Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. required: statement of profit or loss (income sta

Required: Statement of profit or loss (income statement) for the year ended 31 December...

80.2K

Verified Solution

Question

Accounting

image

Required:

  1. Statement of profit or loss (income statement) for the year ended 31 December 2020.
  2. Statement of financial position (balance sheet) as at 31 December 2020.
1. The following unadjusted trial balance was extracted from the books of Ice Age Trading for the accounting period ended 31 December 2020. Ice Age Trading Trial Balance as at 31 December 2020 RM RM 126,000 Beginning Capital Vehicles Utilities Accounts receivable Salaries Rent Insurance Sales Bank Cash Withdrawals Accounts payable 78,000 1,000 7,000 40,000 20,000 2,000 55,000 34,000 2,000 1,000 4,000 185,000 185,000 Additional information: 1. A dividend of RM10,000 from a fixed unit trust is still not yet received. 2. The vehicles has an estimated useful life of 5 years with a residual value of RM5,000. Ice Age Trading uses straight-line method to record its depreciation

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