done Student (1.5%): _____________________ Grader (1%):____________________
Financial Accounting Assignment 8
Trial balance at 31 December 2010 ($) Capital Cash A/C Payables A/C Receivables Office equipment at cost Delivery vehicle at cost Warehouse machinery at cost General expenses Wages Insurance Purchases Rent Sales Telephone & internet Delivery costs Total 4,000 3,000 283,100 283,100 16,000 17,000 21,000 7,500 43,000 35,000 95,000 5,000 15,600 257000 21,000 6100 20,000
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Additional information: Inventory at the year-end was $18,500 Depreciation of $14,200 is to be allowed for as an expense on office equipment, the delivery vehicle and warehouse machinery. At the year-end, the business owed $3,00 in wages and rent had been prepared by $7,800 You are required to produce an income statement and a balance sheet for the first year of trading.