Refer to the pictures. Required:Prepare the Income Statement of PUN Company for the year to 31 December 2019 and the Statement of Financial Position as at that date in report format. The following is account information for PUN Company as of December 31, 2019.Sales$98,207Equipment$44,000Bank Loan (3 years)2,500Acc. Depreciation, Equipment14,000Capital27,203Accounts Receivable12,000Accounts Payable10,950Electricity1,500Other Expenses9,200Cash1,000Return Inwards900Discount Allowed500Return Outwards370Discount received470Stock10,000Withdrawal7,500Purchases50,100Rent and Rates17,000The following additional information is provided:1. Rent of $500 is prepaid.2. Electricity of $350 is accrued.3. Equipment is depreciated using the reducing balance method at a rate of 20% per annum.4. Mr. Pun, the owner took stock for his own use that cost $450. No entry was made in the books inrespect of this.5. The closing stock is $12,000.6. Bad debts of $150 are to be written off. Required:Prepare the Income Statement of PUN Company for the year to 31 December 2019 andthe Statement of Financial Position as at that date in report format.

Required financial statements are given below"

Answered: Prepare the Income Statement of PUN…

Prepare the Income Statement of PUN Company for the year to 31 December 2019 and the Statement of Financial Position as at that date in report format.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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