Scribd Logo
Upload

Welcome to Scribd!

  • 24 views

    Income Statement For Simcock's Cycle Parts LTD For The Period Ending 25 September 2017

    Uploaded by

    Andrei Prunila
    The trial balance provides financial information for Simcock's Cycle Parts Ltd for the period ending September 25, 2017. It includes accounts for inventory, purchases, sales returns, freight, vehicles, shop fittings, accounts receivable, bank, GST tax due, capital, drawings, delivery expenses, stationery expenses, salaries, accounts payable, postage, telephone, interest, insurance, rates, and sales. Inventory as of September 25, 2017 was $3,500. The financial information is to be used to create an income statement and balance sheet for the period.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Income Statement For Simcock's Cycle Parts LTD For The Period Ending 25 September 2017

    Uploaded by

    Andrei Prunila
    24 views6 pages
    The trial balance provides financial information for Simcock's Cycle Parts Ltd for the period ending September 25, 2017. It includes accounts for inventory, purchases, sales returns, freight, vehicles, shop fittings, accounts receivable, bank, GST tax due, capital, drawings, delivery expenses, stationery expenses, salaries, accounts payable, postage, telephone, interest, insurance, rates, and sales. Inventory as of September 25, 2017 was $3,500. The financial information is to be used to create an income statement and balance sheet for the period.

    Original Title

    Accounting_Section_final_T4_EBS_2017.docx

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The trial balance provides financial information for Simcock's Cycle Parts Ltd for the period ending September 25, 2017. It includes accounts for inventory, purchases, sales returns, freight, vehicles, shop fittings, accounts receivable, bank, GST tax due, capital, drawings, delivery expenses, stationery expenses, salaries, accounts payable, postage, telephone, interest, insurance, rates, and sales. Inventory as of September 25, 2017 was $3,500. The financial information is to be used to create an income statement and balance sheet for the period.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    24 views6 pages

    Income Statement For Simcock's Cycle Parts LTD For The Period Ending 25 September 2017

    Uploaded by

    Andrei Prunila
    The trial balance provides financial information for Simcock's Cycle Parts Ltd for the period ending September 25, 2017. It includes accounts for inventory, purchases, sales returns, freight, vehicles, shop fittings, accounts receivable, bank, GST tax due, capital, drawings, delivery expenses, stationery expenses, salaries, accounts payable, postage, telephone, interest, insurance, rates, and sales. Inventory as of September 25, 2017 was $3,500. The financial information is to be used to create an income statement and balance sheet for the period.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 6

    Question 1

    Using the trial balance below, create an income statement and balance sheet.

    Trial Balance for Simcock’s Cycle Parts Ltd period ending 25th September 2017
    $ $

    Inventory 4000  
    Purchases 4000  
    Purchases Returns   400
    Sales Returns 3600  
    Freight Inwards 3000  
    Vehicles 35000  
    Shop Fittings 5000  
    Accounts Receivable 5300  
    Bank 6000  
    GST tax due   12000
    Capital   33000
    Drawings 18000  
    Delivery Vehicle Expenses 5000  
    Stationery expenses 4000  
    Salaries 45000  
    Accounts Payable   15000
    Postage 600  
    Telephone 1000  
    Interest 2300  
    Insurance 1000  
    Rates 5000  
    Sales   87400
      147800 147800

    Inventory (25th September 2017) $3500

    Income Statement for Simcock’s Cycle Parts Ltd for the period ending 25 th September 2017
     

       

    10
    Balance Sheet for Simcock’s Cycle Parts Ltd as at 25th September
    2017

    10
    Question 2
    Using the financial information below to answer the following question.

    The following information has been extracted from the financial records of Phan's Fortified Steel Plc.

      2015 2016  

      $ $  

    Net Sales 1,200,000 1,150,000  

    Cost of Goods Sold 330,000 255,000  

    Gross Profit  870,000  895,000  

    Selling expenses 80,000 75,000  

    Administrative expenses 23,000 24,500  

    Financial expenses 43,000 48,000  

    Net Profit  724,000  747,500  

           

    Owner’s Equity 850 000 960,000  


    Current Assets 2,500,000 1,400,000  

    Current Liabilities 550,000 660,000  

    Total Assets 40,000,000 60,000,000  

    Stock 2,000,000 1,500,000


    a. Using ratio analysis, to what extent would Phan be happy with the financial
    performance of the business? Use the financial information above to justify your
    answer.
    10

    You might also like