Question: Q1 -Rose Limited Operates A Small Chain Of Retail Shops, Which Sell High Quality Teas And Coffees. Prepare The Income Statement For February 2021, With The Following Transactions. Item $ Sales =208,000 Salaries = 30,000 Cost Of Sales = 40,000 Interest Received From Investments = 20,000 Electricity =10,000 Motor Vehicle Expense = 15,000 Motor Vehicle …

Q1 -Rose Limited operates a small chain of retail shops, which
sell high quality teas and coffees. Prepare the
income statement for February
2021, with the following transactions.
Item $
Sales =208,000
Salaries = 30,000
Cost of Sales = 40,000
Interest received from Investments = 20,000
Electricity =10,000
Motor Vehicle Expense = 15,000
Motor Vehicle Depreciation = 2000
Insurance = 4,000
Loan Interest =1,100
Bad debts written off = 15,000
Depreciation Fixtures and Fittings = 3,000
q2-
Pauline Emm is the owner and operator of Power thoughts, a
motivational consulting business. At the end of its accounting
period, December 31, 2018, Power Thoiughts has assets of $ 382,000,
and liabilities of $ 94,000. Using the accounting equation,
determine the following amounts. SHOW THE WORKING OUT,
STEPS WHILE WORKING OUT THE QUESTION.
A. Owner’s Equity as of December 31, 2018.
B. Owner’s Equity as of December 31, 2019, assuming that
assets decreased by $ 63,000 and liabilities increased by $35,000
during 2019.