Answered: QUESTIONS 1. Prepare Income Statement…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter8: Sarbanes-oxley, Internal Control, And Cash

Section: Chapter Questions

Problem 19E

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Transcribed Image Text:22 22 26 26 26 26 29 30 31 The following are transactions obtained from Company A accounting records. Jan 2021 1 2 3 4 5 6 8 10 10 10 11 12 13 14 15 19 Transactions Start a business by bringing in the following assets as capital: Cash in hand Cash in the bank. Vehicle Loan from the Bank has been approved amounting to RM50,000 with an interest rate of 4% per annum for 5 years has been credited into the bank account. Purchased furniture from Ellen's Furniture Store with 2,800 credit Purchase of merchandise in cash Sales in Cash Purchase merchandi on credit from Champion Supplier Collection of merchandise for family use Return of damaged goods to the Champion Supplier Sales on credit to Lia Shop Pay the Champion Supplier with a check Discounts received from Champion Suppliers Lia Shop returned the wrong brand of goods Paying for promotional materials with a check Receive cash from Lia Shop Sales in cash Purchase of merchandise on credit from Maiden Sdn Bhd Paying the cost of repairing the vehicle in cash Paying the loan and the monthly interest rate -Principle -Interest Paid shop rent with check Sales in Cash Pay electricity and water bills in cash Pay telephone and internet bills in cash Sales on credit at Syarikat Elma Sdn Bhd Paying employee wages, EPF and Socso contributions through banks as follows: Salary EPF Socso Withdrawal of cash by owner for own use Buying merchandise from Champion Suppliers on credit Additional information: 1. The final stock balance is worth RM9,720 2. Depreciation rates for assets are:- a. Vehicles -20% per year b. Office equipment & furniture -20% per annum c. Computer -20% per year 833 167 550 150 RM 5'000 25'000 500 18'000 50 50'000 2800 1200 850 6300 500 150 2600 5900 250 210 800 950 2500 1700 2100 6700 320 3500 5000 3000 3500

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QUESTIONS 1. Prepare Income Statement for Company A ending 31st Jan 2021 2. Prepare a Balance Sheet on 31st Jan 2021