The following additional information should is to be taken into accountStock on December 31, 2015 was valued at $12,500Accrued salaries amounted to $500Prepaid Insurance amounted to 125.Office Equipment is to depreciated at 20% per annumProvision for Doubtful Debts at 5% of the Debtors A/C is to be CreatedYou are required to prepare the: Income Statement for the year ended 31 December 2015.Statement of Financial Position (Balance Sheet as at 31 December 2015.) CapitalDrawingStock (Jan 1, 2015)PurchasesDebtorsCreditorsSalesPremisesOffice EquipmentBankSales ReturnsPurchases ReturnsSalariesCommission ReceivedInsuranceAdvertisingCarriage InwardsCarriage OutwardsDiscount AllowedDiscount ReceivedBad DebtsWater and ElectricityS. AndersonTrial Balance as at 31 December 2015Dr1,67513,00060,0003,80025,0003,5001,6554356,0003951,350240400230300750118,730Cr30,00004, 49080,8006002,700140118,730

1. Income Statement 2. Balance Sheet The first statement shows the income earned and loss incurred…

The following additional information should is to be taken into account Stock on December 31, 2015 was valued at $12,500 Accrued salaries amounted to $500 Prepaid Insurance amounted to 125. Office Equipment is to depreciated at 20% per annum Provision for Doubtful Debts at 5% of the Debtors A/C is to be Created You are required to prepare the: Income Statement for the year ended 31 December 2015. Statement of Financial Position (Balance Sheet as at 31 December 2015.)

The following additional information should is to be taken into account Stock on December 31, 2015 was valued at $12,500 Accrued salaries amounted to $500 Prepaid Insurance amounted to 125. Office Equipment is to depreciated at 20% per annum Provision for Doubtful Debts at 5% of the Debtors A/C is to be Created You are required to prepare the: Income Statement for the year ended 31 December 2015. Statement of Financial Position (Balance Sheet as at 31 December 2015.)

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter13: Financial Statement Analysis

Section: Chapter Questions

Problem 13.10E

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