EXERCISE 1 Balance Sheet and Income Statement The below represents the Trial Balance of Los...
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EXERCISE 1 Balance Sheet and Income Statement The below represents the Trial Balance of Los Bandidos Ltd as of December 31, 2017: 1. The accountant upon reviewing the Trial Balance above on 20 January 2018, had noticed that the latest electricity bill received for December 2017 of $150, due to be paid on 31 January 2018, was not accounted for. 2. The company has issued 1,000 ordinary shares. Required: 1. Prepare the Journal Entry to correct the Trial Balance taking into account the electricity bill concerning 2017 and received post year end. 2. Prepare a multiple step Income Statement for the year ended 31 December 2017. 3. Prepare the Statement of Retained Earnings 4. Prepare the Balance Sheet as at 31 December 2017, and calculate the value of share capital. 5. Calculate Earnings per share for 2017
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