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…………………………………….... …...434 …...448 …...315 ..........21 ….....28 ….....35 ........931 …...210 …......91 .........14 …...693 …...1262 .............7 .....4340 ….....14 .........21 ….....35 .....3796 ….....14 ….....63 …...434 …...84_______ Information for adjustments as at August 31, 2011 is as follows: 1. Prepaid insurance, August 31 17 2. Office supplies on hand, August 31 10 3. Depreciation Expense for the year - Equipment 21 4. Salaries payable, August 31 12 5. Sales revenue unearned at August 31 33 Other Information (not an adjustment): Inventory, August 31 $273 Required A. Prepare a post-adjusted trial balance (after the adjusting entries) at August 31, 2011. Please use the columns to the right, provided above, if you prefer to save time. B. Prepare the Statement of Comprehensive Income. (You need to present the statement to be as informative as possible to the user). 7 Question 11 TK Tearaways Statement of Comprehensive Income For the year ended 30/06/2011 (All figures in millions) Sales revenue $ 3,708 Less Cost of Goods Sold $ 1,620 Gross Profit 2,088 Other Expenses Depreciation expense 360 Wages expense 900 Rent expense 450 Insurance expense 144 Electricity expense 126 Interest expense on bonds 108 Total Expenses (2088) Plus Profit on sale of investment 72 Net Profit $ 72 Select statement of financial position accounts 1/7/ 2010 30/6/2011 Inventory $72 $98 Accounts receivable 540 456 Accounts payable 252 288 Wages payable 24 34 Rent payable 6 2 Prepaid rent 8 4 Prepaid insurance 10 16 Other information TK paid off (redeemed) $3,600 bonds payable during the year. Required From the above information prepare the Cash Flows from Operating Activities section of the Statement of Cash Flows for Springfield Canes, first using the direct method and then using the indirect method (you are not asked to prepare the financing and investing sections). 8 Question 12 Fiona Follies Ltd. Statement of Comprehensive Income For the Year Ended 30 June 2011 Sales revenue $999,000 Less Cost of goods sold 666,000 Gross profit 333,000 Operating expenses: Advertising expense $ 77,000 Salary expense 66,000 |
