SECTION III - PRACTICAL SITUATION -(11,0 points maximum) TULUI Angelica Vasconcelos Academic year: 2019/2020 The SPOK Company had the following balances on November 30, 2018: Accounts Cash Inventories Prepaid Rent Paid-in Capital Accounts Payable Retained Earnings Balance (6) 48.000 90.000 12.000 100.000 27.000 23.000 Following is a summary of the events occurred in December: A. Paid a creditor in cash (C7.000). B. Sold goods on time to different customers for 90.000, all less 2.000 trade discount. TH associated with these sales were 38.000. The company is based on France (VAT-re business). The VAT rate was 20%. The selling price includes VAT. C. Bought goods on open account 3.000. The VAT rate was 20%. D.On October 1" the owner paid in advance 6 months' rent. This transaction was recorded Assuming that no adjustments were made since them, recognize the rent expired durin of 2018 E. Procedure the VAT return at the end of December. F. Income tax at 30% applies to 2018, all of which is to be paid in January 2019. Note: The students are free to create new accounts during the recording task, if necessary Required: 11. (1,2 Point) Open the T-accounts for the items included at the list provided by the the sign (*) to indicate the open balances. NO POINT IS GIVEN IF THE SIGN IS A ANSWER. 2. (Z0 Points) Record the transactions (from A to F), using the letters to indicate th of the T-accounts. NO POINT IS GIVEN IF THE LETTERS ARE ABSENT OF YOUR ANS - (0,8 Points) Prepare an Income Statement (single-step) for the year ended Dece (2,0 Points) Prepare a Classified Balance Sheet at December 31, 2018. SECTION III - PRACTICAL SITUATION -(11,0 points maximum) TULUI Angelica Vasconcelos Academic year: 2019/2020 The SPOK Company had the following balances on November 30, 2018: Accounts Cash Inventories Prepaid Rent Paid-in Capital Accounts Payable Retained Earnings Balance (6) 48.000 90.000 12.000 100.000 27.000 23.000 Following is a summary of the events occurred in December: A. Paid a creditor in cash (C7.000). B. Sold goods on time to different customers for 90.000, all less 2.000 trade discount. TH associated with these sales were 38.000. The company is based on France (VAT-re business). The VAT rate was 20%. The selling price includes VAT. C. Bought goods on open account 3.000. The VAT rate was 20%. D.On October 1" the owner paid in advance 6 months' rent. This transaction was recorded Assuming that no adjustments were made since them, recognize the rent expired durin of 2018 E. Procedure the VAT return at the end of December. F. Income tax at 30% applies to 2018, all of which is to be paid in January 2019. Note: The students are free to create new accounts during the recording task, if necessary Required: 11. (1,2 Point) Open the T-accounts for the items included at the list provided by the the sign (*) to indicate the open balances. NO POINT IS GIVEN IF THE SIGN IS A ANSWER. 2. (Z0 Points) Record the transactions (from A to F), using the letters to indicate th of the T-accounts. NO POINT IS GIVEN IF THE LETTERS ARE ABSENT OF YOUR ANS - (0,8 Points) Prepare an Income Statement (single-step) for the year ended Dece (2,0 Points) Prepare a Classified Balance Sheet at December 31, 2018