Woody prepared the following Trial Balance for The Force and Co Chocolates at year end, but he realises it is not in the correct order.
REQUIRED:
Prepare a fully classified Income Statement using the Trial Balance provided for the period in question.
The Force and Co Chocolates
Trial Balance
As at 30 June 2015
Debit ($) Credit ($)
| Cash on Hand | 9 200 | |
| Accounts Receivable | 31 000 | |
| Inventory (30 June 2015) | 32 000 | |
| Prepaid Shop Rent | 12 000 | |
| Display Cabinets | 73 000 | |
| Accum. Deprec. – Display Cabinets | 27 600 | |
| Bank Overdraft | 1 000 | |
| Accounts Payable | 1 600 | |
| L. Skywalker, Capital (1 July 2014) | 133 600 | |
| L. Skywalker, Drawings | 12 500 | |
| Sales | 269 750 | |
| Sales Returns & Allowances | 1 200 | |
| Discount Received | 1 000 | |
| Cost of sales | 128 000 | |
| Sales Staff Salaries | 45 200 | |
| Advertising | 1 500 | |
| Discount Allowed | 240 | |
| Freight Outwards | 360 | |
| Sundry Administration | 1 800 | |
| Interest | 1 000 | |
| Council Rates | 1 400 | |
| Administrative Salaries | 28 000 | |
| Shop Rent | 44 000 | |
| Stock Shortage | 1 000 | |
| Doubtful Debts Expense | 930 | |
| Allowance for Doubtful Debts | 930 | |
| Accrued Sales Staff Salaries | 3 200 | |
| Accrued Income | 550 | |
| Deprec. Expense – Display Cabinets | 13 800 | |
| 438 680 | 438 680 |
** A stocktake at the end of the period determined inventory on hand to be $31 000
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