4You notice the electricity account has been used instead of the Rent account for the sum of $750.00. Make the relevant correction.
General journal
Date
Details
Debit
Credit
1/5/xx
RENT - electricity account
750.00
1/5/XX
RENT - electricity account - wrong account
750.00
1/5/xx
RENT - Rent Account
750.00
Trainer Comments
14/03/2019 10:41AM
Rent account will be debited and electricity account will be credited
Activity 11
A business has sales of $825,000 over the fiscal year to June 30th last financial year. Cost of goods Sold was $260,000 and administrative and sales expense was $180,000. Accumulated Depreciation was calculated at $65,000. Interest earnings were $15,000 and interest paid on loans was $35,000. The business is based in Australia.Assume a tax rate of 30% when making your calculations.What is the Net Income (after tax) for the Year Ending June 30th?
Activity 11.docx (12.5 KB)Activity 12Prepare a balance sheet for a business that has provided the following figures. Short term loans payable $25,000, prepaid expenses $17,000, inventory $85,000, long term loans payable 42,000, equipment $60,000, paid in capital $35,000, PAYG tax withheld $15,000, accounts receivable $185,000, goodwill $15,000, cash $60,000, retained earnings $50,000, accounts payable $15,000, accumulated depreciation $12,000, expenses payable $20,000 and capital stock $15,000.
Goodwill
15,000
Accounts payable
15,000
Expenses payable
20,000
PAYG Tax withheld
15,000
Loans payable - short term
25,000
Loans Payable - long term
42,000
Capital stock
15,000
Paid in capital
35,000
Retained earnings
50,000
422,000
229,000
Net profit
193,000
422,000
422,000
Trainer Comments
14/03/2019 10:46AM
Satisfactory
Previous
Activity 13
1List at least four of the discrepancies you might find when completing a bank reconciliation.
Trainer Comments
2If you find a customer has overpaid an invoice what would you do? (30–50 words)
Trainer Comments
14/03/2019 10:48AM
Satisfactory
