FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

bartleby

Concept explainers

Question

 

You have been so helpful to Sahra that she has recommended you to a friend of hers, Jed Skee.  Jed set up the business ‘Surfs Up’ in October 2019 which sells Surf Ski’s.  Jed completed a basic bookkeeping course before he commenced his business and is able to prepare his business’s accounting information up to the point of the Trial Balance, but requires your assistance in preparing the financial statements.

 

Required:

 

Prepare an Income Statement, Statement of Changes in Equity and a Balance Sheet from the Trial Balance provided below.

 

 

 

 

Surfs Up

Trial Balance

for the year ended 30th June  2020

Debit ($)

Credit ($)

Loan Payable

 

66 640

Supplies on Hand

9 163

 

Fuel Expense

7 938

 

Capital

 

245 000

Equipment

17 640

 

Cash at Bank

100 254

 

Telephone Expense

2 450

 

Warehouse

196 000

 

Sales

 

43 316

Accounts Payable

 

3 038

Council Rates Expense

588

 

Accounts Receivable

23 961

 

Totals

357 994

357 994

 

 

Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education