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gross margin less:Operating expenses wages & Salaries heat,light&power selling & admin interest depreciation total income before tax income tax expenses net income 252200 60250 191950 85750 15000 28375 2880 15000 147005 44945 11593 33352
Question 2 Copies Express Balance Sheet As of December 31 Assets cash supplies building & Equipment less: Depreciation net land Accounts Receivable total Liabilities & Owners' Equity 36195 Accounts payable 26625 bank loan 300000 income tax liability 15000 285000 capital stock 12000 retained earnings 11000 370820 total
Question 3 Cash Account Dr. Date Cr. Particulars J.F. Opening A/C Sales Accounts Receivable Amount Date 2000 176450 64750 Particulars J.F. Salary and Wages Heat light and Power Additional Supplies Selling and admin
Total
243200
Account Payable Dr. Date Cr. Particulars J.F. Paid Balance b/d Total Amount Date 10400 9875 20275 Supplies Dr. Date Cr. Particulars J.F. Opening Stock Additional Supplies Accounts Payable Total Amount Date 24400 52600 9875 86875 Deprciation Expense Dr. Date Cr. Particulars J.F. Amount Date Accumulated Depriciation 15000 Total 15000 Accumulated Deprciation Dr. Date Cr. Particulars J.F. Balance c/d Total Amount 15000 15000 Accounts Receviable Dr. Date Cr. Particulars J.F. Sales Sales Total Amount Date 64750 11000 75750 Particulars J.F. Collection balance c/d Date Particulars J.F. Depriciation Particulars J.F. Balance b/d Particulars J.F. Cost of Supplies Particulars J.F. Opening Balance Supplies
Balance b/d
Sales A/C Dr. Date Cr. Particulars J.F. Amount Date Particulars J.F. Cash Sale Accounts Receviable Accounts Receviable Total
Cost of Supplies Dr. Date Cr. Particulars J.F. Supplies Amount Date 60250 Particulars J.F.
Income Tax A/C Dr. Date Cr. Particulars J.F. Unpaid Expenses Amount Date 11593 Particulars J.F.
Unpaid Expense Dr. Date Cr. Particulars J.F. Amount Date Particulars J.F. Interest
Bank Loan Dr. Date Cr. Particulars J.F. Payment Bank Loan Amount Date 12000 Particulars J.F. Opening Balance
370820
26625 86875
Cr. Amount
Cr. Amount
Question 1 Copies Express Income Statement For the year ended December 31,2006 net sales less:cost of sales gross margin less:Operating expenses wages & Salaries heat,light&power selling & admin interest depreciation total income before tax income tax expenses net income 252200 60250 191950 85750 15000 28375 2880 15000 147005 44945 11593 33352
Question 2 Copies Express Balance Sheet As of December 31 Assets cash supplies building & Equipment less: Depreciation net land Accounts Receivable total Liabilities & Owners' Equity 36195 Accounts payable 26625 bank loan 300000 income tax liability 15000 285000 capital stock 12000 retained earnings 11000 370820 total
Question 3 Cash Account Dr. Date Particulars J.F. Opening A/C Sales Accounts Receivable Amount Date 2000 176450 64750
Total
243200
Account Payable Dr. Date Particulars Paid Balance b/d Total J.F. Amount Date 10400 9875 20275 Supplies Dr. Date Particulars J.F. Opening Stock Additional Supplies Accounts Payable Total Amount Date 24400 52600 9875 86875 Deprciation Expense Dr. Date Particulars J.F. Accumulated Depriciation Total Amount Date 15000 15000 Accumulated Deprciation Dr. Date Particulars Balance c/d Total J.F. Amount 15000 15000 Accounts Receviable Dr. Date Particulars Sales Sales Total J.F. Amount Date 64750 11000 75750 Date
Cost of Supplies Dr. Date Particulars Supplies J.F. Amount Date 60250
Income Tax A/C Dr. Date Particulars Unpaid Expenses J.F. Amount Date 11593 Cr.
Bank Loan Dr. Date Particulars J.F. Payment Bank Loan Amount Date 12000 Cr.
370820
Particulars Salary and Wages Heat light and Power Additional Supplies Selling and admin
Balance b/d
26625 86875
Particulars
Cr. Amount
Cr. Particulars
Amount
Amount 11593
Amount 24000