QUESTION ONE: From the trial balance below of L. Vong, prepare an income statement for the year ended 31 December 2021, and a balance sheet as at that date. (15 Marks). Additional information: 1. The inventory was counted at 31 December 2021 was valued at 26,424 2. Depreciation is to be applied at the following rates: 3. The business rate in the trial balance includes a payment of 11,760, which represents twelve month's business rates to 31 January 19, 2022. 4. Utilities charges incurred for which no invoice have yet been received amounted to a total of 4,167 5. Based on a careful analysis of the business's debt collection experience, the allowance for doubtful debts is to be set at 4% of trade receivables
Other questions asked by students
Consider n numbers x1, x2, . . . , xn laid out on a circle...
Can free cash flow be a negative number? What does a lack of free cash flow...
28 23 0 15 Vo Find the measure of the indicated angle round to the...
Evaluate the following integral by interpreting it in terms of areas from drawing the graph...
A piece of equipment with a cost of $141,000 and accumulated depreciation of $107,000 is...
Recording and Reporting a Change in Estimated Useful Life (Vear 4 and Year 5...