Provide a Statement of Profit or Loss for the year ended

Assignment Help Accounting Basics
Reference no: EM132710619

Question - Jai Lee has established a sole proprietorship business named Jai Lee Legal Services. Jia offers legal services to small and medium sized businesses. The following information relates to the business activities and account balances for the financial year ended 30 September 2020:

Account:

Creditors 960

Debtors 1,570

Accumulated depreciation - office equipment 6,950

Accumulated depreciation - vehicle 9,250

Marketing expenses 510

Capital - Jai Lee 18,500

Cash at bank 8,445

Office equipment 9,250

Depreciation expense - office equipment 1,650

Depreciation expense - vehicle 2,750

Drawings 5,520

Bank loan 4,500

Vehicle 26,750

Vehicle expense 330

Office supplies 1,625

Office supplies used 840

Mobile phone charges 255

Legal services fees earned 9,750

Required -

a) Provide a Statement of Profit or Loss for the year ended 30 September 2020.

b) Explain to Jai Lee how the Statement of Profit or Loss and Statement of Financial Position can be used to help better manage his business. Provide examples.

Reference no: EM132710619

Questions Cloud

Developing marketing strategy for multinational company : Explore the Internet to find a multinational company for which you would enjoy building new consumer products.
The development of marketing strategy : Consumer behavior has a major part in the development of a marketing strategy.
List and describe the major leadership styles : List and describe the major leadership styles.
Case study-a redesigned organizational structure : A national healthcare organization was looking to merge two sizable operational units to form a 5,000 employee entity. Specific objectives included consolidatin
Provide a Statement of Profit or Loss for the year ended : Jai Lee has established a sole proprietorship business named Jai Lee Legal Services. Provide a Statement of Profit or Loss for the year ended
Consumer behavior to adjust its marketing strategy : Review and evaluate a specific example of how this organization utilized its knowledge of consumer behavior to adjust its marketing strategy.
Method for motivating employees : How can companies use job enrichment as a method for motivating employees?
Network distribution in the us : You are Distribution manager of a company making and selling Ice Cream bars and need to make some decisions on your Network distribution in the US
Sales promotion and digital marketing : Determine two issues or problems that can arise in markets in different countries when doing sales promotions.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Journalize the entry that should be made by the company

The company had been notified by the bank at the time of the collection but had made no entries. Journalize the entry that should be made by the company

  Calculate basic earnings per share

Net income was $329,550 for the year. Throughout the year the company had outstanding 18,000 shares of $2.50, $50 par value preferred stock and 105,000 shares of common stock.

  Determine the amount of overhead over or under applied

During March, 11,700 hours were actually worked. Use this information to determine the amount of overhead over or under applied

  Compute the break-even point in units

Snow Cap Company has a unit selling price of $250, variable costs per unit of $100, and fixed costs of $360,000. Compute the break-even point in units

  Compute the issue price of the bonds

Compute the issue price of the bonds on January 1, 2003. Provide the journal entry to record the issuance of the bonds on January 1, 2003. Provide the journal entry that Buster should make on December 31, 2003 assuming the effective interest method.

  Identify the expenses that would likely be traced to jobs

Identify the expenses that would likely be traced to jobs using this driver

  Discuss what is the difference between an appropriation

What are the key elements included in Governmental Financial Statements. How do the Government reports, based on GASB guidelines

  Fund-raising campaign

Radio, TV, and newspaper advertising related to a special fund-raising campaign ran during May. The 7,550 costhad been paid in April.

  Zach company owns 40 of the voting stock of the

zach company owns 40 of the voting stock of the thomascorporation and uses the equity method in recording this

  What amount if any is included in tricias gross estate

The policy was only valued at $25,000 prior to Tricia's death. What amount, if any, is included in Tricia's gross estate

  What is the materials quantity variance for the month

What is the materials quantity variance for the month? What is the variable overhead efficiency variance for month? Which alternative should the company choose?

  How do prepare an incremental analysis for the special order

How do Prepare an incremental analysis for the special order. (Round all per unit computations to 2 decimal places, e.g. 15.25. Enter negative amounts)

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