Hi everyone,
I hope you're all doing well.
I need some assistance with a particular assignment, specifically with question 1. I’ve attempted to prepare an income statement, but I am struggling to get it to balance with the adjusted trial balance and the overall balance sheet.
I suspect the issue might be related to the depreciation calculation. The assets are being depreciated using the straight-line method, but the problem does not mention a residual value. I’m starting to think there might be an error in the question, especially regarding the depreciation part.
I’ve attached the question for reference. Could anyone please review and advise if I’m missing something or if the question indeed has an error?
Thanks in advance for your help!
I hope you're all doing well.
I need some assistance with a particular assignment, specifically with question 1. I’ve attempted to prepare an income statement, but I am struggling to get it to balance with the adjusted trial balance and the overall balance sheet.
I suspect the issue might be related to the depreciation calculation. The assets are being depreciated using the straight-line method, but the problem does not mention a residual value. I’m starting to think there might be an error in the question, especially regarding the depreciation part.
I’ve attached the question for reference. Could anyone please review and advise if I’m missing something or if the question indeed has an error?
Thanks in advance for your help!