QUESTION ONE: From the trial balance below of L. Vong, prepare an income statement for...
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QUESTION ONE: From the trial balance below of L. Vong, prepare an income statement for the year ended 31 December 2021, and a balance sheet as at that date. (15 Marks). Additional information: 1. The inventory was counted at 31 December 2021 was valued at 26,424 2. Depreciation is to be applied at the following rates: 3. The business rate in the trial balance includes a payment of 11,760, which represents twelve month's business rates to 31 January 19, 2022. 4. Utilities charges incurred for which no invoice have yet been received amounted to a total of 4,167 5. Based on a careful analysis of the business's debt collection experience, the allowance for doubtful debts is to be set at 4% of trade receivables
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QUESTION ONE: From the trial balance below of L. Vong, prepare an income statement for the year ended 31 December 2021, and a balance sheet as at that date. (15 Marks). Additional information: 1. The inventory was counted at 31 December 2021 was valued at 26,424 2. Depreciation is to be applied at the following rates: 3. The business rate in the trial balance includes a payment of 11,760, which represents twelve month's business rates to 31 January 19, 2022. 4. Utilities charges incurred for which no invoice have yet been received amounted to a total of 4,167 5. Based on a careful analysis of the business's debt collection experience, the allowance for doubtful debts is to be set at 4% of trade receivables 