Question
Q3: Prepare Income Statement and Balance Sheet from the following Trial Balance Saadah Merchandized Company Trial Balance June 2021 Debit Credit Cash 19000 Machinery 16000
Q3: Prepare Income Statement and Balance Sheet from the following Trial Balance
| Saadah Merchandized Company | ||
| Trial Balance June 2021 | ||
| Debit | Credit | |
| Cash | 19000 |
|
| Machinery | 16000 |
|
| Opening Inventory | 30000 |
|
| Interest |
| 6000 |
| Salaries | 10000 |
|
| Furniture | 12000 |
|
| Long term loans |
| 13200 |
| Accounts payable |
| 7000 |
| Capital |
| 51000 |
| Service Revenue |
| 8000 |
| Sales |
| 20000 |
| Drawings | 1200 |
|
| Purchases | 9000 |
|
| Telephone Expenses | 8000 |
|
| Total | 105200 | 105200 |
| Adjustment information: |
| 1] Depreciation on Machinery 20% per annum and on furniture 10% per annum |
| 2] Closing Inventory for merchandise is RO 15000 |
| 3] Accrued (outstanding) telephone expense is RO 250 |
| 4] Service revenue earned but not yet collected are RO 2000 |
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Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
12th Edition
9780073526706
