Accounting Assignment

Accounting Assignment

Answer # 1

Income Statement

INCOME STATEMENT

STANLEY OLIVER ENTERPRISES

YEAR ENDED 30 JUNE 2012

 

Revenue

 

 

 

 

$

$

 

Gross Sales

 

 

 

254,000

 

 

Less: Sales Returns and Allowances

 

 

 

0 Net Sales

 

 

 

 

254000

 

 

 

 

 

 

 

Cost of Goods Sold

 

 

 

 

 

 

 

Cost of Goods Sold

 

 

 

 

110700

 

 

 

 

 

 

 

 

Gross Profit (Loss)

 

 

 

 

143300

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

Rent

 

 

 

21,000

 

 

Depreciation

 

 

 

5,286

 

 

Wages

 

 

 

63,200

 

 

Premises Expenses

 

 

 

2,400

 

 

Delivery Van Expenses

 

 

 

7,100

 

 

Advertising

 

 

 

1,900

 

 

General Administration

 

 

 

8,700

 

 

Electricity Expenses

 

 

 

3,710

 

 

Interest

 

 

 

750 Total Expenses

 

 

 

 

114046 Net Income

 

 

 

 

29254

 

 

 

 

 

 

 

Balance Sheet

STANLEY OLIVER ENTERPRISES

BALANCE SHEET

 

 

Date:

Assets

2012

Current Assets

 

 

Cash

19600

 

Accounts Receivable

34200

 

Inventory

10700

 

Prepaid Rent

0

Total current assets

64,500

Fixed (Long-Term) Assets

 

 

Fittings & Fixtures

35000

 

Accumulated Deprn.

-6500

 

Van

30000

 

Accumulated Deprn.

-1786

Total fixed assets

56,714

Total Assets

121,214

 

 

 

Liabilities and Owner's Equity

 

Current Liabilities

 

 

Accounts Payable

27,200

 

Loans Payable

30,000

 

Interest Payable

750

 

Electricity Payable

410

 

Wages payable

5100

Total current liabilities

63,460

Owner's Equity

 

 

Capital

53500

 

D ...