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QUESTION1
Required:
$Using theinformationbelow,calculateGrossProfitforAndrewsAppliancesfortheyearended30June2013,thenaddonanyfurtherincomeasnecessary.
$
Inventory
2012
1
July13,200
Inventory
June2013
30 15,200
Purchases
56,000
Sales
130,000
Purchases
returns
1,500
and
allowances
Sales returnsandallowances
2,200
Freightin
2,000
Cartagein
150
Importduty
860
Interestreceived
600
Discount
received
800
QUESTION2.
expenseOfficeexpenses6,820
expense
Officeexpenses
6,820
$
$
AccountsReceivable
13,270Mortga
ge
110,000
Advertisingcosts
2,310Sales
227,980
Bank
5,410Accounts
payable
9,500
Drawings
40,440Capital
60,660
Insurance
expense
2,160
Inventory(1
10,800
April
2011)
Wages
31,400
Bad
debts
1,100
expense
Equipment
13,250
Interestpaid
7,700
Land and
buildings
164,220
Motorvehicle
expenses
1,350
Purchases
90,410
Vehicles
17,500
$408,140
$408,140
AdditionalInformation
Youhavebeentoldthatclosinginventory,asat31March2012was$12,500
Required:
Prepare a classified IncomeStatementfortheyearending31March2012.
PrepareaclassifieBdalanceSheetin
verticalformatasat31March2012
QUESTION3
ThefollowingbalanceswerepreparedforLClarkeasat31August2011:
$
$
Bank
6,500
Sales
260,000
Land and
buildings
220,000
Mortgage
132,000
Wages
22,000
Accounts
payable
11,400
Motorexpenses
1,600
Capital
72,800
Inventory1Sept
10
13,000
Insurance
2,600
Vehicles
20,000
Equipment
16,000
Accounts
Receivable
13,300
Purchases
108,500
Advertising
1,100
Interestpaid
12,000
Baddebts
1,400
Officeexpenses
8,200
Drawings
30,000
$476,200
$476,200
AdditionalInformation:
Youhavebeentoldthatclosinginventory,asat31August2011was$15,000
Required:
PrepareaclassifieIdncomeStatementfortheyearending31August2011.
PrepareaclassifieBdalanceSheetinverticalformatasat31August2011.
QUESTION4
The followingitemsrelateto thebusinessofJillWong:
Jill
Wong
Trial
Balance
asat
30
June
2012
$000
$000
Cartagein
6
Car
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