Question 3: Company A Company B Company C Company D Revenues 16,500 16,7320 ? 235,000 Expenses 12,400 ? 72,300 241,000 Gain 750 1,350 0 ? Losses 900 6,240 5,200 0 Net income / ? (9,250) 5,100 6,300 loss
Question 4: For each of the following items, identify whether the item is considered current or noncurrent asset: Item Current or Non-Current Cash Inventory Machines Trademark Account payable Wages payable Capital Account receivable Question 5: Prepare an income statement using the following information for DL Enterprises for the month of July 2018. Sales revenues 62,500 Rental revenues 15,300 Salaries expense 52,200 Wages expense 18,900 Owners investment 12,000 Equipment 56,000 Utilities expense 1,800 Tax expense 400
Question 6: Following is the pre closing trial balance on Dec 31, 2018 in ‘000: Title of account Debit Credit Cash 70,000 Account receivable 24,000 Aircraft 12,00,000 Allowance for depreciation 12,000 Accounts payable 18,000 Bank loan 25,000 Capital 10,00,000 Revenue from passengers 2,60,000 Revenue from cargo 85,000 Maintenance expenses 33,000 Passenger services 15,000 Aircraft fuel 26,000 Salaries expense 32,000 Total 14,00,000 14,00,000 Adjustment: 1. Accrued salaries 3,000 and prepaid salaries 5,000 2. Bad debts estimated at 10% of account receivable 3. Interest on loan 5,000 outstanding 4. Unearned revenue from cargo 10,000 and cargo revenue receivable 7,000 5. Withdraw for personal use 5,000 cash 6. Book value of aircraft 11,76,000 Required: Prepare income statement & Balance sheet
Question 7: Find the missing values: Credit sales ? Less: sales return 10,000 Net credit sales 4,00,000 Cash sales ? Total sales 5,10,000 Less: Cost of goods sold Purchase ? Add: transportation in 500 Total purchase ? Ending inventory 80,000 Cost of goods sold ? Gross profit 2,30,000 Less: Operating expenses Insurance expenses 10,000 Salaries expenses 25,000 Depreciation expenses ? Total expenses ? Net profit 1,75,000 Add: commission income ? Total income 1,85,000
