You've been provided with the following Trial BalanceCalculate TOTAL ASSETSCash 25,450Accounts Receivable 25,500Inventory 85,000Prepaid Expenses 4,950Motor vehicle 68,000Equipment 155,000Accounts Payable 35,000Unearned Revenue 8,000Wages Payable 15,000Bank Loan 50,000Share Capital 235,000Retained Earnings 10,000Dividends -5,000Revenue 53,650Cost of Sales -12,450Wages Expense -15,000Interest expense -2,500Marketing expense -2,800Insurance expense -5,000

You've been provided with the following Trial BalanceCash           5,000Accounts Receivable           6,000Inventory           2,000Prepaid Expenses              500Property Plant Equipment         25,000Land         20,000Accounts Payable         10,000Unearned Revenue           2,500Wages Payable           3,500Bank Loan         20,000Share Capital         15,000Retained Earnings         10,000Dividends         (5,200)Revenue         15,000Cost of Sales         (6,500)Marketing Expense         (2,000)Rent Expense         (1,500)Wages Expense            (800)Utilities Expense         (1,500)Calculate GROSS PROFIT

You've been provided with the following Trial Balance. Calculate Gross Profit. Enter your answer as just numbers only - no dollar signs, commas or spaces.Cash 27,300Accounts Receivable 15,000Inventory 26,505Prepaid Expenses 5,420Motor vehicle 54,100Equipment 125,000Accounts Payable 27,000Unearned Revenue 5,600Wages Payable 8,000Bank Loan 50,000Share Capital 88,450Retained Earnings 24,275Dividends -2,000Revenue 81,000Cost of Sales -16,000Wages Expense -8,000Interest expense -250Marketing expense -2,800Insurance expense -1,950Calculate GROSS PROFIT

Cash 25,450Accounts Receivable 25,500Inventory 85,000Prepaid Expenses 4,950Motor vehicle 68,000Equipment 155,000Accounts Payable 35,000Unearned Revenue 8,000Wages Payable 15,000Bank Loan 50,000Share Capital 235,000Retained Earnings 10,000Dividends -5,000Revenue 53,650Cost of Sales -12,450Wages Expense -15,000Interest expense -2,500Marketing expense -2,800Insurance expense -5,000Calculate NET PROFIT

Calculate NON-CURRENT LIABILITIES Cash 25,450Accounts Receivable 25,500Inventory 85,000Prepaid Expenses 4,950Motor vehicle 68,000Equipment 155,000Accounts Payable 35,000Unearned Revenue 8,000Wages Payable 15,000Bank Loan 50,000Share Capital 235,000Retained Earnings 10,000Dividends -5,000Revenue 53,650Cost of Sales -12,450Wages Expense -15,000Interest expense -2,500Marketing expense -2,800Insurance expense -5,000

a) The following summarized trial balance appeared in the books of MakossaEnterprises.Purchases and SalesDR _120,000CR200,000Debtors and creditors 80,000 50,000Cash 40,000Other assets and other Liabilities 240,000 200,000Suspense Account 30,000Total 480,000 480,000Subsequent investigations revealed the following errors:i) A sales invoice of Sh.20,000 had not been recognized in the books of accountsii) A cash receipt from a debtor of Sh.15,000 had not been adjusted in the debtors accountiii) A cash payment to a creditor of Sh.9,500 had been debited to the creditor’s account asSh.4,900iv) A purchase of a computer of Sh.50,000 for use in office work had been debited tothe purchases accountP.O. Box 90830100 Eldoret – KenyaTelephone: 0728458276Fax: 254-20-891084Email:[email protected]/ACD/EXM/SEPT - DEC 2022/GABA/BCOM Page 2ISO 9001:2015 Certified by the Kenya Bureau of Standards.v) The accountant had failed to bring forward a balance of Sh.19,600 in the wagespayable account in the post-closing trial balance of the previous financial yearRequired:i) Journal entries to correct the identified accounting errors (5 Marks)ii) The suspense account (5 Marks)iii) The corrected trial balance