Question
Amy offers legal services to small and medium sized businesses. The following information relates to the business activities and account balances for the financial year
Amy offers legal services to small and medium sized businesses. The following information relates to the business activities and account balances for the financial year ended 30 September 2020:
Account:
$
Creditors 960
Debtors 1,570
Accumulated depreciation - office equipment 6,950
Accumulated depreciation vehicle 9,250
Marketing expenses 510
Capital Amy 18,500
Cash at bank 8,445
Office equipment 9,250
Depreciation expense - office equipment 1,650
Depreciation expense vehicle 2,750
Drawings 5,520
Bank loan 4,500
Vehicle 26, 750
Vehicle expense 330
Office supplies 1,625
Office supplies used 840
Mobile phone charges 255
Legal services fees earned 9,750
Requirement: Prepare a Statement of Profit or Loss for the year ended 30 September 2020
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started