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Ahat [919]
2 years ago
7

Below is the trial balance for Sugar Almonds Ltd as at 31st December 2020

Business
1 answer:
valentina_108 [34]2 years ago
6 0

Answer:

Net income = $31,130

Total Assets = Owner's Equity and Liabilities = $104,230

Explanation:

The the Income Statement of Profit or Loss and the Statement of Financial Position can be prepared  as follows:

Sugar Almonds Ltd  

Income Statement of Profit or Loss  

For the Year Ended 31st December 2020  

<u>Particulars                                                        $                       $             </u>

Sales Revenue                                                                       93,700

Cost of sales:  

Opening inventory                                      12,000

Purchases                                                   49,000

Closing inventory - income statement   <u> (24,350)  </u>

Cost of sales                                                                       <u>  (36,650)  </u>

Gross profit                                                                             57,050

Operating expenses:  

Administrative Expenses                               (850)

Rent paid                                                     (2,000)

Telephone                                                      (900)

Wages                                                         (21,650)

Travel expenses                                        <u>     (330)  </u>

Total operating expenses                                                   (25,730)

Interest income (expense):

Interest paid                                                                        <u>      (190)   </u>

Net income                                                                        <u>     31,130   </u>

 

Sugar Almonds Ltd  

The Statement of Financial Position  

As at 31st December 2020  

<u> </u><u>Particulars                                                        $                        $             </u>

<u>Fixed Assets</u><u> </u>

Premises at cost                                         70,000  

Vehicles at cost                                        <u>    5,800 </u> 

Total Fixed Assets                                                                 75,800

<u>Current Assets</u>

Cash                                                                 630  

Bank                                                               2,100

Closing inventory - Statmt of fin positn    24,350  

Trade Receivables                                    <u>    1,350</u>  

Total Current Assets                                                           <u>   28,430  </u>

Total Assets                                                                        <u>   104,230 </u>

<u>Owner's Equity</u>

Capital                                                       72,000  

Drawings                                                   (6,450)

Net income                                           <u>      31,130  </u>

Total Owner's Equity                                                             96,680

<u>Current Liabilities</u>  

Trade Payables                                          6,400  

VAT                                                         <u>     1,150  </u>

Total Current Liabilities                                                      <u>    7,550  </u>

Owner's Equity and Liabilities                                         <u>  104,230 </u>

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