Accounting for Managers Question Answer 2022

Running head: ACCOUNTING FOR MANAGERS
Accounting for Managers
Name of the Student:
Name of the University:
Author’s Note:

ACCOUNTING FOR MANAGERS1
Table of Contents
Question 1........................................................................................................................................2
Question 2........................................................................................................................................3
Bibliography....................................................................................................................................7

ACCOUNTING FOR MANAGERS2
Question 1
a) Income Statement
In the books of Kennett Building Services
Income Statement
Particulars
Amount
($)
Revenue from Building Supplies 550,000
Less: Cost of Goods Sold 310,000
Gross Profit 240,000
Operating Expenses
Wages Paid 150,000
Motor Vehicles Expenses 5600
Electricity and Telephone Expenses 4000
Personal Expenditure 5700
Total Expenses 165,300
Net Profit (Transferred to
Reserves) 74,700
The income statement for the company was done with the help of classifying the
expenses of the company in the due course of the term-period analysed.
Net Profit: Net Profit: Gross Profit – Total Expenses
Net Profit: 240,000-165,300
Net Profit: 74,700.
Balance Sheet (Financial Position)
In the books of Kennett Building
Services
Balance Sheet
Assets
Amount
($)
Current Assets