Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The unadjusted trial balance of GIGAMA Enterprise as at 31 December 2022 is as follows: The followings are information related to year-end adjustments. 1. Salaries

image text in transcribedimage text in transcribed The unadjusted trial balance of GIGAMA Enterprise as at 31 December 2022 is as follows: The followings are information related to year-end adjustments. 1. Salaries accrued on 31 December 2022 were RM5,000. 2. Insurance premium expired during the year were RM2,240. 3. Office supplies on hand on 31 December 2022 were RM1,550. 4. Unbilled customer at the end of the year amounted to RM7,000. 5. Motor vehicle is purchased on 1 July 2022. It is estimated that the vehicle has expected useful life of 20 years and has RM10,000 scrap value. The business uses straight line method to depreciate the asset. REQUIRED: (a) Prepare the Statement of Profit or Loss and Other Comprehensive Income of GIGAMA Enterprise for the year ended 31 December 2022. (b) Prepare the Statement of Changes in Equity of GIGAMA Enterprise for the year ended 31 December 2022 (c) Prepare the Statement of Financial Position of GIGAMA Enterprise as of 31 December 2022

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

Students also viewed these Accounting questions

Question

Evaluating Group Performance?

Answered: 1 week ago