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Homework answers / question archive / The following balances were taken from the books of Sinbad Corp

The following balances were taken from the books of Sinbad Corp

Accounting

The following balances were taken from the books of Sinbad Corp. on December 31, 2019. (LON LON3) Interest revenue €172.000 Cash 102,000 Sales revenue €6,500 310.000 2,560,000 Accounts receivable Accumulated depreciation Notes receivable Selling expenses Accounts payable Bondt payable Administrative and general expenses 3ER DO 30 000 Prepaid insurance Sales returns and allowances 300,000 40,000 300,000 200.000 194,000 Sales discounts 90,000 Accrued liabilities 64 000 Allowance for doubtful accounts 14,000 Interest expense 120.000 Land 200,000 400,000 Notes payable Loss from impairment of plant assets Share capital ordinary Retained earings 200,000 240.000 1.000.000 Equipment Buildings Cost of goods sold Accumulated depreciation equipment 230,000 1,242,000 42.000 80,000 Patent 50,000 Assume the total effective tax rate on all items is 34% % Required: Prepare an income statement, 100,000 ordinary shares were outstanding during the year EXCEL % R S B

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