Scribd Logo
Upload

Welcome to Scribd!

  • Assignment 2

    Uploaded by

    Gobe Jam
    20 views4 pages
    The document contains an income statement and balance sheet for Original 1 Company for the year ending December 2020. The income statement shows total revenues of $17,000 and total expenses of $87,300, resulting in a net operating loss of $87,300. Other income was $17,000 from a gain on sale of assets. The overall net loss for the year was $70,300. The balance sheet lists total assets of $205,700 including non-current assets of $109,500 and current assets of $96,200. Total liabilities were $14,000 resulting in net assets of $191,700. Capital introduced was $100,000 with a net loss of $70,300 and

    Original Description:

    GEME ASIGNMENT

    Original Title

    ASSIGNMENT 2

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The document contains an income statement and balance sheet for Original 1 Company for the year ending December 2020. The income statement shows total revenues of $17,000 and total expenses of $87,300, resulting in a net operating loss of $87,300. Other income was $17,000 from a gain on sale of assets. The overall net loss for the year was $70,300. The balance sheet lists total assets of $205,700 including non-current assets of $109,500 and current assets of $96,200. Total liabilities were $14,000 resulting in net assets of $191,700. Capital introduced was $100,000 with a net loss of $70,300 and

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    20 views4 pages

    Assignment 2

    Uploaded by

    Gobe Jam
    The document contains an income statement and balance sheet for Original 1 Company for the year ending December 2020. The income statement shows total revenues of $17,000 and total expenses of $87,300, resulting in a net operating loss of $87,300. Other income was $17,000 from a gain on sale of assets. The overall net loss for the year was $70,300. The balance sheet lists total assets of $205,700 including non-current assets of $109,500 and current assets of $96,200. Total liabilities were $14,000 resulting in net assets of $191,700. Capital introduced was $100,000 with a net loss of $70,300 and

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 4

    INCOME STATEMENT AND BALANCE SHEET

    GOBE JAM, GEME 323

    ASSIGNMENT
    TATEMENT FOR THE YEAR FOR ORIGINAL 1 COMPANY TRIAL BALANCE AS OF
    DECEMBE

    Financial Statements in Pula


    Revenue
    Sales 17000

    Net Sales
    17000

    Expenses
    Rent 15000
    Clearing expenses 2000
    Heating and lighting 6000
    Water 500
    Electricity 4000
    Wi-Fi
    1500
    Purchases
    12700
    Salaries and wages
    40000
    Insurance
    Advertising 600
    Total expenses 5000
    Total Expenses

    87300
    Net Operating Income

    (87300)

    Other Income
    Gain (Loss) on Sale of Assets 17000
    Interest Income 0
    Total Other Income 17000

    Net Income (Loss) (70300)


    BALANCE SHEET OF 31 DECEMBER 2020

    Particular Note No Current Year

    ASSESTS

    I. Non -current Assets

    25000
    a. Office Furniture
    2500
    b. Stationary

    20000
    c. Fitting

    d. Scents 10000

    e. Pickup truck 45000


    f. Equipment
    7000

    109500

    II. Current Assets 12000


    a. Cash

    b. Bank 84200

    96200

    Total Assets 205700

    LIABILITIES

    I). Current liabilities

    Creditor (Kumor hardware) 2000

    Creditor (Beautiful organics) 2000

    Scents (Debtors) 10000

    14000

    Non-Current Liability -

    Total liability - 14000

    Net assets 191700


    Capital

    Cash introduced. 1000000

    Add net loss for the year. (70300)

    Less drawing 1000

    Total Capital 928700

    You might also like