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Please include the steps and explanations, thank you. The balance sheet of the company X as at 31.12.2018 is as follows: ASSETS EQUITY & LIABILITIES
Please include the steps and explanations, thank you.
The balance sheet of the company X as at 31.12.2018 is as follows: ASSETS EQUITY & LIABILITIES Tangible fixed asset (machine)* 60 000 Shareholders' equity 100 000 LT Accounts receivables from Co. W 20 000 LT Bank loan from ING bank 40 000 ST Trade receivable from Co. A 60 000 ST Trade payables to Company X 10 000 Cash 40 000 ST Trade payables to Company Y 30 000 Total assets 180 000 Total equity & liabilities 180 000 Accumulated depreciated on the machine totaled 120 000. Required: Open opening balances, record all transactions in appropriate T-accounts and prepare income statement for 2019. In 2019 the company: a) The company recorded depreciation on Tangible fixed asset of 1 000 per month. b) The company provided services to a Company W at a value 20 000. The client received 180 days deferred payment. C) The company purchased inventory from Supplier D. The value of materials purchased 2000. The company issued note payable to the Supplier D for the value of transaction. d) The company issued an interest note to Debtor W for 5% of an outstanding debtStep by Step Solution
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