Solution-Prepare income statement and calculation of

Prepare income statement and calculation of retained earning

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Reference no: EM133159512

Question - Benji Ltd began operations on 1 July 2018. The adjusted trial balance on 30 June 2020 are shown below:

Benji Ltd - Adjusted Trial Balance as at 30 June 2020
Account names	Dr	Cr
Cash	122,000
Prepaid Insurance	8,800
Supplies	9,600
Motor Vehicles	580,000
Accumulated Depreciation - Motor Vehicles		7,200
Equipment	134,400
Accumulated Depreciation - Equipment		22,800
Accounts Payable		37,600
Salaries Payable		2,400
Interest Payable		8,400
Loan Payable		280,000
Share Capital		200,000
Retained Earnings - 1 July 2019		280,000
Interest Revenue		85,600
Depreciation Expense	17,200
Insurance Expense	3,600
Interest Expense	8,400
Salaries Expense	34,400
Supplies Expense	5,600
Total	$924,000	$924,000

Required -

Prepare an income statement and a calculation of retained earnings for the 12 month ended 30 June 2020.

Prepare a statement of financial position as at 30 June 2020.

Reference no: EM133159512

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Prepare income statement and calculation of retained earning

Reference no: EM133159512

Reference no: EM133159512

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