Answer to Question #129012 in Finance for imnaz imnaz

Question

Cash In hand 72000
2 Sales returns 3200
3 Advertising expense 16000
4 Maintenance 9300
5 Accounts receivable 44000
6 Accounts payable 33000
7 Sales allowances 7500
8 Office supplies 4200
9 Sales Revenue 186000
10 Discounts allowed 8200
11 Administrative expenses 3000
12 Utilities 3600
13 Cost of goods sold 75900
14 Insurance 8000
15 Pension Fund 23000
16 Capital 146000
17 Travel 7500
18 Inventory as at 31 March 2018 64000
19 Rent 13000
20 Building and fittings 53,000
21 Land 80000
22 Bank overdraft 24000
23 Retained earnings 87000
24 Inventory as at 1 April 2017 60500
Using the information provided:
a) Prepare an Income Statement for year ended 31 March 2018 (10 Marks)
b) Prepare the Balance Sheet as at 31 March 2018 (10 Marks)

Answer 1

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