User Account

All Pages

Prepare statement of comprehensive income for zazu interior

Assignment Help Financial Accounting
Reference no: EM132722144

ZAZU Interior Design Services Enterprise is operating in Jitra beginning 1 January 2019. Currently, ZAZU Interior Design Services Enterprise is preparing its financial statements on a monthly basis.

The following transactions for ZAZU Interior Design Services Enterprise for the month of January 2019 were as follows:

  • 2 Jan. ZAZU made investments of RM150,000 cash and RM90,000 equipment into the business.
  • 3 Paid RM24,000 cash for the whole year 2019 of rental.
  • 5 Purchased office supplies for RM4,000 cash.
  • 8 Paid RM6,000 cash for a one-year insurance policy.
  • 15 Purchased a van for RM10,000 on account from Jalan Company.
  • 18 Provided interior design services to Mep Company and earned RM70,000, received RM50,000 cash and the remaining balance was on account.
  • 19 Paid RM6,000 to Jalan Company.
  • 20 Received RM10,000 in advance from Aiz Enterprise for interior design services.
  • 20 Received utilities bill of RM2,000, to be paid on 12 February 2019.
  • 25 Prepared invoice for salary of RM12,000, to be paid on 2 February 2019.
  • 26 Received RM12,000 from Mep Company.
  • 29 Provided interior design services to Aiz Enterprise related to the transaction on 20 January.

Additional information:

i. ZAZU Interior Design Services Enterprise used the straight line method at a rate of 12% per annum to depreciate both the equipment and van.

ii. The used of supplies during the month of January 2019 was RM3,000.

REQUIRED:

Problem (a) Prepare the journal entries to record each of the transactions including all the necessary adjustments for the month of January 2019 (Explanations are not required).

Problem (b) Post the journal entries in (a) above to the three column ledgers.

Problem (c) Prepare an adjusted trial balance for ZAZU Interior Design Services Enterprise for the month of January 2019.

Problem (d) Prepare the Statement of Comprehensive Income for ZAZU Interior Design Services Enterprise for the month of January 2019.

Problem (e) Prepare the Statement of Financial Position for ZAZU Interior Design Services Enterprise as at 31 January 2019.

Reference no: EM132722144

Questions Cloud

What amount clay report as capitalized interest at dec : The total amount of interest incurred by Clay during 2010 was $102,000. What amount should Clay report as capitalized interest at December 31, 2010?
Prepare the cost of goods sold section for Adams Gift Shop : Prepare the cost of goods sold section for Adams Gift Shop. The following amounts are known: Beginning merchandise inventory $27,000
What is the total amount of interest cost to be capitalized : What is the total amount of interest cost to be capitalized? During 2016, Belardo Corporation constructed and manufactured certain assets
Set up T accounts for Merchandise Inventory : Set up T accounts for Merchandise Inventory and Income Summary and perform the year-end adjustment for Merchandise Inventory
Prepare statement of comprehensive income for zazu interior : ZAZU Interior Design, Prepare the Statement of Comprehensive Income for ZAZU Interior Design Services Enterprise for the month of January 2019.
Developing a safety audit plan for lukla airport : Discuss the challenges that you may face in developing a safety audit plan for Lukla airport.
Make the appropriate adjusting entry : Unearned Ticket Revenue was credited. At the end of the accounting period, $15,000 had been earned. Make the appropriate adjusting entry
What is the journal entry to record the admission of omar : Rachelle and Ruben who shared profits and losses in the ratio of 3:7 admitted Omar. What is the journal entry to record the admission of Omar?
Prepare a year-end work sheet : A physical count shows that merchandise inventory costing $15,000 is on hand as of December 31, 20--. Prepare a year-end work sheet

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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