The following is the trial balance of Sikander Photo Studio Inc-00036
This subjective question is related to the book/course
vu acc501 Business Finance.
It can also be found in
vu acc501 Mid Term Solved Past Paper No. 2.
Question 1: The following is the trial balance of Sikander's Photo Studio, Inc., dated December 31, 2007. The net income for the period is Rs.36,000. You are required to prepare Balance Sheet as on December 31, 2007.
Sikander's Photo Studio, Inc.
Trial balance
Sikander's Photo Studio, Inc.
Trial balance
| Cash | Rs.171,100 |
| Accounts receivable | 9,400 |
| Prepaid studio rent | 3,000 |
| Unexpired insurance | 7,200 |
| Supplies | 500 |
| Equipment | 18,000 |
| Accumulated depreciation: equipment | Rs.7,200 |
| Notes payable | 10,000 |
| Accounts payable | 3,200 |
| Salaries payable | 4,000 |
| Income tax payable | 6,000 |
| Unearned revenue | 8,800 |
| Capital stock | 100,000 |
| Retained earnings | 34,000 |
| Revenue earned | 165,000 |
| Salary expense | 85,000 |
