Prepare financial statements, Accounting Basics

Assignment Help:

Accounting information systems' output is required by external and internal users for decision making. you are required to use the following trial balance to prepare financial statements suitable for external and internal users of information.


                                                                       dr                                          cr
1000 Cash                                                     16,270,000
1300 Debtors                                                     220,000
1400 Research fees receivable                            400,000
1600 Supplies inventories                                   510,000
1800 prepaid insurance                                        27,500
2100 land                                                       2,000,000
2200 Building                                                 6,000,000
2300 Accumulated depreciated-building                                                           50,000
2400 Equipment                                             7,200,000
2500  Accumulated depreciated-equipment                                                      120,000
3400 Salaries and wages payable                                                                    60,000
3500 Interest payable                                                                                      31,400
3700 services to be rendered for deposit-received                                              5,500,000
4000 Notes payable                                                                                      6,500,000
5000 capital                                                                                                20,000,000
6000 Revenue from services rendered                                                              1,420,000
7000 salaries and wages expenses              660,000
7200 supplies expenses                              90.000
7300 depreciation-expense-equipment          120,000
8000 Depreciation-expense-building               50,000
8100 Insurance expense                                 2,500
9000 Interest expense                                  31,4000
                                                               33,681,400                                33,681,400
1.salaries and wages owing         #40,000
2.Prepared insurance expenses       2,000
3. provide for company's income tax at 30%
4.provide 1%dividend on 20,000,000 ordinary issued shared capital.


Related Discussions:- Prepare financial statements

Difference between finance and accounts?, Finance: It is the part of econo...

Finance: It is the part of economics that studies the management of money and other assets. In easier terms it can be explained as the commercial activity of providing funds and c

Show account titles and explanation column in journal, Account titles and e...

Account titles and explanation column The first row of an entry shows the account debited. The second row shows the account credited. Notice that we notch the credit account t

What is inventory, Q. What is Inventory? Inventory -- Supply or stock o...

Q. What is Inventory? Inventory -- Supply or stock of products and goods that a company has for sale. Amanufacturer may have 3 kinds of inventory: raw materials waiting to be c

Nature of accounting function, An accounting is a service function. The mai...

An accounting is a service function. The main accounting executive through whatever name he is termed as holds a staff position except inside his own department where he exerts aut

Journal entries, on april-1,2005,raghu started a business of selling steel ...

on april-1,2005,raghu started a business of selling steel pipes and angles.he invested cash of Rs.50,00,000 & opened a current a/c with bank for Rs.20,00,000.He took loan from ICIC

Scott manufacturing co.''s static budget at 10, Scott Manufacturing Co.'s s...

Scott Manufacturing Co.'s static budget at 10,000 units of production includes $40,000 for direct labor and $4,000 for electric power. Total fixed costs are $23,000. At 12,000 un

Explain about prepaid insurance, Q. Explain about Prepaid insurance? Th...

Q. Explain about Prepaid insurance? The two accounts recitations to insurance are Prepaid Insurance (an asset) and Insurance Expense (an expense). Subsequent to posting this en

What is posting reference column, Q. What is Posting reference column? ...

Q. What is Posting reference column? This column demonstrates the account number of the debited or credited account. For example in Exhibit 8 the number 100 in the first entry

Trade, 1. Whate are the challenges faced in trade and solutions those probl...

1. Whate are the challenges faced in trade and solutions those problems?

Write Your Message!

Captcha
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!

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