
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:The extracted Trial Balance from the ledger of Amazon Traders, Income Statement and Balance
Sheet templates have been provided. The trial balance needs to be balanced in terms of debit and
credits. You need to review and check the trial balance ensuring any errors are corrected and
complete the worksheet for Income Statement and Balance Sheet.
Answer:
Trial Balance Income Statement
Debit Credit Debit
Credit
31,483
1,900
Accounts Receivable 3,700
Accounts Payable
Accounts
Building
Bank
GST Collected
GST Paid
Sales
Cost of Goods Sold
Office Equipment
Inventory
Delivery Expenses
Insurance
Electricity
Telephone
Salaries
Rates
Discount Allowed
Rent
Commission Income
Capital (opening)
Net Profit
Totals
2,000
21,118
950
13,832
475
228
532
190
2,470
238
1,007
484
5,000
2,600
44,593
807
27,607
80,607 80,607
Balance Sheet
Debit Credit

Transcribed Image Text:Prepare an Income Statement for year ended 30 June.
Answer:
Amazon Traders - Income Statement for the year ended 30 June
$ $
Sales
Gross Profit
Add Other Revenue:
Total Operating Income
Total Operating Expenses:
Net Profit (Loss)
Task 11
Prepare a Balance Sheet on 30 June.
Answer:
Amazon Traders - Balance Sheet as of 30 June
$ $
Current Assets
Non-Current Assets
Total Assets
Current Liabilities
Total Liabilities
Net Assets
Owners' Equity
||
=
│|
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