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Problem 3 (44 points) The following is Sunlight Co. year-end adjusted trial balance dated December 31, 2018 Sunlight Co. Adju


7,500 1.800 Salaries Expense Utilities Expense Rent Expense Depreciation Expense Income Taxes Expense 1.950 650 600 $45.540 $ answer 1,2,3,4,5,6
Problem 3 (44 points) The following is Sunlight Co. year-end adjusted trial balance dated December 31, 2018. Sunlight Co. Adj
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Answer #1

QUESTION NUMBER 1

DATE

ACCOUNT TITLE AND EXPLANATION

DEBIT($)

CREDIT($)

Revenue a/c                  Dr

       To profit and loss a/c

(Revenue transferred)

21750

21750

Profit and loss a/c       Dr

        To salaries expense

        To utilities expenses

        To rent expenses

        To depreciation

        To income tax expenses

(All expenses are transferred)

12560

7500

1800

1950

650

660

QUESTION NUMBER 2

INCOME STATEMENT OF SUNLIGHT COMPANY FOR THE YEAR ENDED DECEMBER 31,2018

I)INCOME

$

    1.Revenue from operations

21750

    2.Other revenue

nil

TOTAL

21750

II)EXPENSES

    1.Salaries expenses

7500

    2.Utilities expenses

1800

    3.Rent expenses

1950

    4.Depreciation

650

    5.Income tax expenses

660

TOTAL

12560

III) PROFIT (I-II)

9190

QUESTION NUMBER 3

STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31,2018

$

Retained earnings

2700

Add: net profit

9190

11890

Less: dividend

(1100)

10790

QUESTION NUMBER 4

BALANCESHEET DATED DECEMBER 31,2018

$
  1. EQUITY AND LIABILITIES
  1. Shareholder’s fund
  1. Share capital

16890
  1. Retained earnings

10790
  1. Non-current liabilities

nil
  1. Current liabilities (account payable)

3600

                                                                                        TOTAL

31280
  1. ASSET
  1. Non-current Asset
  1. Fixed Tangible Asset (note 1)

19530
  1. Current asset
  1. Trade Receivables

3800
  1. Prepaid insurance

2250
  1. cash

5700

                                                                                              TOTAL

31280

NOTE.1 OFFICE EQUIPMENT

$

Office equipment

20130

Less: Accumulated depreciation

(600)

19530

QUESTION NUMBER 5

Yes, the company appear to be liquid.

Liquidity ratio of company = liquid asset: current liability

Liquid Asset = cash+ account receivables

                       =5700+3800

                       =9500

Current liabilities = 3600

Liquid ratio = 9500/3600

                         = 2.64:1

QUESTION NUMBER 6

Company is in profitable position.

Return on capital will be 54.41%( profit/capital)

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