The following are extracts from the finandial records of ABC Ltd for the year ended 31 August 2021. ABC Ltd Extract from the Statement of financial statement as at 31 Auqust 2021 31 August 2021 31 August 2020 Bank 50 00 20 000 Inventories - trade goods 22 000 30 00 Trade recelvables 77 000 69 00 Trade payables 44 00 46 00 1 800 1 O00 5 700 8 00 1 500 Prepaid expenses: 1 200 Accrued expenses: Interest 2 400 Accrued expenses; other 4 400 SARS - Income tax payable 3 000 Dividends payable 2 700 ABC Ltd Extract from the Statement of proft or loss and other comprehensive Income for the year ended 31 Auqust 2021 Gales 592 000 Cost of sales (301 000) Gross profit Profit on sale of Equipment Depreciation 291 000 9 D00 41 000 Interest expense 2 600 15 200 110 300 Income tax expense Profit for the year Additional Information: 1. The dividends deciared for the current year is R2 400.
Q: Required information [The following information applies to the questions displayed below] On January…
A: A classified balance sheet is a financial statement under which each item of asset or liability is…
Q: Based on the following Adjusted Trial Balance for Duston Inc: Duston Inc Adjusted Trial Balance…
A: Financial statement shows the current position and profit and loss of the entity so that intended…
Q: Prepare ABC Manufacturing Company Ltd General Ledger Adjustment Account as it will appear in the…
A: Debtors All the entries relating to credit sales, collection of receivables, factoring and discount…
Q: Cow Corporation had accounts payable of P4,000,000 recorded in the general ledger as of December 31,…
A: Solution: the accounts payable should be reported in the amount of = Accounts payable as per general…
Q: The following list of balances obtained from Agro Trading as at 31 July 2020. PARTICULARS RM Cash in…
A: Financial statement represents the financial performance and position of the company by showing…
Q: Wildhorse Co. had the following transactions during 2021: • Sales of $9720 on account • Collected…
A: The entries:
Q: The following information pertains to Luna Company as at September 30, 2020: a. Notes payable –…
A: The balance sheet is a statement on the financial position of an enterprise at a given date. It is…
Q: Based on the above information, determine the cash received for interest during 2020.
A: Based on the above information, determine the cash received for interest during 2020. Answer -…
Q: Described below are certain transactions of Pharoah Company for 2021: On May 10, the company…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Sprite Company had the following liabilities at December 31, 2019: Trade accounts payable, net of…
A: Solution: total current liabilities at December 31, 2019 = Trade accounts payable + Accrued…
Q: Open, post to and balance the appropriation account in the general ledger of Newcastle Enterprises…
A: Partnership Partnership is that form of organization which is owned and managed by two or more…
Q: The following information is available as at 31 December 2019: €000 Property Motor vehicles 270 62…
A: Capital=Total assets-External Liabilities
Q: The following information was extracted from the records of Tshabalala Traders Ltd for the year…
A: 1.2) Computation:
Q: V Company reported sales revenue of P4,600,000 in the income statement for the year ended December…
A: Cash Basis of Accounting - Under Cash Basis of Accounting company book all their incomes and…
Q: JCV Company's records show the following information: December 31, 2018 100,000 150,000 (1) 900,000…
A: The balance sheet represents the financial position of the business on a particular date with assets…
Q: Based on these accounts, prepare the balance sheet for GS company on 31 December 2019 Debit Credit…
A: Balance sheet is also known as statement of financial position considered as one of most important…
Q: Ayayai Inc., a greeting card company, had the following statements prepared as of December 31, 2020.…
A: The cash flow statement is prepared to record cash flow from various activities during the period…
Q: The following information was extracted from the financial records of Mxo Limited at 28 February…
A: Cost of goods sold = Beginning inventory + Purchases - Ending inventory Cost of goods sold = 22,400…
Q: COULD YOU PROVIDE SOME MORE DETAIL WHEN PROVIDING THE ANSWER, THANK YOU Question 1 A. Yaso plc is…
A:
Q: The income statement of Armenia Corporation for 2020 included the following items: Interest income…
A: Expenses- An expense is the cost of operations incurred by a corporation in order to generate…
Q: Following information relate to Hawke Ltd for the financial year ended 2020 Hawke Ltd Statement of…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: Multiple Company provided the following information on December 31, 2020: Accounts payable after…
A:
Q: The following are extracts from the financial records of ABC Ltd for the year ended 31 August 2021.…
A:
Q: The following list of balances obtained from Agro Trading as at 31 July 2020. PARTICULARS RM Cash in…
A: Balance sheet represents the financial position of the company by showing assets owned and…
Q: The following information relates to Zalip limited and Avela limited which operates wholesale stores…
A: Financial ratio is an arithmetic expression used to describe the significant relationship between…
Q: 1.The following accounts and balances were taken from the financial statements of r@ktas Inc.…
A: Balance sheet: A Balance sheet is a statement that shows the assets and liabilities held by a…
Q: Below data extracted from the balance sheets of ABC company Particulars 2019 2020 Cash & Bank Trade…
A: "Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts…
Q: Required: i. Statement of Profit or Loss and Others Comprehensive Income for the year ended 31…
A: Profit or loss statement: All revenues and expenses are recorded in profit or loss statement. It…
Q: Described below are certain transactions of Pharoah Company for 2021: On May 10, the company…
A: 9% note issued on June 1 for $64,800 ($96,000 - $31,200) has accrued interest for 7 months till…
Q: The following information is extracted from the accounting records of Ginger Limited: 1. EXTRACT OF…
A: A dividend seems to be a portion of a business's earnings as well as retained earnings that it…
Q: The Balance Sheet for the Goggle Corporation on December 1, 2021 is reproduced below: Goggle…
A: A journal entry is a log of a financial event in an organization's accounting system. Journal…
Q: Emmanuel, Inc. reported the following items in its December 31, 2021 trial balance: Accounts payable…
A: Solution Total liabilities is the total debt that a business have to pay to individuals or any…
Q: On December 1, 2020, Bramble Printers had the account balances shown below. Debit Credit Cash £6.045…
A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…
Q: djusted trial balances for Garboz Company, an industrial recycler, at December 31, 2020, and 2019,…
A: Introduction: An adjusted trial balance is an internal document that outlines all of the current…
Q: The following are extracts from the financial records of ABC Ltd for the year ended 31 August 2021.…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Following is the trial balance of Standard Ltd as on 31st March 2020:…
A: Following are the requisite Financial statements
Q: Described below are certain transactions of Pharoah Company for 2021: On May 10, the company…
A: Balance sheet - The balance sheet statement shows the assets and liabilities of the entity as on a…
Q: (a) Compute net cash flow from operating activities using the direct method. (Enter negative amounts…
A: Statement of cash flow (CFS) are those financial statement which shows the flows of cash and cash…
Q: Multiple Company had the following liabilities on December 31, 2021: Accounts payable after…
A: CURRENT LIABILITIES PARTICULAR AMOUNT Accounts Payable after deducting supplier's debit balance…
Q: Below are the accounts of King's Landing Trading for the year ended June 30, 2020 Prepare the…
A: Closing capital=Beginning capital+Addition-Withdrawal+Net income=P 120,000+P 50,000-P30,000+P…
Q: The following information was extracted from the records of Tshabalala Traders Ltd for the yearended…
A: Debt equity ratio can be defined as a type of financial ratio that indicates the relative proportion…
Q: JCV Company's records show the following information: ... December 31, 2018 100,000 December 31,…
A: The balance sheet is one of the important financial statement of the business, which represents the…
Q: 1.The following accounts and balances were taken from the financial statements of r@ktas Inc.…
A: Financial statement is prepared from the trial balance which include :- Profit and loss and…
Q: The following are extracts from the financial records of ABC Ltd for the year ended 31 August 2021.…
A: Cash flow from Operating activities is a method of converting the net income to the net cash flow…
Q: You are required to prepare a trial balance for Alina Ltd as at 31st December 2021 and assess the…
A: Trial Balance is the summary of individual ledger which is used for peparing financial statement. We…
Q: JCV Company's records show the following information: December 31, 2019 150,000 December 31, 2018…
A: Trade accounts payable = total liability - accrued expense - non current liability =…
Q: The following balances were reported by ABC Co. at December 31, 2019 and 2020: 12/31/20 P2,600,000…
A: Purchases = Ending accounts payable balance + Amount paid to suppliers - Beginning accounts payable…
Q: The following information relates to Zalip limited and Avela limited which operates wholesale stores…
A: Ratio analysis is a tool used by the financial analyst to measure the financial performance of the…
Step by step
Solved in 3 steps with 1 images
- The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…Mvula Limited Statement of Financial Position as at: 28 February 2021 ASSETS Non-current assets Fixed/tangible assets Financial assets Fixed deposit Current assets Inventory Trade and other receivables Cash and cash equivalents Fixed deposit TOTAL ASSETS 4 320 350 EQUITY AND LIABILITIES Bay Holdings Limited: 30 June 2021.Required:Statement of financial position as at: 30 June 2021InformationBALANCE SHEET ACCOUNTSOrdinary share capital 2 648 000Retained income (1 Jul 2020) 490 000Shareholders for dividends 280 000Fixed deposit 60 000Mortgage bond 336 000Fixed/tangible assets (Carrying value) 4 021 000Debtors control 45 000Creditors…CASE STUDY INFORMATION: The following information has been extracted from the accounting records of Lubners Limited on 31 December 2020. 2020 2019 Dr Cr Dr Cr Ordinary share capital 1728 000 1728 000 Non-current assets 3 462 964 2910206 inventories 665 856 584 640 Accounts payable Accounts receivable cash Retained earnings ( 1 Jan) Long term Loan 311 328 290 304 832 608 800 064 338 688 362 304 244 276 1 090 944 809 568 932 256 Other Current liabilities 1 057 824 Total Sales (80% credit sales) Cost of sales (80% credit purchases) 4 816 512 4 535 424 2 530 656 2 340 288 Interest income 7776 9 504 taxation 207 009 192 159 Selling and admin expenses 1 141 344 1 069 056 Interest expenses Other expenses 149 161 174 551 263 808 274 752 REQUIRED: QUESTION 1 (25) Compile the Statement of Comprehensive Income for the year ended 31 December 2020. (with 2019 comparative figures) QUESTION 2 (25) Compile the Statement of Financial Position as at 31 December 2020. (with 2019 comparative figures)
- The following are extracts from the financial records of ABC Ltd for the year ended31 August 2021.ABC LtdExtract from the Statement of financial statement as at 31 August 2021 31 August 2021 - R 30 August 2020 - R Bank Inventories - Trade Goods Trade Recievables Trade payables Prepaid Expenses Prepaid Expenses Accrued Expenses; interest Accrued Expenses; other SARS - income tax payable Dividens payable 50000 22000 77000 44000 1800 1000 5700 8000 1500 20000 30000 69000 46000 1200 2400 4400 3000 2700 ABC LtdExtract from the Statement of profit or loss and other comprehensive incomefor the year ended 31 August 2021 Sales 592000 Cost of sales (301000 Gross profit 291000 Profit on sale of Equipment 9000 Depreciation 41000 Interest Expense 2600 Income tax expense 15200 Profit for the year 110300 Additional information: 1. The dividends declared for the current year is R2 400 Required:Prepare only the “Cash flows from operating activities” section…The following information is provided to you by Ahmed LLC for the financial year ending 31st December 2020. As on 1st January 2020 As on 31st December 2020 Monetary Assets OMR 60,000 OMR 60,000 Monetary Liabilities OMR 120,000 OMR 120,000 Retail Price Index 250 350 Find out the gain/loss on holding monetary Assets a. OMR 24,000 b. OMR 60,000 C. OMR 50,000 d. OMR -24,000X Company collected P12350 in interest during 2019 X showed P1,850 in interest on its December 31, 2021 statement of financial position and P5,300 on December 31, 2020 How much is the Interest Revenue to be reported on X's statement of comprehensive income in 2021?
- On 1 July 2019, ABC Ltd took control of the assets and liabilities of PQR Ltd. At this date the statement of financial position of PQR Ltd was as follows:Carrying AmountFair ValueMachinery$40 000$57 000Fixtures & fittings60 00078 000Vehicles35 00045 000Current assets10 00022 000Current liabilities(16 000)(19 000)Total net assets$129 000Share capital (80 000 shares at $1.00 per share)80 000General reserve20 000Retained earnings29 000Total equity$129 000REQUIRED:Prepare the acquisition analysis in the records of ABC Ltd at 1 July 2019 in the following situations, assuming the costs of issuing the shares by ABC Ltd cost $2600:a. ABC Ltd issued 80 000 shares having a fair value of $2.50 per share in exchange for the net assets of PQR Ltdb. ABC Ltd acquired the shares of PQR Ltd. The agreement was that ABC Ltd would pay the shareholders of PQR Ltd one share in ABC Ltd for every two shares held in PQR Ltd plus $1 in cash for each share held in PQR Ltd. Shares…The following are extracts from the financial records of ABC Ltd for the year ended 31 August 2021. ABC Ltd Extract from the Statement of financial statement as at 31 August 2021 31 August 2021 31 August 2020 - R - R Bank 50 000 20 000 Inventories - trade goods 22 000 30 000 Trade receivables 77 000 69 000 Trade payables 44 000 46 000 Prepaid expenses: 1 800 1 200 Accrued expenses: interest 1 000 2 400 Accrued expenses; other 5 700 4 400 SARS - income tax payable 8 000 3 000 Dividends payable 1 500 2 700 ABC Ltd Extract from the Statement of profit or loss and other comprehensive income for the year ended 31 August 2021 Sales 592 000 Cost of sales (301 000) Gross profit Profit on sale of Equipment 291 000 9 000 41 000 Depreciation Interest expense 2 600 Income tax expense 15 200 Profit for the year 110 300 Additional information: 1. The dividends declared for the current year is R2 400. Required: Prepare only the "Cash flows from operating activities" section of the statement of cash…The balance sheet account of Tata limited had the following balances on April 1, 2020, the beginning of a fiscal year Tata limited Balance SheetAccounts April 1,2020 Cash Accountsreceivatile Machandiseinventary Propaidrent Stareequipmet Acamulateddepreciation stare equipment Accountspayable Paid-in capital Retainedeamings Rs 1300 12600 38900 2000 10500 Rs2875 22500 15,000 24925
- Prepare the Statement of Comprehensive Income as at: 28 February 2021.Embassy TradersPre-adjustment Trial Balance as at: 28 February 2021Debit CreditBalance Sheet Accounts SectionCapital 1 651 100Drawings 132 900Land and buildings 1 254 800Vehicles at cost 925 000Equipment 662 000Accumulated depreciation on vehicles 528 000Accumulated depreciation on equipment 369 000Fixed deposit: Bob-bank (9% p.a.) 200 000Trading inventory 152 000Debtors control 174 800Provision for bad debts 10 000Bank 127 800Creditors control 184 800Mortgage loan: Bob-bank (18% p.a.) 330 000Nominal Accounts SectionSales 2 075 000Cost of sales 795 000Sales returns 15 000Salaries and wages 586 000Bad debts 18 000Stationary 30 000Rates and taxes 58 000Motor expenses 32 000Advertising 23 000Telephone 44 000Electricity and water 66 000Bank charges 8 000Insurance 5 000Interest on mortgage loan 26 000Interest on fixed deposit 15 000Rent income 171 6005 334 500 5 334 500Adjustments and additional information1.Trading…These are some information for the balance sheet as of December 31, 2019 of MUST Corp.Accounts payable, consisting of purchase of goods, P278,000 and cost of goods received on consignment of P22,000,total P300,000Income tax due for 2019, (due and paid in the three (3) quarters of 2019, P87,500) 122,500Stock dividends payable 60,000Accrued expenses 7,800Reserve for contingencies 20,000Overdraft in Security Bank checking account 6,200Based on the above information, how much is the total liabilities to be reported in the balance sheet as of December 31,2019 of MUST Corp.?Presented below are the year-end balance of the assets and liabilitiespertaining to Starlight Merchandising 2020 2019Cash P150,000 P120,000Equity investment at FVPL 260,000 230,000AR, net 360,000 400,000Inventories 705,000 635,000Prepaid Expenses 130,000 128,000Accounts payable 182,000 136,000Other current liabilities 141,000 125,000Bonds Payable 200,000 200,000Additional investment made by the owner during 2020 was P150,000 but a P200,000 personal liability was paid out of company's funds. What is the company's profit or loss for the year ended December 31, 2020? 30,000 800,000 Answer not given 140,000 700,000