QED Electronics Company

Worksheet

Bank Vehicle Prov Dep Inventory A/c rec = R.E Loan Int Acc wages Acc exp Prov tax
Truck (19,000) 19,000
Parts Recd (1,600) 1,600
Parts used (1,600) (1,600)
Sales 20,500 12,900 33,400
Baddebts (645) (645)
Interest (880) 880
Wages (8,600) (10,000) 1,400
Parts used (2,100) (2,100)
Utility (1,500) (800) (700)
Dep exp (2,700) (2,700)
SellingExp (1,900) (1,900)
Taxes (2,600) (2,800) 200
Adm exp (4,700) (4,700)

(19,400) 19,000 (2,700) (2,100) 12,255 7,055 5,275 880 1,400 (700) 200 7,055

QED Electronics Company

Income statement for April 200x

Sales 33,400
Less: cost of sales (3,700)
Gross profit 29,700
Less: expenses
Wages (10,000)
Utility (800)
Interest (880)
Bad debts (645)
Adm expenses (4,700)
Selling expenses (1,900)
Depreciation (2,700)
(21,625)

Net profit before tax 8,075

Taxation (2,800)

Net profit after tax 5,275