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Make sure all the missing figures are calculated. Thanks 10 Jimmy Jones receives a $200 000 legacy from his great-aunt. As he has some knowledge
Make sure all the missing figures are calculated. Thanks
10 Jimmy Jones receives a $200 000 legacy from his great-aunt. As he has some knowledge of the textile industry he decides to go into business manufacturing garments. He commences trading on 1 July 20X1 and uses all of the $200 000 as capital. Unfortunately, because he does not have an accounting background, he does not keep adequate records. At the end of the financial year, he P OSTS realises that he will have to prepare financial accounts so he can ascertain whether or not he has made a profit, and whether he is liable for tax on any such profit. From the information given below prepare, in good form, a statement of comprehensive income for the year and a balance sheet at 30 June 20X2. Note that all figures given are for a full year and the owner, Jimmy Jones, withdraws amounts periodically from the business to cover his expenses Accounts receivable $50 000 inventory $100 000, bank loan (due 1 January 20X6) $80 000, machinery $80 000, total current assets $160000, sales $127800, rent $5000, motor vehicles $40000, wages $42100, motor vehicle expenses $8230, total non-current assets $132500, electricity expense $2500, council rates $2500, total liabilities $117 600, advertising expense $2022, cost of goods sold $84070, cash at bank?, office equipment?, selling expense? total assets?, net assets?, accounts payable?, gross proht?, capital?, retained earnings? total owner's equity? dhe included in the statement ofStep by Step Solution
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