User Account

All Pages

How the statement of profit or loss can be used

Assignment Help Accounting Basics
Reference no: EM132674877

Jai Lee has established a sole proprietorship business named Jai Lee Legal Services. Jia offers legal services to small and medium sized businesses.

The following information relates to the business activities and account balances for the financial year ended 30 September 2020:

Creditors                                                                                 960

Debtors                                                                                1,570

Accumulated depreciation - office equipment                               6,950

Accumulated depreciation - vehicle                                          9,250

Marketing expenses                                                                  510

Capital -Jai Lee                                                                  18,500

Cash at bank                                                                         8,445

Office equipment                                                                   9,250

Depreciation expense - office equipment                                  1,650

Depreciation expense - vehicle                                                2,750

Drawings                                                                              5,520

Bank loan                                                                             4,500

Vehicle                                                                               26,750

Vehicle expense                                                                       330

Office supplies                                                                       1,625

Office supplies used                                                                  840

Mobile phone charges                                                               255

Legal services fees earned                                                      9,750

Problem a) Prepare a Statement of Profit or Loss for the year ended 30 September 2020

Problem b) Explain to Jai Lee how the Statement of Profit or Loss and Statement of Financial Position can be used to help better manage his business. Provide examples.

 

Reference no: EM132674877

Questions Cloud

Calculate Irene maximum contribution to a Roth IRA : Irene (a single taxpayer, under age 50) has a salary of $115,500 and dividend income of $10,000. Calculate Irene's maximum contribution to a Roth IRA
Real estate market inefficiency : Briefly describe 5 factors that cause the stock market to be more efficient than the real estate market.
Comparing occurrence of offense in the selected areas : Write a paper comparing the occurrence of the offense in the selected areas. Identify the number of occurrences reported to the police for each area,
Evaluating the performance of a company : What is the use of return on assets (ROA) and the price-to-earnings (PE) ratio in evaluating the performance of a company.
How the statement of profit or loss can be used : Explain to Jai Lee how the Statement of Profit or Loss and Statement of Financial Position can be used to help better manage his business.
What is gwen self-employed health insurance deduction : During the 2019 tax year, Gwen supports her family as a physical therapist. What is Gwen's self-employed health insurance deduction for 2019
Drug Abuse and Terrorism : Discuss three ways in which terrorist obtain financial backing to support their terrorist activities.
Find the operating cash flow of the project : A project generates revenues of $2,000, cash expenses of $800, and depreciation charges of $500. The firm's tax bracket is 35 percent.
Partnerships important in critical infrastructure field : What is your organization's role in the critical infrastructure sector? Why are partnerships important in the critical infrastructure field?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd