Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. pls answer asap the following trial balance was e

pls answer ASAP The following trial balance was extracted from the books of "Amara"...

60.1K

Verified Solution

Question

Accounting

image

pls answer ASAP

The following trial balance was extracted from the books of "Amara" Business at 31 Dec 2021. You are given the following additional information: (a) Rent is accrued by $210. (b) Rates have been prepaid by S880. (c) 52,211 of carrizge represent carrizge inwards on purchases. (d) Equipment is to be depreciated at 15% per annum using the straight line method. (c) The allowance for bad debts to be increased by 540 . (f) Inventory at the close of the busincss has becn valued at $13,551. REQUIRED: (a) Prepare a statement of profit or loss for the year ended 31 Dec 2021, together with a statement of financial position as at that date. (b) Interpret these two financial statements with your own perception. (c) Since you are financial manager of Amara Corporation, you need to explain why the company obtain net profit or net loss

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

General Management
1.2K views

Propose five means for a Dubai based hospital to adopt LEAN supply chain management processes to...

Physics
1.2K views

Maps 4 Four bodies a ring a solid cylinder a hollow sphere and a solid...

Basic Math
1.2K views

Calculus
1.2K views

the following inequality 3x 2 x 4 2 What is the solution Type your answer...

Algebra
1.2K views

Find the quotient and remainder using long division x 4x 32 X X 4 ran...

Accounting
1.2K views

Consider the following data for three divisions of...

Accounting
1.2K views

indicate whether each of the following is, or is not, subject to payroll tax: description...

Accounting
1.2K views

Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has...

Accounting
1.2K views

Which facts are relevant to a determination whether client has taxable income? a. Client sold...

Accounting
1.2K views

Select a list of stocks and compare their performance by the following strategies: dollar-cost averaging...

Accounting
1.2K views

Alex, a commercial fisherman, owns a fishing boat with a $1,600,000 basis. The boat is...

Finance
1.2K views

Robson plc is a listed company which has generated long run annual returns of 12%...