Question
Trial balance on 31 December 2019 Debit Credit Share capital 570,000 Property, plant, and equipment 2,100,000 Bank 195,000 Revenue 480,000 Rental income 35,000 Cost of
Trial balance on 31 December 2019
Debit Credit
Share capital 570,000
Property, plant, and equipment 2,100,000
Bank 195,000
Revenue 480,000
Rental income 35,000
Cost of sales 225,000
Salaries and wages 110,000
Insurance 28,000
Fuel 12,000
Telephone line charges 8,000
Interest income 24,000
Interest expense 71,000
Inventory 165,000
Accounts receivable 43,000
Accounts payable 182,000
Tax expenses 17,000
Petty cash 2,000
Long-term loan 270,000
Short-term loan 15,000
Mortgage 1,400,000
TOTAL 2,976,000 2,976,000
Using the information included in the trial balance provided, complete the income statement for Next Generation Ltd for the year ending 31 December 2019. Add any further line items as necessary within the template by pressing the Enter key. Refer to the notes included in Unit 2 of this module to assist you with completing this question.
Start writing here, using the template below to complete this question:
Next Generation Ltd
Income statement for the year ended 31 December 2019
Gross profit
Other income
Selling, administrative, and general expenses
Operating profit
Profit before tax
Net profit
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Macroeconomics Principles And Policy
Authors: William J. Baumol, Alan S. Blinder
11th Edition
0324586213, 978-0324586213
