Scribd Logo
Carica

Benvenuto in Scribd!

  • Question 3 & 4

    Caricato da

    Usama Khalid
    50 visualizzazioni6 pagine
    The document contains an income statement and balance sheet for a company. The income statement shows total sales of $475,000 with costs of goods sold of $214,000, resulting in a gross profit of $261,000. Total expenses were $115,000, giving a net profit of $146,000. After deducting taxes and dividends, net income for the year was $121,975. The balance sheet lists total assets of $649,000, including machinery of $325,000, and total liabilities and equity of $649,000, including share capital of $320,000 and retained earnings of $121,975.

    Descrizione originale:

    Titolo originale

    QUESTION 3 & 4

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Formati disponibili

    DOCX, PDF, TXT o leggi online da Scribd

    Hai trovato utile questo documento?

    Questo contenuto è inappropriato?

    Segnala questo documento
    The document contains an income statement and balance sheet for a company. The income statement shows total sales of $475,000 with costs of goods sold of $214,000, resulting in a gross profit of $261,000. Total expenses were $115,000, giving a net profit of $146,000. After deducting taxes and dividends, net income for the year was $121,975. The balance sheet lists total assets of $649,000, including machinery of $325,000, and total liabilities and equity of $649,000, including share capital of $320,000 and retained earnings of $121,975.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Scarica in formato DOCX, PDF, TXT o leggi online su Scribd
    Segnala contenuti inappropriati
    50 visualizzazioni6 pagine

    Question 3 & 4

    Caricato da

    Usama Khalid
    The document contains an income statement and balance sheet for a company. The income statement shows total sales of $475,000 with costs of goods sold of $214,000, resulting in a gross profit of $261,000. Total expenses were $115,000, giving a net profit of $146,000. After deducting taxes and dividends, net income for the year was $121,975. The balance sheet lists total assets of $649,000, including machinery of $325,000, and total liabilities and equity of $649,000, including share capital of $320,000 and retained earnings of $121,975.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Scarica in formato DOCX, PDF, TXT o leggi online su Scribd
    Segnala contenuti inappropriati
    di 6

    NOTES

    1. 4.

    Sale 350000 interest expense 5000

    Opening stock 40000 5.

    Freight 5000 investment income 5000

    Purchase 150000

    155000

    3.1

    Salaries 21000

    Repair 10000

    Insurance 15000

    46000

    3.2

    S.M.C 10000

    Advertisement 4000

    14000

    Grand total 60000


    Income statement
    DETAIL notes $
    Sales 1 350000
    Cost of goods sold 2 (155000)
    195000
    Operative expense 3
    Admin & General expense 3.1 (46000)
    Mark & Distri expense 3.2 (14000)
    (60000)
    OPERATING PROFIT 135000
    4 (5000)
    130000
    5 5000
    135000
    First deducted @30% (40500)
    Net profit after Ist deducted 94500
    Retrained earnings 10000
    84500
    Dividend deducted @ 5% 7500
    77000
    General reserve (1000)
    Net Income 76000
    Balance sheet
    Assets amount liabilities amount
    Fixed Assets Shareholder Equity
    Building 70000 Share capital 150000
    Plant & machinery 90000 Retained Earnings 76000
    General Reserve 1000
    Current Assets Current liabilities
    Stock 40000 Creditors 20000
    Debtors 40000 Rent payable 10000
    Insurance 30000 Salaries 5000
    Cash at bank 40000 Tex 40500
    dividend 7500
    8300

    310000 310000

    1.
    Sales 465000 3.2.
    Discount &return (20000) freight out 3000

    Unearned &reserve 30000 salesman comm. 10000


    475000 free sample 10000
    Advertisement 25000
    2. rent 23000
    Opening stock 25000 71000
    Purchases 220000
    Freight in 15000 4.
    Discount (10000) interest expense 6000
    Closing stock (36000) loss on sale on F.A 9000
    214000 debenture interest 3500
    3. 5.
    3.1 other income 15000
    Salaries 25000 investment 10000
    Repairs 5000 25000
    Stationary 3000
    Miscellancne 5000
    Insurance 6000
    44000

    Income statement
    Notes $

    Sale 1 475000
    Cost of goods sold 2 (214000)
    261000
    3
    3.1 4400
    3.2 71000
    (115000)
    Opening profit 146000
    4 (18500)
    127500
    5 25000
    152500
    Total deducted @ 25% (38125)
    114375
    Retained earnings 30000
    Dividend deducted @7% (22400)
    Net Income 121975
    Balance sheet
    Assets amount liabilities amount
    Fixed assets Shareholder Equity
    Machinery 325000 Share Capital 320000
    Non current assets Retained earnings 121975
    Long term investment 150000 Long term liabilities
    Current assets debentures 70000
    Closing stock 36000 Current liabilities
    Prepaid insurance 18000 Account payable 30000
    Cash 20000 Notes payable 30000
    Bank 60000 Unearned revenue 10000
    Account receivable 40000 Interest on debentures 3500
    Tax 38125
    Dividend 22400
    Rent 3000

    649000 649000

    Potrebbero piacerti anche