ASSIGNMENT # 1 COURSE: INTRO TO BUSINESS FINANCE SEMESTER: FALL 2021 DUE DATE: 21st OCT 2021 Q1 NELSON Provided following trail balance on December 31st 2015 Title of Accounts Cash Acc. Receivable O. Equipment Marketing Expense Prepaid Advertising Other Expense O. Supplies Expense Interest Expense Inventory Beg Purchases Transportation In Sales Return Salaries Expense Sales Revenue Purchase Return Purchase Discount Interest Income Acc Payable Capital Short term Loan Bill payable Long term Loan Total Data For Adjustment: Inventory on December 31st Rs.45000 Depreciation on cost 2% Tax Rate is 20 % Required : Prepare Income Statement Prepare classified Balance Sheet Debit 45000 175000 325000 12500 8500 6000 3500 16000 27800 275000 22000 12000 65000 993300 Credit 575000 1800 4500 27000 35000 222300 55000 22700 50000 993300 Q2: AUSTIN SOUND SEREO CENTER, INC TRAIL BALANCE DECEMBER 31,2015 Title of Accounts Cash Acc. Receivable Notes Receivable Inventory Beg Supplies Prepaid Insurance Furniture and Fixture Acc. Depreciation Furniture Acc. Payable Notes Payable (Long Term) Capital-Frank Sales Revenue Sales Discount Sales Return and Allowance Interest Revenue Purchases Purchase Discount Purchase Return and Allowance Freight In Rent Expense Total Data For Adjustment: Inventory on December 31st 42000 Depreciation on furniture book value 2% Tax Rate is 10 % applied Required : Prepare Income Statement Prepare classified Balance Sheet Debit 110350 54600 8000 40500 650 1200 183200 Credit 2400 47000 12600 100000 338000 1400 2000 600 89300 3000 1200 5200 8400 504800 504800 Q3: Super Max Corporation has the following balances at Dec 31st 2015 Title of Accounts Cash Acc Receivable Plant Selling Expense Prepaid Rent Other Expense O. Supplies Expense Interest Expense Inventory Beg Purchases Transportation in Sales Return Equipment Acc Depreciation equip Acc Depreciation Plant All. for bad debts salaries Expense Marketable Securities Sales Revenue Purchase Return Purchase Discount Commission Income Acc Payable Capital Short term Loan Long term Loan Bill payable Retained Earning Credit 75000 100000 12000 65000 45000 Total Adjustment Data Depreciation charged 5% on equipment and 2% on plant Book Value Inventory on hand at the end of Year Rs.12000 Tax Rate 10% Debit 145000 75000 325000 12500 8500 6000 3500 16000 27800 275000 22000 12000 500000 695000 1800 4500 27000 35000 222300 55000 160000 22700 128000 1538300 1538300 Required: Income Statement Balance Sheet
