2009_1 L05 Exercises

2009_1 L05 Exercises - ACCT2101 Lecture 5 Exercises...

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ACCT2101 Lecture 5 Exercises 1 ACCT2101 Lecture 5 Exercises Exercise 1 Income Statement Based on the following prepare an Income Statement. Accounts DR CR Cash at bank 43,558 Accounts receivable 5,800 Prepayments 920 Office supplies inventory 540 Land 10,000 Building 62,000 Accumulated depreciation - building 200 Office Equipment 9,600 Accumulated depreciation - office equipment 100 Accounts payable 4,600 Salaries payable 990 Commissions payable 4,800 Interest payable 600 Accrued expenses 210 Unearned appraisal fee 280 Mortgage payable 60,000 Share capital 50,000 Retained profits 9,400 Commission revenue 9,600 Appraisal fee revenue 700 Service fee revenue 400 Salary expense 2,790 Commission expense 4,800 Telephone expense 72 Advertising 120 Insurance Expense 40 Office supplies expense 80 Depreciation - office equipment 100 Depreciation expense - building 200 Interest expense 600 Electricity expense 210 Income tax expense 450 141,880 141,880
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ACCT2101 Lecture 5 Exercises 2 Exercise 1 Income Statement - Solution Disclosure Decision: z What information must be disclosed on the face? z What information could be disclosed either on the face or in the notes? z
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2009_1 L05 Exercises - ACCT2101 Lecture 5 Exercises...

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