From the given trial balance of Al-Ward Shop, prepare a. Income statement for the year 2021  b. Balance sheet for 31st December 2021

You are provided with the following information form the accounts of BBS Ltd for the year ending 30 June 2019Cash Sales950 000Cost of Goods Sold35 000Amount received in advance for services to be performed in August 20199 500Rent expenses for year ended 30 June 20199 000Rent Prepaid for two months to 31 August 20191 200Doubtful debts expenses1 200Amount provided in 2019 for employees’ long-service leave entitlements5 000Goodwill impairment expenses7 000Required:Calculate the taxable profit and accounting profit for the year ending 30 June 2019. my confusion : not sure if LSL will be 50%of or not?

Sample Worksheet Work Sheet For the Month Ended January 31, 2020 Trial Balance Adjustments Adj. T/Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. 13,200 22,000 5,400 29,250 22,000 5,400 Cash 20,000 b-h 3,950 29,250 22,000 a CD'S Other Securities 5,400 Loan Payable Owner' Equity 25,000 15,600 b 25,000 15,100 25,000 15,100 500 Revenue a 20,000 20,000 20,000 Interest Income Utilities expense Internet & Telephone Advertising Expense C 300 300 300 150 150 150 e 300 300 300 Rent Expense f 2,000 2,000 2,000 Supplies expense 450 450 450 Insurance expense 250 250 250 40,100 16,550 56,650 40,600 23,950 60,100 3,450 16,550 20,000 40,600 23,950 60,100 20,000 56,650 Net income 20,000 56,650 1. Cash is overstate by 500.00 and Owners Equity is overstated by $500.00. 2. Utilities Expense of $300.00 was paid on January 25. 3. Insurance expense of $250.00 was paid on January 27. 4. supplies for the month in the amount of $450.00 was purchased. 5. Rent for…

Current Attempt in Progress Cheyenne Corporation, in preparation of its December 31, 2025, financial statements, is attempting to determine the proper accounting treatment for each of the following situations. 1. 2. 3. No. 1. (a) Prepare the journal entries that should be recorded as of December 31, 2025, to recognize each of the situations above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) 2. As a result of uninsured accidents during the year, personal injury suits for $668,600 and $126,800 have been filed against the company. It is the judgment of Cheyenne's legal counsel that an unfavorable outcome is unlikely in the $126,800 case but that an unfavorable verdict approximating $550,000 (reliably estimated) will probably result in the $668,600 case. 3. Cheyenne owns a subsidiary in a foreign…

45. It is a revenue not yet earned but is collected in advance.A. Accrued Expense.B. Accrued RevenueC. Deferred ExpenseD. Deferred Revenue 46. Accrued revenues should be reported as:A. Assets on the balance sheet.B. Expenses on the income statement.C. Liabilities on the balance sheet.D. Revenues on the income statement.C. Received a bill from Campus News for P300 for advertising in the campus newspaper.D. Billed the Tiger Football Team P200 for cleaning and laundry services. 45. It is a revenue not yet earned but is collected in advance.A. Accrued Expense.B. Accrued RevenueC. Deferred ExpenseD. Deferred Revenue 46. Accrued revenues should be reported as:A. Assets on the balance sheet.B. Expenses on the income statement.C. Liabilities on the balance sheet.D. Revenues on the income statement. 47.A deferred revenue should be recorded by a:A. Buyer when a service is received on payment of cash...B. Seller when a customer pays for a service before the service is renderedC. Seller when a…

View transaction list Journal entry worksheet >