A/C Name Sapphire Gems and Minerals Co Ltd - Opal Division Trial Balance as of December 31, 2022 Trial Balance Cash Accounts receivable Allowance for bad debt Other debtors Merchandise Inventory Store Supplies Prepaid Insurance Prepaid rent Furniture & Equipment Accumulated deprecation-Furniture and equipment Motor Truck Accumulated depreciation- Motor Truck Accounts payable Salary payable Interest payable Unearned Sales revenue Note Payable, long term Capital Withdrawals Sales revenue Sales discount Sales returns and allowances Cost of goods sold Salaries expense Insurance Expense Utilities Expense Rent Expense Depreciation Expense - Furniture and Equipment Depreciation Expense - Motor truck Store Supplies Expense Gain/loss on Disposal of Fixed Asset Bad-Debt Expense Interest Expense DR 4,000,000 4,500,000 6,000,000 1,000,000 5,015,000 1,960,000 8,000,000 2,000,000 56,570 354,000 245,000 9,500,000 7,500,000 700,000 1,960,000 CR 350,000 3,160,000 1,475,712 450,000 600,000 2,800,000 18,000,000 25,954,858 52,790,570 52,790,570
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- You are presented with the following trial balance of Carl Ltd at 31 October 2018. DrCr R,000Building at costBuildings, accumulated depreciation, 1 November 2018 Plant at costPlant, accumulated depreciation, 1 November 2018 Land at costBank balanceRevenuePurchasesDiscounts receivedReturns inwardsWagesEnergy expensesTrade PayablesTrade ReceivablesInventory at 1 November 2018Allowance for debtors at 1 November 2018 Administrative expensesDirector's remunerationAccumulated profit at 1 November 201810% DebentureDividend paidR1 Ordinary sharesShare premium accountR,000 74060 220110 23550 1,8001,1059035 180 105250 3201601080 70306503,28080 3,280130 50Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost, allocated 30%…Accounts Receivable Allowance for Doubtful Debts Inventory Prepaid Expenses Land Buildings Accumulated depreciation - buildings Equipment Accumulated depreciation - equipment Accounts Payable Accrued Expenses Sales Revenue Cost of Sales Operating expenses Discount allowed Doubtful debt expense Depreciation expense Loss on sale of equipment Additional information: 2022 $ 20,000 2,000 80,500 60,400 100,000 750,000 337,500 300,000 104,000 17,000 37,000 80,000 50,500 27,600 200 700 55,500 1,000 2021 $ 15,000 2,000 120,000 0 $70,000 750,000 300,000 240,000 96,000 20,000 37,000 67,000 45,000 29,700 100 500 60,500 2,300 1. Hector's Pty Ltd. purchased land and $80,000 of equipment for cash during 2022. It also sold equipment for cash during 2022. 2. Land was revaluated upwards by $12,000 during 2022. Required: Prepare the operating and investing sections of the statement of cash flows for year 2022.On January 1, 2020 (the first day of its fiscal year) Pina Ltd. acquired a patent which gave the company the right to use a production process. The process met the six criteria for capitalization as an intangible asset. Below is a listing of the events relating to the patent over the five fiscal years from 2020 through 2024: 2020: on January 1, acquired the patent for the production process from its inventory for a cash payment of $11,700,000, and determined that the process had an indefinite useful life. on December 31, tested the patent for impairment and determined that its fair value was $13,200,000. 2021: on December 31, tested the patent for impairment and determined that its fair value was $10,500,000. 2022: on December 31, tested the patent for impairment and determined that its fair value was $12,000,000. 2023: on January 1, determined that the useful life of the patent was no longer indefinite, its carrying amount was recoverable, its estimated remaining useful life was 5…
- Compute RNOA with Disaggregation Refer to the balance sheet information below for Home Depot. $ millions Feb. 3, 2019 Jan. 28, 2018 Operating assets $9,940 $9,636 Nonoperating assets 419 846 Total assets $10,359 $10,482 Operating liabilities $3,926 $3,777 Nonoperating liabilities 6,874 6,362 Total liabilities $10,800 $10,139 Net sales $25,471 Operating expense before tax 21,815 Net operating profit before tax (NOPBT) 3,656 Other expense 229 Income before tax 3,427 Tax expense 809 Net income $2,618 a. Compute return on net operating assets (RNOA). Assume a statutory tax rate of 22%. Note: 1. Select the appropriate numerator and denominator used to compute RNOA from the drop-down menu options. 2. Enter the numerator and denominator amounts to compute 2018 RNOA. Numerator Denominator RNOA Answer Answer Answer Answer b. Disaggregate RNOA into components of profitability (NOPM) and productivity (NOAT). Assume a…The following items were excerpted from Poeltl, Inc.'s balance sheets: December 31, 2023December 31, 2022Cash$86,300$59,000Accounts receivable65,60070,600Inventory157,000150.300Property and equipment794,500745,400Accumulated depreciation(184,000)(168,200)Accounts payable61,00050,600Wages payable20,40023,000 Poeltl's 2023 income statement showed net income of $463,000, depreciation expense of $57,000, and a gain on disposal of equipment of $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?Presented below are selected accounts of Cheyenne Company at December 31, 2025, Inventory (hinished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash Debt Investments (trading) Customer Advances Restricted Cash for Plant Expansion 1 2 3. 4. 5. 6. 7. The following additional Information is available. $57,100 99,000 259,100 Currere Assets Current Liblikies Intangibis Assess Long-term invaimenta Long-term Lieblises Property Plant and Equipment Stockholders Equity Total Assets 41,700 Total Currans Assss Total Current Liablisis Total Intangis Assets Total Liabilities Total Liabilities and Stockholders Equity Total Long sam Inveaimanta Total Long-tarm Labiss Total Property, Plant, and Equipmara Total Stocichaldars Equlty 42,600 32,700 42,900 50,800 Cost of Goods Sold Notes Receivable Accounts Receivable Inventory (raw materials) Supplies Expense Allowance for Doubtful Accounts Licenses Additional Paid-in Capital Treasury Stock $2,105,600 37,200 CHEYENNE COMPANY…
- HARTFORD INCORPORATED Comparative Balance Sheets At December 31, 2023 and 2022 \table[[, 2023, 2022], [Assets:], [Current assets:], [Cash,,, $, 105, 600], [Accounts receivable,,,,87,600], [ Inventory,,67,200,,], [Total current assets], [Land,,,, 48,000], [Buildings and equipment,,312,000,,], [Less: Accumulated depreciation....(147,600) Following is a statement of cash flows (indirect method) for Hartford Incorporated for the year ended December 31, 2023. Also shown is a partially completed comparative balance sheet as of December 31, 2023 and 2022: HARTFORD INCORPORATED Statement of Cash Flows For the year Ended December 31, 2023 Cash Flows from Operating Activities: Net income $ 10,800 Add (deduct) items not affecting cash: Depreciation expense 54,000 Decrease in accounts receivable 27,600 Increase in Inventory (8,400) Increase in notes payable 14,400 Decrease in accounts payable (7,200) Net cash provided by operating activities $91,200 Cash Flows from Investing Activities: Purchase…Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable Accounts receivable Accrued liabilities Cash Intangible assets Inventory Long-term investments Long-term liabilities Notes payable (short-term) Property, plant, and equipment Prepaid expenses Temporary investments $34,776 68,729 6,274 17,183 41,813 79,200 110,895 74,491 22,045 646,175 2,554 31,252 Based on the data for Harding Company, what is the amount of working capital? a. $198,918 b. $643,621 c. $997,801 Od. $135,823Additional information from the accounting records a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2024. b. During 2024, equipment with a cost of $270,000 (90% depreciated) was sold. c. The statement of shareholders equity reveals reductions of $170,000 and $425,000 for stock dividends and cash dividends, respectively. Required: Prepare the statement of cash flows for Metagrobolize Industries using the indirect method Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10).) Amounts to be deducted should be indicated with a minus sign. METAGROBOLIZE INDUSTRIES Statement of Cash Flows For year ended December 31, 2024 ($ in 000s) Cash flows from operating activities Net income Adjustments for noncash effects Changes in operating assets and liabilities Net cash flows from operating activities Cash flows from investing activities $
- 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…ACCOUNT TITLES DEBIT CREDIT 160,000 304,000 358,500 817,300 Patent Prepaid rent expense Raw materials inventory Cash and cash equivalents Notes payable (due April 1, 2022) Investment in equity securities- FVPL Machinery and equipment Accumulated depreciation- machinery and equipment 435,100 525,910 6,200,500 1,860,150 227,350 56,280 Accounts receivables Goods in process inventory Bonds payable- at fair value 350,100 Bonds payable 1,200,000 748,950 8,450,000 Investment in debt securities- FVOCI Land Sales 5,800,210 Accrued interest income 51,500 Allowance for doubtful accounts 45,470 96,000 3,714,024 Premium on bonds payable Retained earnings (beginning) Raw material purchases Building Accumulated depreciation- building 1,730,540 5,145,000 1,029,000 Direct labor 813,900 Notes receivable (from trade customers) Loss on change in fair value attributable to credit risk of a financial liability designated as FVPL Unrealized loss on investment in equity securities- FVPL Finished goods…Balance Sheet as at As at 30/9/16 As at 30/9/15 $ $ Assets Current assets- Cash 8,200 9,400 Accounts Receivable 107,000 103,500 Inventory 82,700 71,300 Non-current assets less accumulated depreciation 242,600 245,700 Total assets 440,500 429,900 Liabilities and Owners' equity Current liabilities 117,000 120,000 Loan (repayable in 2019) 152,000 150,000 Total liabilities 269,000 270,000 Owners' equity 171,500 159,900 Total Liabilities and Owners' equity 440,500 429,900 Summarised Income Statement of Bishan Enterprise for the year ended 30 September 2016 $ Sales 990,000 Cost of goods sold 580,000 Gross profit 410,000 Operating expenses 350,000 Net profit 60,000 · Note - The owner withdrew $48,400 during 2016. Required: Calculate…