Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please solve fo a non-accounting students ASAP THUMPs UP IS READY!! The following balances have been extracted from the books of XYZ Company for the

please solve fo a non-accounting students ASAP

THUMPs UP IS READY!!image text in transcribed

The following balances have been extracted from the books of XYZ Company for the year to 31/12/2019 Dr USS 10,000 Cr USS 70,000 Cash at bank and in hand Plant and equipment: At cost Accumulated depreciation (at 31.12.19) Retained earnings (at 1.2.2020) Profit for the financial year (to 31.12.19) Share capital issued and fully paid) Inventory (at 31.12.19) Trade payables Trade receivables 25,000 15,000 20,000 50,000 27,000 17,000 20,000 127,000 127,000 Additional information: 1 Corporation tax owing at 31 December 2019 is estimated to be $3000. 3 A dividend of 10p per share is proposed but not paid as of 31.12.2019 Prepare XYZ (1) statement of profit or loss and (2) statement of retained earnings, and (3) a statement of financial position for the year to 31 December 2019

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

Performance Audit Department Of Highways Preconstruction And Construction Activities

Authors: Montana. Legislature. Office Of The Legi

1st Edition

1175365823, 978-1175365828

More Books

Students also viewed these Accounting questions

Question

What is the relationship between humans?

Answered: 1 week ago

Question

What is the orientation toward time?

Answered: 1 week ago