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question: Prepare Tracy’s balance sheet as at December 31, 2017 Trial balance for Tracy Underhill as...

question: Prepare Tracy’s balance sheet as at December 31, 2017

Trial balance for Tracy Underhill as at 31 December 2017

Debit

Credit

     £                    _ .

£

Sales revenue

695,000

Inventory (as at 1 January 2017)

105,800

Purchases

625,200

Non-current assets at cost:

Equipment

100,000

Motor vehicle

80,000

Accumulated depreciation:

Equipment

10,000

Motor vehicle

10,000

Insurance

14,700

Rent

30,000

Heating and lighting

10,000

Salaries and wages

40,000

Motor expenses

15,300

Miscellaneous expenses

28,500

Receivables

110,000

Allowance for receivables

14,000

Payables

101,500

Cash

71,000

Bank loan

100,000

Capital

300,000

Total

1,230,500

1,230,500

Additional information is provided for use in preparing the company’s adjustments:

  1. The value of closing inventory is £102,500.
  2. Interest is payable on the bank loan at eight per cent per annum. The annual amount due as at 31 December 2017 had not yet been paid.
  3. Tracy has paid her rent until 31 March 2018. Her annual rent is £24,000.
  4. Office equipment has a useful life of ten years and a residual value of £0. It is to be depreciated on a straight-line basis.
  5. The motor vehicle with a useful life of ten years and an estimated residual value of £30,000 is to be depreciated on a straight-line basis at a rate of 10%.
  6. Tracy finds that receivables of £10,000 need to be written off as irrecoverable.
  7. The allowance for receivables is to be set at ten per cent of the remaining outstanding receivables as at 31 December 2017.
  8. The heating bill will arrive on 5 January and about £1,000 is expected to relate to the period until 31 December.

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