Question #1of CLO 1 & 3 The following Trial Balance was extracted…

Question Answered step-by-step Question #1of CLO 1 & 3 The following Trial Balance was extracted…  Question #1of  CLO 1 & 3 The following Trial Balance was extracted from the books of Neville English on December 31, 2018: Details/AccountsDr $Cr $Accounts payable 6,000,000Finished goods Inventory, January 1, 201815,000,000 Motor vehicles 5,500,000 Provision for depreciation of motor vehicles 2,500,000Production workers salary12,000,000 Furniture, etc.3,000,000 Cash 10,000,000 Direct expenses2,600,000 Net sales 98,000,000Capital  19,100,000Indirect factory expenses6,000,000 Work in progress, January 1, 20184,000,000 Purchases of direct raw materials30,000,000 Administrative expenses8,000,000 Drawings 1,000,000 Provision for doubtful debt 1,000,000Direct raw materials, January 1, 20189,000,000 Accounts receivable8,500,000 Machinery 18,000,000 Accumulated depreciation machinery————-6,000,000Total 132,600,000132,600,000Additional information: On December 31, 2018, $150,000 was paid for rent relating to the first      quarter of 2019, while $60,000 was owed for stationery received in December 2018.       rent and stationery are both treated as administrative expenses.  Closing inventories on December 31, 2018, were: Direct raw materials $6,000,000; work-      in-progress $3,000,000; and finished goods $12,000,000. Depreciation is to be provided for as follows: furniture and fittings 10% straight line;       plant and machinery 10% straight line; motor vehicles 20% reducing balance.The motor vehicles are used equally between the office and the factory.Provision for doubtful debt remains at $1,000,000 as of the balance sheet date. Required: A Manufacturing, Trading, Profit, and Loss Account for December 31, 2018.                                                                                                              List TWO items that would appear under current assets, non-current assets, and    current liabilities in the balance sheet that was prepared in part (a).  Show the amounts for each item.                                                                                               Accounting Business Financial Accounting ACCT 1002 Share QuestionEmailCopy link Comments (0)