Question 3: Sam’s Retails has the following data available as of 30 June 2019. Required: From the data, establish an income statement and a balance sheet
Sam’s Retails Data as of 30 June 2019
Sales
Administration expense Shop Lease
Cash at Bank
Costs of Good Sold Wages and salaries Accounts payables Miscellaneous Expense Land and buildings
542,000 1,500 24,000 175,000 274,000 38,500 15,050 2,500 127,000

Supplies expenses
Prepaid by a client for the company service Prepaid Insurance
Vehicles
Mortgage
Supplies
Account receivables
600 15,000 3,000 34,000 320,000 45,000 102,000
Note: Company income tax 30%, during the accounting period. The company has paid 2.5% of interest on the mortgage. Profit is retained for further investment

Please refer explanation and attachment

Explanation:

The income statement has been provided in attachment 1 and balance sheet in attachment 2. Unfortunately, due to lack of information such as depreciation, lease details and mortgage payments, the balance could not be tallied. However, all information provided has been used to derive the results shown.

a corporation is legally separate from its owner, and it pays its own taxes.

i believe the answer is: streets and roads

public property refers to the property that can be used by all legal citizens in a certain country. the public property was created and maintain using the government budget that allocated specifically for it. the budget itself come from the citizen's income tax payment.