Solution-Comprehensive income and statement of financial

Comprehensive income and statement of financial position

Reference no: EM13554623

(Recording of Transactions) Kazam Services begins the month with capital of $200,000 and the following assets and liabilities:

Assets		Liabilities
Property, plant, and equipment	$500,000	Bank overdraft	$ 35,000
Account receivable	$125,000	Account payable	$ 90,000
		Long-term loan	$300,000

The following transactions took place in the accounting records of the business during the past month:

Took out long-term loan for new building: $150,000
Received from debtors: $45,000
Paid to creditors: $30,000
Invoiced customers for services carried out: $70,000
Paid salaries: $15,000
Paid various office expenses: $5,000

In addition, depreciation of $20,000 was provided for the period.

Produce a schedule of transactions under appropriate headings for each account.
Total each account and produce a statement of comprehensive income and statement of financial position.

Reference no: EM13554623

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Comprehensive income and statement of financial position

Reference no: EM13554623

Reference no: EM13554623

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