Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please assist with q4 thanks The following is a pre-adius (25: Additional information to be effected on 31 December 2020 (1) Closing Inventory on 31

image text in transcribed

please assist with q4

thanks

The following is a pre-adius (25: Additional information to be effected on 31 December 2020 (1) Closing Inventory on 31 December 2020 amounted to R80 000 . (2) Depreciate Equipment at 10% per annum on diminishing balance method. (3) Write off further Credit losses amounting to R2 000 . (4) Adjust Allowances for credit losses to 5% of Debtors. (5) Provide for the outstanding interest on loan at 10% per annum. (6) A final dividend of R14000 was declared on 31 December 2020 . (7) Income taxation expense for the year amounted to R40000. REQUIRED: Prepare a Statement of Comprehensive Income for TTM Ltd for the year ended 31 December 2020 in compliance to the General Accepted Accounting Practices (GAAP). Comparative figures and notes are not required

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

Step: 3

blur-text-image

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

Guide To The Study Of Auditing 1914

Authors: Samuel F. Racine

1st Edition

0266614493, 978-0266614494

More Books

Students also viewed these Accounting questions

Question

How does the concept of hegemony relate to culture?

Answered: 1 week ago

Question

List the components of the strategic management process. page 72

Answered: 1 week ago