Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 1 (7 marks) (Note this question is from the Week 5 Tutorial) Sandox Retail has the following unadjusted trial balance as at 30 June

Question 1 (7 marks) (Note this question is from the Week 5 Tutorial) Sandox Retail has the following unadjusted trial balance as at 30 June 2020 in the table: Accounts Debit ($) Credit ($) Cash 8,524 Accounts Receivable 7,000 Supplies 15,000 Prepaid Insurance 300 Insurance Expense 600 Equipment 27,000 Accumulated Depreciation 12,000 Other Assets 5,100 Wages Payable 1,500 Accounts Payable 7,500 Income Tax Payable 3,150 Share Capital (3000 shares outstanding all year) 16,000 Retained Profit 10,300 Sales Revenue 95,000 COGS 32,900 Wages Expense 18,000 Supplies Expense 25,680 Income Tax Expense 5,346 Total 145,450 145,450 3 Question 1 (Contd) Required: a) Prepare an Income Statement for Sandox Retail for the financial year 2019-2020. (2.5 marks) b) Prepare a Balance Sheet as of 30 June 2020. (2.5 marks) c) Prepare the closing journals for Sandox Retail. (2 marks)

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

Intermediate Microeconomics And Its Application

Authors: Walter Nicholson, Christopher M. Snyder

13th Edition

0357133064, 978-0357133064

More Books

Students also viewed these Accounting questions

Question

What do you mean by dual mode operation?

Answered: 1 week ago

Question

Explain the difference between `==` and `===` in JavaScript.

Answered: 1 week ago

Question

3. What obstacles interfere with eff ective listening?

Answered: 1 week ago