Business, 01.02.2021 14:00, lisaxo

Below is the trial balance for Sugar Almonds Ltd as at 31st December 2020 (i)From this Trial Balance you are to prepare the Income Statement of Profit or Loss and the Statement of Financial Position. (See below for pic)

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

(i)From this Trial Bal

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answered: princess6039

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

Particulars $ $

Sales Revenue 93,700

Cost of sales:

Opening inventory 12,000

Purchases 49,000

Closing inventory - income statement (24,350)

Cost of sales (36,650)

Gross profit 57,050

Operating expenses:

Administrative Expenses (850)

Rent paid (2,000)

Telephone (900)

Wages (21,650)

Travel expenses (330)

Total operating expenses (25,730)

Interest income (expense):

Interest paid (190)

Net income 31,130

Sugar Almonds Ltd

The Statement of Financial Position

As at 31st December 2020

Particulars $ $

Fixed Assets

Premises at cost 70,000

Vehicles at cost 5,800

Total Fixed Assets 75,800

Current Assets

Cash 630

Bank 2,100

Closing inventory - Statmt of fin positn 24,350

Trade Receivables 1,350

Total Current Assets 28,430

Total Assets 104,230

Owner's Equity

Capital 72,000

Drawings (6,450)

Net income 31,130

Total Owner's Equity 96,680

Current Liabilities

Trade Payables 6,400

VAT 1,150

Total Current Liabilities 7,550

Owner's Equity and Liabilities 104,230

answered: Guest

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answered: Guest

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Match the given scenarios to the different phases in buisness cycle

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Below is the trial balance for Sugar Almonds Ltd as at 31st December 2020 (i)From this Trial Balan...