Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 2: [10 marks) The following balances were taken from adjusted trial balance (partial trial balance) at 31/12/2019: Sales revenue 150,000 Revaluation surplus 1,500 Loss

image text in transcribed
Question 2: [10 marks) The following balances were taken from adjusted trial balance (partial trial balance) at 31/12/2019: Sales revenue 150,000 Revaluation surplus 1,500 Loss on division disposal 3,000 Unearned revenue 3,500 Sales returns and allowances 10,000 Cost of goods sold 48,000 cash 20,000 gain on litigation settlement 1,000 Accumulated depreciation-building 7,500 Bad debt expense 400 Interest expense 4,000 Sales discount 2,000 capital 140,000 Salaries expenses 6,000 Dividends revenue 2,000 Retained earning 45,000 Un salized holding gain on Investment at financial Depreciation exp-building assets measured at fair 2000 value-through OCI 8,000 Additional information: 1-20% of the building is occupied by the sales department 2-applicable tax rate = 10% 3-40% of salary expense is for sales department 4-outstanding ordinary shares for 2019 were 100,000 shares Required: prepare statement of comprehensive income for 2019- use one statement approach. {use table at page 4 to prepare the statement) Then answer the questions at answer sheet page No. 1

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Financial Accounting

Authors: J. David Spiceland, Wayne Thomas, Don Herrmann

3rd edition

9780077506902, 78025540, 77506901, 978-0078025549

Students also viewed these Accounting questions

Question

When is an elaborate quality control procedure not justified?

Answered: 1 week ago