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Financial Reporting Class Activity A 1.docx

Vehicles 22000 12000 34000 vehicle 45000 45000

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Vehicles 22,000 12,000 34,000 Vehicle 45,000 45,000 Accounts Payable 10,000 10,000 GST Collected 3,000 3,000 GST Paid 1,500 1,500 Mortgage 13,000 13,000 Capital 170,000 170,000 Drawings 16,000 16,000 Inventory 30/6/06 30,000 30,000
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Accrued Expenses (Wages) 800 800 Depreciation 17,000 17,000 Prepaid Expenses (Insurance) 500 500 527,500 527,500 72,300 72,300 545,300 545,300 Question 4 The Trial Balance as at 30th June 2008 and the Trial Balance as at 30th June 2009 are disclosed on the next page for IGA Retails. IGA Retails is a retail outlet providing books, CD’s and DVD’s directly to the customer. IGA Retails currently has one location and has been operating from this location for the past 2 years. The financial reports presented by you will help management decide whether to expand in the future. From the information provided, complete the following questions for IGA Retails: a. Compile a Profit and Loss Statement for financial year ending 2008 and financial year ending 2009. b. Compile a Balance Sheet for the financial year ending 2008 and financial year ending 2009. Use answer sheets provided overleaf- Trail Balance for IGA Retails for year ending 2008 and 2009 2009 2008 Debit $ Credit $ Debit $ Credit $ Capital 266,500 257,800 Drawings 6,000 12,000 Inventory at 1/7 13,500 14,500 Accounts Receivable 9,000 10,000 Cash at Bank 7,000 9,000 Land 110,000 110,000
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Buildings 95,000 95,000 Accumulated Depreciation Buildings 14,000 8,500 Plant & Machinery 105,000 80,000 Accumulated Depreciation Plant/Machinery 50,000 35,000 Accounts Payable 15,000 16,000 Sales 320,000 295,000 Accrued Expenses 1,500 1,200 Purchases 215,000 180,000 Sales Salaries 25,000 24,000 Rates and Taxes 7,000 7,500 Electricity & Telephone 13,000 11,500 Office Wages 24,000 25,000 Depreciation on Buildings 5,000 5,000 Depreciation on Plant & Machinery 18,000 17,500 General Expenses 12,500 10,000 Prepaid Expenses 2,000 2,500
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  • Fall '18
  • Zum
  • Balance Sheet, Generally Accepted Accounting Principles, Goods Sold, Depreciation Buildings, JAlam Ltd

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