Humanities Department
First Term
grade 12
Understanding Business
Chapter 17
Name:
Date:
Gold Desert Corporation was provided you with following trial balance as a financial adviser. Asking you to perform the
following:
A. Complete the income statement & Balance Sheet
Gold Desert
Trial Balance
31 May 2021
Account
Cash
Petty cash
Dr.
Cr.
AED 64,000
8,000
pre-paid rent
16,000
Prepaid Insurance
22,000
Merchandise Inventory
Land
Building
8,000
109,000
66,000
Accumulated depreciation Building
Machines
14,000
50,000
Accumulated depreciation machines
17,000
Salaries Payable
33,000
Mortgages
30,000
Unearned revenue
13,000
Loan Payable
17,000
Capital
Dividends
190,000
33,000
Sales revenue
220,000
retained earnings
40,000
sales discount
3,000
Sales Returns
2,000
Cost of goods sold
107,000
Depreciation expense
7,000
Salaries expense
9,000
Rent expense
4,000
Utilities expense
12,000
Advertising expense
18,000
Interest Expense
Tax Expense
3,000
33,000
1
Humanities Department
First Term
grade 12
Understanding Business
Operating Revenues
Sales revenue
Sales Returns
sales discount
Net sales
Cost of goods sold
Gross Profit
Operating Expenses
Depreciation expense
Salaries expense
Rent expense
Utilities expense
Advertising expense
Interest Expense
Total Expenses
INCOME from operation
Tax Expense
Net Income
Chapter 17
Gold Desert
Income Statement
31 May 2021
AED
AED
%
2
Humanities Department
First Term
Understanding Business
grade 12
Chapter 17
Gold Desert
Balance Sheet
31 May 2021
Assets
Current Assets
Cash
Petty cash
pre-paid rent
Prepaid Insurance`
Ending Stock
Total Current Assets
Fixed Assets
Land
Building
Accumulated depreciation Building
Machines
Accumulated depreciation machines
Total Fixed Assets
Total Assets
Liabilities
Current Liabilities
Salaries Payable
Unearned revenue
Total Current Liabilities
Long term liabilities
Mortgages
Loan payable
Total long term
Total liabilities
Owner’s Equity (Capital)
Capital
retained earnings
Net Income
Dividends
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity
3