumulated Depreciation Trucks Office Equipment Accumulated Depreciation Office Equipment Accounts Payable Uncamed Lockbox Fees Mortgage Payable Capital N. Reed N. Reed, Withdrawals Delivery Service Revenue Lockbox Fees Earned Truck Drivers' Wages Expense Office Salaries Expense Oil, Gas and Truck Repairs Expense Interest Expense Amount Rs. 10,072 29,314 5.140 14,700 2.400 15.000 196,000 53,400 103 NEXO 30, 900 15.00 10.800 9,396 8.340 72,000 128730 30,000 283, 470 28,800 120,600 44,000 31.05O 7.200 A. Expired insurance, Rs. 3,060, B. Inventory of unused delivery supplies, Rs. 1.430. C. Inventory of unused office supplies, Rs. 186. D. Estimated depreciation on the building, Rs. 14.400 E. Estimated depreciation on the trucks, Rs. 15.450. F. Estimated depreciation on the office equipment, Rs. 2.700, G. The company credits the lockbox foes of customers who pay in advance to the Uncarned Lockhox Fees account. Of the amount credited to this account during the year, Rs. 5,630 had heen comed by December 31. H. Lockbox fees cured but unrecorded and uncollected at the end of the accounting period, Rs. 1. Accrued but unpaid truck drivers' wages at the end of the year, Rs. 1,920. Reuwied Prepare an income statement and balance sheet at the end of December 31, 2020 816Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started