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ABC Ltd, Income Statement for the year 11 March 2020 Sales Cost of goods sold Gross profit Salary and wage expenses Depreciation expense Other operating expenses Total operating expenses 4,123.00 1,052.00 3,577.00 Operating profit Other revenues (expenses) Gain on sale of equipment Interest expense 0.00 246.00 Income before tax Income tax expense Net Income ABC Ltd. Balance Sheet as on 31 March 2020 Cash Accounts receivable Inventory Prepaid expenses Land Building Equipment Less: accumulated depreciation 2020 1,102.00 1,012.00 3,984.00 155.00 Total current assets 6,253.00 510.00 3,680.00 8,798.00 -3,443.00 Total long term asse 9,545.00 15,798.00 Total assets Accounts payable Salary and wage payable Interest payable Income tax payable Other accrued liabilities 3,588.00 85.00 62.00 55.00 1.126.00 Total current liabilit 4,916.00 3,075.00 3.750.00 4,057.00 15,798.00 Long term debt Common stock Retained earnings Total liabilities and equity pomohliogo 23,698.00 11,465.00 12,233.00 8,752.00 3,481.00 -246.00 3,235.00 1,139.00 2,096.00 2019 1,163.00 957.00 3,277.00 178.00 5,575.00 510.00 3,680.00 8,555.00 -2,891.00 9,854.00 15,429.00 3,325.00 75.00 74.00 50.00 1,104.00 4,628.00 3,575.00 4,350.00 2,876.00 15.429.01 Note: During the year 2020, the firm purchased new equipment for a total cost of $1300. Retained earnings are impacted by net income and dividends only. During the year the firm did not spend any cash on pre-paid expenses. Accumulated depreciation is only on equipment. Book value of equipment sold during the year was $557. Do not make any assumption about non-cash transactions that is not given in the question. VeMed Ltd' unadjusted trial balance on September 30 lawn below: Ats 2.471.00 18.115.00 980.00 20 650.00 5.963.00 B 9 10 11 12 13 Cash Accounts Receivable Prepaid insurance Machinery Furniture and Equipment Liabilities Accounts payable Owner'sequity Revenue Professional fees Expenses Salary expense Rent expense Depreciation expense on Machinery Utilities expense pas, electricity Supplies expense 1.590.00 22.083.00 52,118.00 15 T 14.380.00 10.320.00 359.00 1.213.00 20 340.00 22 Following are additional transactions that are to be included for preparing the final trial balance: 25 Paid rent for the month. $1.290 Paid $1.800 for one year's coverage of liability insurance Bought medical equipment for $849, paying $200 upfront with the balance to be paid in thirty days. Firm uses accounts payable for recording equipment purchase on credit. Billed customers for services performed 59,015 Paid employer salaries. 51.797 Received and paids and elecricity bil. $112 Received cash from customers previously billed. $11.060 Recorded depreciation on machinery $116 30 Cash paid for income taxes 3 points O 1,045.00 1,144.00 O None 1,084.00 O 1,123.00 O 1,095.00 O 1,134.00 Net cash paid for financing activities 3 points 0 1,990.00 O 1,565.00 O None O 1,100.00 2,015.00 500.00 O 650.00 Cash paid to supplier: 3 points 12,435.00 O 11,614.00 O 12,249.00 O 12,023.00 O 11,909.00 15,497.00 O None 3 points Cash paid for interest 260.00 248.00 234.00 None 244.00 258.00 320.00 Net cash paid for investing activities: 2 points 2 points Net cash paid for investing activities: O 743.00 O 1,300.00 O None 734.00 O 1,875.00 O 1,857.00 Cash paid for other operating expenses: 4 points O 3,582.00 O 3,614.00 3,555.00 3,578.00 None 3,532.00 3,591.00 Cash paid to employees ACF ECONF 212 - Comprehen bpCoQ1 Vacdox BITS, Pilani Compre Exam X RE46SFNytxpw/formResponse Cash paid to employees: 2 points 4,201.00 4,113.00 4,133.00 None 4,206.00 0 4,038.00 4,138.00 Cash received from customers 2 points 23,543.00 23,752.00 23,643.00 23.426.00 23,753.00 None 24,655.00 Back Next Page 3 of 5