Der exercise 3 answer
3
P&L Account Dec 31 COGS $24000 Sales return $4000 Interest Exp $2000 Salary Exp. $7500 Utility Exp. $1500 Discount Exp. $100 Capital $11100 $50200 Dec 31 Sales Revenue $50000 Discount Rev. $200 ______ $50200 Ms. Sheppard’s Bathroom Renovation Store P&L Statement for the 12-months ended 31 Dec 2012 Revenue Sales Less: Sales Return Net Sales Less: Cost of Goods Sold Cost of Goods Sold Gross Profit $ $ $50000 ($4000) $46000 $24000 $22000
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Transcript of Der exercise 3 answer
P&L AccountDec 31 COGS $24000 Sales return $4000 Interest Exp $2000 Salary Exp. $7500 Utility Exp. $1500 Discount Exp. $100 Capital $11100 $50200
Dec 31 Sales Revenue $50000 Discount Rev. $200
______ $50200
Ms. Sheppard’s Bathroom Renovation StoreP&L Statement for the 12-months ended 31 Dec 2012
RevenueSalesLess: Sales ReturnNet Sales
Less: Cost of Goods SoldCost of Goods Sold
Gross ProfitAdd: Discount revenueAdjusted Gross Profit
Less: Operating Expenses1. General ExpensesSalary $7500Utility Exp $1500
2. Financial ExpensesInterest Exp $2000Discount Exp $100
Net Profit/(Loss)
$
$9000
$2100
$
$50000($4000)$46000
$24000
$22000$200
$22200
$11100
$11100
Ms. Sheppard’s Bathroom Renovation StoreBalance Sheet as at 31 Dec 2012
$$
OWNER’ EQUITYCapitalAdd: Net ProfitLess Drawings
Represented by:
ASSETSCurrent AssetsCashInventoryDebtor
Non-current AssetsOffice ApartmentWarehouse Building
Total Assets
LIABILITIESNon-current liabilitiesBank Loan
Total Liabilities
NET ASSETS
$166,200$8,000$1,900
$150,000$30,000
$176,100
$180,000
$50,000
$300,000 $11,100 ($5,000)$306,100
$356,100
$50,000
$306,100
