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Chicago fun enterprise had just completed operations for the year ended 31st December 2008. however, the owner did not keep proper accounting records. thus, difficulties arose upon the preparation of the final accounts.
the owner approaches you to assist her in preparing the financial statements for the year ended 31st December 2008. the following information is made available:
cash sales 172,125
cash purchases 18,000
cash paid to trade 180,000
expenses paid during the year:
salaries 27,000
insurance 4,800
rent 11,600
general expenses 6,200
discount received 1,200
cash from credit customers 151,275
cash purchase of equipment on 28 December 2008 36,000
discount allowed 900
additional information:
1. the assets and liabilities of Chicago fun enterprise:
1/1/2008 31/12/2008
equipment at net book value 48,000 75,600
cash 78,360 ?
inventories 15,000 21,600
trade debtors 4,500 8,100
trade creditors 10,800 15,300
accrued general expenses 1,800 15,300
prepaid salaries 2,500 -
accrued salaries - 2,000
required:
prepair:
a) the statement ao affairs 1 January 2008.
b) the cash account for the year 31 December 2008
c) the income statement for the year ended 31st December 2008
d) the balance sheet as at 31st December 2008
What else can I help you with?
What is the Similarities between statement of affairs and balance sheet?
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Why do you prepare a Bank Reconciliation Statement?
When the balances of our Cash Book and Pass Book do not agree, we prepare a Bank Reconciliation Statement. A Bank Reconciliation Statement is prepared periodically to reconcile the two balances and explain the reasons for the difference between them. It shows the items and the errors causing the difference as on a particular date. It is just a statement and not a part of the books of Accounts.
Which budget is NOT necessary to prepare the budgeted balance sheet?
budget statement of cash flow
Does the statement of cash flows classifies cash receipts and payments into four categories?
i have four years of balance sheet and income statement and now want to prepare cash flow statement from assets
Why was there a need to require companies to prepare a statement of cash flows?
because otherwise there would be no cash
SAMPLE Of statement of affairs?
PURPOSE and notes on statement of affairs and samples for a new business
Does the Statement of Comprehensive Income explain changes in Equity?
No, that is explained on the Statement of Changes in Owner's Equity. However, you do need to prepare a Statement of Comprehensive Income first in order to prepare the Statement of Changes.
When does an accounting prepare the financial statement?
monthly
What is the object of preparing the statement of affairs?
i dont no the answer plz say
What actors and actresses appeared in A Statement of Affairs - 1993?
The cast of A Statement of Affairs - 1993 includes: Frances Barber as Pip Adrian Dunbar Dorian Healy as Steve Lesley Manville as Carol
How often do you prepare a bank reconciliation statement?
Monthly
What statement characterizes the role of the league of nations in international affairs?
h
How do you prepare comparative income statement?
Comparative income statement is same as normal income statement with little addition of that income statement as well from which comparison is required.
What is the Similarities between statement of affairs and balance sheet?
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How does one prepare a financial statement for a small business?
Many websites are available to help one prepare a financial statement for a small business. Such websites include the Small Business Assocation, BizFinance About, and Dummies.
What is the name given for ascertainment of profit of an organization by statement of affairs method?
balance sheet method
Identify the source of information needed to prepare th income statement?
The Income Statement section of the work sheet is the information source used in preparing the income statement.
