P15.6 (LO 2) The comparative statements of Beulah Limitcd are presented below. Beulah Limited Income Statement For the Years Ended December 31 2020 2019 Net sales (all on account) £500,000 £420,000 Expenses 254,000 Cost of goods sold Selling and administrative Interest expense Income tax expense 315,000 120,800 114,800 6,500 7.500 Total expenses 463,300 390,300 £ 36,700 £29,700 Net income Beulah Limited Statements of Financial Position December 31 2020 £423,000 Assets 2019 Plant assets (net) £383,000 Current assets Inventory 60,000 80,000 Accounts receivable (net) 18,000 75,000 Short-term investments Cash Total current assets 21,000 204,000 168,000 Total assets £627,000 £551,000 Equity and Liabilities Equity Share capital-ordinary (£5 par) Retained carnings £150,000 223,000 £150,000 200,000 000- CLLC 000 0J6
P15.6 (LO 2) The comparative statements of Beulah Limitcd are presented below. Beulah Limited Income Statement For the Years Ended December 31 2020 2019 Net sales (all on account) £500,000 £420,000 Expenses 254,000 Cost of goods sold Selling and administrative Interest expense Income tax expense 315,000 120,800 114,800 6,500 7.500 Total expenses 463,300 390,300 £ 36,700 £29,700 Net income Beulah Limited Statements of Financial Position December 31 2020 £423,000 Assets 2019 Plant assets (net) £383,000 Current assets Inventory 60,000 80,000 Accounts receivable (net) 18,000 75,000 Short-term investments Cash Total current assets 21,000 204,000 168,000 Total assets £627,000 £551,000 Equity and Liabilities Equity Share capital-ordinary (£5 par) Retained carnings £150,000 223,000 £150,000 200,000 000- CLLC 000 0J6
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...
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