Tuesday, February 21, 2017
05:38 AM (GMT +5)

Go Back   CSS Forums > CSS Optional subjects > Group I > Accounting & Auditing

Reply Share Thread: Submit Thread to Facebook Facebook     Submit Thread to Twitter Twitter     Submit Thread to Google+ Google+    
 
LinkBack Thread Tools Search this Thread
  #1  
Old Thursday, December 15, 2016
Junior Member
 
Join Date: Dec 2014
Posts: 20
Thanks: 0
Thanked 1 Time in 1 Post
ali syyed is on a distinguished road
Default Solution Q 2.(a,b,c) A&A Paper 1,2016

Global Service Company
INCOME STATEMENT
For The Quarter ended June 30
Revenues $ $
Service Revenue 11360
Rent revenue 900
Total revenues 12260
Expenses
Supplies Expense 160
Depreciation expenses 700
Utiities expenses 350
Interest expense 40
Salaries & Wages expense 7400
Rent Expense 1200
Total expenses (9850)
Net income 2410 (a)

Global Service Company
Statement of Retained Earnings
For the quarter ended June 30

Retained earnings at Quarter ended March,31 _
Net income for the year quarter ended june 30 2410
Dividends paid to shareholders (500)
Retained earnings at june 30 1910 (b)


Global Service Company
Balance sheet
Quarter ended June, 30
$ $
Current assets
Cash 5190
Accounts receivable 480
Prepaid expenses 720
Total current assets 6390
Property, plant, and equipment
Land—at cost 12000
Less: Accumulated depreciation (700)
Supplies 920
Total property, plant, and equipment 12220
Total Assets 18160
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable 790
Accrued interest 10
Accrued salaries, wages 300
Unearned revenue 400
Total Current Liabilities 1500
Long term Debt
Notes Payable 4000
Total current liabilities Long-term debt 5500
Total Stockholders’ equity
Share Capital ordinary 11200
Retained Earnings 1910
Total stockholders’ equity 13100
Total liabilities and stockholders’ equity 18160 (c)
Kind Regards (aly.syyed@gmail.com)
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Some things to be careful about while going to sit in css exam CommittedSoul Frequently Asked Questions 0 Wednesday, February 17, 2016 08:05 PM
Plagiarism Detected in CSS Paper Sohail Mushtaq Ahmed Dawn 0 Saturday, March 22, 2014 12:59 PM
Essays on Essay Writing atifch Essay 6 Friday, December 22, 2006 11:24 PM
Albert Einstein ahsanghalib General Knowledge, Quizzes, IQ Tests 0 Saturday, December 16, 2006 06:58 PM


CSS Forum on Facebook Follow CSS Forum on Twitter

Disclaimer: All messages made available as part of this discussion group (including any bulletin boards and chat rooms) and any opinions, advice, statements or other information contained in any messages posted or transmitted by any third party are the responsibility of the author of that message and not of CSSForum.com.pk (unless CSSForum.com.pk is specifically identified as the author of the message). The fact that a particular message is posted on or transmitted using this web site does not mean that CSSForum has endorsed that message in any way or verified the accuracy, completeness or usefulness of any message. We encourage visitors to the forum to report any objectionable message in site feedback. This forum is not monitored 24/7.

Sponsors: ArgusVision   vBulletin, Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.