Create an income statement and a balance sheet for Kings

Assignment Help Accounting Basics
Reference no: EM132612546

Question - The following accounts and corresponding balances are extracted from financial statements for the month ended 31 March 2019 of Kings Ltd., a service company operating in the education industry in New Zealand:

Cash 52,000

Receivables 28000

Office supplies

Prepaid insurance 1300

Plant and equipment 250,000

Accumulated depreciation- plant and equipment 58600

Accounts payable 41,200

Salaries payable 12000

Rent received in advance 24000

Share capital 150,000

Retained earnings 32,000

Service revenue 356,000

Rent revenue 28,000

Supplies expense 35,000

Rent expense 59,000

Insurance expense 4,200

Depreciation expense 41300

Salaries expense 228,600

Required - Use the above information to create an income statement and a balance sheet for Kings for the month ended 31 March 2019.

Reference no: EM132612546

Questions Cloud

Prepare a correcting entry on December : On September 1, Clark Company received $380 for services to be performed in the future. Prepare a correcting entry on December
Provide the entry for exercise : The options were exercised at the end of the fourth year when the market price of common shares is $25. Provide the entry for exercise.
Prepare the appropriate journal entry to record income taxes : No temporary differences existed at the beginning of the year, and the tax rate is 25%. Prepare the appropriate journal entry to record income taxes
Technological costs : Create a list of two of the most important criteria that would help an organization determine when to upgrade or make a technological investment.
Create an income statement and a balance sheet for Kings : Required - Use the above information to create an income statement and a balance sheet for Kings for the month ended 31 March 2019
About to start business with someone from foreign company : What do you think is the most important element when you are about to start business with someone from a foreign company?
What is the difference between the WACCs using market value : The president thinks book weights are more appropriate. What is the difference between the WACCs using market value and the book value
How does the IFRS Foundation develops interpretations : Question - How does the IFRS Foundation develops interpretations, including the specific seven-step process used in consultation
Sources of power is officially recognized by leadership : Which of the sources of power is officially recognized by senior leadership? What are the reasons for the dominance of this form of power in your organization?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd