Financial Statement Analysis and Adjusting Entries - Accounting Assignment Help

Assignment Task

Assessment topic: Financial Statement Analysis and Adjusting Entries Task Details:

Question 1 
Ben Ltd and Jerry Ltd both began their operations on 1 January 2021. Summary financial information for both companies at the end of 2021 is presented below. 
Statement of Profit or loss for the year ended 31 December 2021 Ben Ltd Jerry Ltd Revenues $1,000,000 $1,000,000 Less: Cost of sales 552,000 600,000 Gross Profit 448,000 400,000 Other expenses 132,000 132,000 Depreciation expense 40,000 80,000 Profit $276,000 $188,000 
 

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