FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

how to do Question 2 Given below trial balance of Chong Trading as at 31 December 2022 Additional information: 1. Closing stock as at 3112.2022

how to do image text in transcribed
Question 2 Given below trial balance of Chong Trading as at 31 December 2022 Additional information: 1. Closing stock as at 3112.2022 valued at $3,500. 2. Insurance of $220 prepaid for next year. 3. Salaries and wages of $500 still outstanding 4. Depreciation of 20% on cost to be provided on office equipment. Required Prepare the Income Statement for the year ended 31 December 2022 and Statement of Financial Statement as at 31 December 2022. (40 marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

A New Auditors Guide To Planning Performing And Presenting IT Audits

A New Auditors Guide To Planning Performing And Presenting IT Audits

Authors: Nelson Gibb, CIA, CISA, CISSP, Divakar Jain, CA, CPA, Amitesh Joshi, Surekha Muddamsetti, Sarabjot Singh

1st Edition

0894136852, 978-0894136856

More Books

Students also viewed these Accounting questions

Question

★★★★★
Suppose that the resistor arrangement in Fig. 18.28 is connected to a 12-V battery. What will be (a) The current in each resistor, (b) The voltage drop across each resistor, and (c) The total power...

Answered: 1 week ago

Question

★★★★★
Cost of a short-term bank loan) Jimmy Hale is the owner and operator of the grain elevator in Brownfield, Texas, where he has lived for most of his 62 years. The rains during the spring have been the...

Answered: 1 week ago

Question

★★★★★
5. When should you not apologize? (LO 10-3)

Answered: 1 week ago

Question

★★★★★
Shepard Company sold 4,000 units of its product at $ 100 per unit in year 2013 and incurred operating expenses of $ 15 per unit in selling the units. It began the year with 840 units in inventory and...

Answered: 1 week ago

Question

★★★★★
how to do Question 2 Given below trial balance of Chong Trading as at 31 December 2022 Additional information: 1. Closing stock as at 3112.2022 valued at $3,500. 2. Insurance of $220 prepaid for next...

Answered: 1 week ago

Question

★★★★★
Zachary Construction Company expects to build three new homes during a specific accounting period. The estimated direct materials and labor costs are as follows Expected Costs Direct labor Direct...

Answered: 1 week ago

Question

★★★★★
The properties of unidirectional fiber reinforced polymer composite laminate are given as: Elasticity modulus E (GPa) Shear modulus G(GPa) Fiber (E1f)=252 (E2f)=30 25 0.32 Matrix 3,8 2 0.28 Poisson's...

Answered: 1 week ago

Question

★★★★★
Graph the function. y= se2x To draw the graph, plot three consecutive asymptotes and two points, one on each side of the second asymptote. Then click on the graph icon.

Answered: 1 week ago

Question

★★★★★
Which circuit below is a direct implementation of the propositional logic statement ~ (p V qV ~ (r^ ~ ))^\\ ~ r? Version 1 P 13 P output 9 Version 2 output R

Answered: 1 week ago

Question

★★★★★
Golebiewski Corporation has provided the following contribution format income statement. Assume that the following information is within the relevant range. Sales (5,000 units) $150,000 Variable...

Answered: 1 week ago

Question

★★★★★
Find the stable reactor period for the zero-power reactor whose no response is shown in Figure 1.35 1.3 1.25 1.2 1.15 1.1 1.05 1 0 0.25 0.5 0.75 Time (s) 1 1.25 1.5

Answered: 1 week ago

Question

★★★★★
3. Why are mobile phone users much more likely to book same-day hotel room or airline reservations? When it comes to mobile apps and gauging their impact on consumers and business, the online travel...

Answered: 1 week ago

Question

★★★★★
3. How has e-commerce transformed marketing?

Answered: 1 week ago

Question

★★★★★
2. Explain how Pandoras freemium business model works. How does the company generate revenue? Pandora is the Internets most successful subscription radio service. In May 2014, Pandora had 77 million...

Answered: 1 week ago

Previous Question Next Question