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Category > Accounting Posted 13 Feb 2019 My Price 3.00

The Biscuit Manufacturing Company

The Biscuit Manufacturing Company commenced business on 1 January Year 1 with capital     of £22,000 contributed by the owner. It immediately paid cash for a biscuit machine costing

£22,000. It was estimated to have a useful life of four years and at the end of that time was estimated to have a residual value of £2,000. During each year of operation of the machine,   the company collected £40,000 in cash from sale of biscuits and paid £17,000 in cash for wages, ingredients and running  costs.

 

Required

(a)    Prepare spreadsheets for each of the four years analysing the transactions and events of the company.

(b)    Prepare a statement of financial position (balance sheet) at the end of Year 3 and an income statement (profit and loss account) for that  year.

 

(c)    Explain to a non-accountant how to read and understand the statement of financial position (balance sheet) and income statement (profit and loss account) you have  prepared.

Answers

SmartExpert
(118)
Status NEW Posted 13 Feb 2019 07:02 AM My Price 3.00

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Attachments

file 1550041844-The Biscuit Manufacturing Company.xlsx preview (357 words )
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