Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Using the account balances extracted from the books of a small agribusiness firm (AMBRO AGRI-SERVICES ENTERPRISES) as at the end of the accounting period 1st

Using the account balances extracted from the books of a small agribusiness firm (AMBRO AGRI-SERVICES ENTERPRISES) as at the end of the accounting period 1st January to 31st December, 2018 in the table below, you are required to prepare, a) A Trial balance as at 31 December, 2018 (3 Marks) b) An Income Statement for the period 1st January to 31st December, 2018 (7 Marks) c) A Statement of owners equity at the end of the fiscal year 2018 (3 Marks) d) A balance sheet as at 31st December, 2018 (7 Marks) Table.1. Ledger Account balances as at 31st December, 2018 Account Name Amount (K) Buildings 48,000 Supplies 600 Cash 4,800 Prepaid Rent 2,000 Furniture 18,000 Accumulated Depreciation: Buildings 200 Utilities Expenses 400 Accounts Receivable 2,600 Accumulated depreciation: Furniture 300 Capital 33,200 Interest payable 100 Salary Expenses 1,800 Salaries Payable 900 Unearned Service Revenue 400 Notes Payable 20,000 Withdrawals 1,000 Service Revenue 7,600 Supplies Expense 100 Rent Expenses 1,000 Accounts Payable 18,200 Interest Expense 100 Depreciation Expense on Furniture 300 Depreciation Expense on Buildings 200

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

More Books

Students also viewed these Accounting questions