Chapter Financial Statements
D= Debit (RM)
C= Credit (RM)

Premises
D 40,000

Fixtures and Fittings
D 10,000

Mortgage on premises
C 15,000

Purchases and sales
D 40,300 C 78,500

Debtors and creditors
D 3,400 C 9,000

Motor vehicles
D 21,000

Return inwards and outwards
D 200 C 300

Commission expense and revenue
D 2,700 C 1,040

Carriage inward
D 1,750

Duties on purchases
D 650

Stock ( 1 January 2020)
D 8,000

Carriage outwards
D 3,260

Wages
D 5,900

Insurance
D 350

Rent
C 3,000

Bank-overdraft
C 3,650

Cash
D 840

Capital
C 28,560

Drawings
D 700

D 139,050 C 139,050

Stock on 31 December 2020 was valued at RM12,000

You are required to prepare

1) Profit and Loss Account for the year ended 31 December 2020

2) Balance Sheet as at 31 December 2020

Alandowner entered into a written agreement with a real estate broker whereby the broker would receive a commission of 10% of the sale price if he procured a "ready, willing, and able buyer" for the landowner's property and if the sale actually proceeded through closing. the broker found a buyer who agreed in writing to buy the property from the landowner for $100,000, the landowner's asking price. the buyer put up $6,000 as a down payment. the agreement between the landowner and the buyer contained a liquidated damages clause providing that, if the buyer defaulted by failing to tender the balance due of $94,000 at the closing date, damages would be 10% of the purchase price. the landowner included that clause because she was counting on using the proceeds of the sale for a business venture that would likely net her at least $10,000. the buyer became seriously ill and defaulted. when he recovered, he demanded that the landowner return his $6,000, and the landowner refused. the broker also demanded the $6,000 from the landowner and was refused. the broker and the buyer filed separate suits against the landowner, with the buyer pleading impossibility of performance. the two cases are consolidated into a single case. how should the court rule as to the disposition of the $6,000?

Georgia's gross pay was 35,600 this year she is to pay a federal income tax of 16% how much should georgia pay in federal income ax this year

Eliza works for a consumer agency educating young people about advertisements. instead of teaching students to carefully read advertisement claims, she encourages them to develop a strong sense of self and to keep their life goals and dreams separate from commercial products. why might eliza's advice make sense?