Create a Balance Sheet from the following information. The following trial balance was extracted from the books of a retal trader, who has been in business foRink KametTrial Balance as at 30 April 2020"Dr.Cr.Sales288, 128Purchases143,568216,000108,00020,790EqupmentMotor VehicleDepreciation expenseProvision for depreciation - EquipmentProvision for depreciation - Motor VehldeOpening stockReturns In81,90036,00028,1701,170Returns out432Accounts payablesAccounts recelvablesBad debts expenseBank45,79451,4801,89036,79213,5002,6102,4303,294CashCarlage inCalage outDiscounts allowedDiscounts recelvedСapitalDrawingsRentInsurance2160212,05822,50043,2006,012Interest expenseLoan7.43452,0001,548Provision for bad deotsTelephoneWater rates5,9405.240720,020720,020Stock at 30 Apri 2020 was $25,700You are required to prepare the financial statements (Income Statement and BalanceSheet) for the year ended 30 April 2020

Final accounts are prepared to find the net losses and gains to be shown in the financial position…

The folowing tral balance was extracted from the books of a retal trader, who has been in business to Rink Kamet Tral Balance as at 30 Apri 2020 "Dr. Cr. Sales 288, 128 Purchases 143,568 216.000 108,000 20,790 Equpment Motor Vehicie Depreciation expense Provision for depreciation - Equipment Provision for depreciation - Motor Vehide Opening stock Retuns in 81.900 36.000 28,170 1,170 Retums out 432 Accounts payabies Accounts recelvabies Bad debts expense Bank 45,794 51,480 1,890 36,792 13.500 2610 2430 3.294 Cash Camage in Camage out Discounts allowed Discounts recelved Captal Drawings Rent Insurance 2160 212.058 22.500 43.200 6,012 7434 Interest expense Loan Provision for bad dects 52.000 1,548 Telephone Water rates 5,940 5240 720.020 720,020 Stock at 30 Apri 2020 was S25,700 You are required to prepare the financial statements (Income Statement and Balance Sheet) for the year ended 30 April 2020 .... ... ...

The folowing tral balance was extracted from the books of a retal trader, who has been in business to Rink Kamet Tral Balance as at 30 Apri 2020 "Dr. Cr. Sales 288, 128 Purchases 143,568 216.000 108,000 20,790 Equpment Motor Vehicie Depreciation expense Provision for depreciation - Equipment Provision for depreciation - Motor Vehide Opening stock Retuns in 81.900 36.000 28,170 1,170 Retums out 432 Accounts payabies Accounts recelvabies Bad debts expense Bank 45,794 51,480 1,890 36,792 13.500 2610 2430 3.294 Cash Camage in Camage out Discounts allowed Discounts recelved Captal Drawings Rent Insurance 2160 212.058 22.500 43.200 6,012 7434 Interest expense Loan Provision for bad dects 52.000 1,548 Telephone Water rates 5,940 5240 720.020 720,020 Stock at 30 Apri 2020 was S25,700 You are required to prepare the financial statements (Income Statement and Balance Sheet) for the year ended 30 April 2020 .... ... ...

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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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%…
Prepare the Statement of Comprehensive Income of Royal Traders for the year ended 28February 2021.INFORMATIONThe trial balance, adjustments and additional information given below were extracted from the accounting records ofRoyal Traders on 28 February 2021, the end of the financial year.ROYAL TRADERSPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2021Balance sheet accounts sectionCapital 301 000Drawings 134 720Vehicles at cost 360 000Equipment at cost 240 000Accumulated depreciation on vehicles 186 000Accumulated depreciation on equipment 62 000Trading inventory 140 000Debtors control 62 000Provision for bad debts 8 000Bank 42 800Cash float 1 000 Creditors control 82 800Mortgage loan: Leo Bank (18% p.a.) 160 000 Nominal accounts section Sales 1 000 000Cost of sales 480 000Sales returns 8 000Salaries and wages 178 000Bad debts 2 000Stationery 4 000Rent expense 42 880Motor expenses 34 000Bad debts recovered 2 000Telephone 14 000Electricity and water 24 000Bank charges 6 000Insurance 12…
Hello, Please assist with below accounting question, requesting note for financial statements???? Prepare the following note to the financial statements as at 28 February 2020: Property, plant and equipment Information as per belowThe following balances appeared in the general ledger of Umzinto Traders on 01 March 2019, the beginning of the financial year: Vehicles 300 000 Accumulated depreciation on vehicles 140 000 Equipment 130 000 Accumulated depreciation on equipment 75 000 Additional information 1) A new vehicle, cost price R160 000, was purchased on credit on 01 December 2019. 2) Equipment with a cost price of R10 000, was sold for cash on 31 August 2019 for R2 000. The accumulated depreciation on the equipment sold amounted to R7 000 on 01 March 2019. 3) Depreciation is calculated on equipment at 10% per annum on cost. 4) Depreciation is calculated on vehicles at 20% per annum on the diminishing balance.
Scanned with CamScanner Scanned with CamScanner Balance Sheets as at 31 December Non current asse Current assets ess depreciation Accounts reco Total assets Accounts pavable oan hotes Net awetse entory at 1 January 2018 was E50,000. Required: 2018 and 2019 Cn Net promt capons for and signi of any changes in the ratios shown by your calaton Scanned with CamScanner given below. Income Statements for the years ending 31 December 2018 2019 £00 £000 £000 E000 Sales Less Cost of sales Gross profit 200 (150) 50 280 (210) 70 Less Administration expenses 38 46 Loan note interest 4 (50) (38) 12 Net profit 20
Hi there Please help with the following accounting question Journalise ALL the above transactions for the year ended 28 February 2021 in the General Journal including the year-end adjustment entries for depreciation. Round off to the nearest Rand Narrations are not required The format has been provided ??
The following trial balance has been extracted from the ledger of Mr robert a sole trader as at 31 may 2018 Trial balance DR(sh). CR(shs) Property at cost. 900000 Equipment at cost 575000 Provision for depreciation on. 325000 equipment Provision for depreciation on property 125000. 274000 Stock as at 1 june 2017 Purchases. 2596000 Sales 4050000 Discount allowed. 33700 Discount received. 44200 Wages and salaries. 523600. Bad debts. 17200 Loan interest. 15600 Carriage outwar . 53100 Other operating expenses. 388000 Trade debtor . 462000 Trade credits 336000 Provision for bad debts 2800 Cash on han .…
The Trial Balance TBA Limited contained the following accounts (alphabetically) at December 31, 2020, the end of company's fiscal year. Accounts .. . .. .. . .. Balances ($).... ||| .... Accounts .. . . . Balances ($) Accumulated Depreciation-Building. . 127000 .... ||| . Accumulated Depreciation-Equipment. 35000.... ||| .... Merchandise Inventory . 227000 Additional Paid in Capital-Common Stock. 229000.... ||| . ... Mortgage Loan .. . . 104000 Loss on Sale of Property . . 7310 Auditors Fee .. .. ... . .... .... ..... ..... .. 204000.... I|I .... Rent Revenue . . . . 53000 Buildings. . 401000.... ||| .... Retained Earnings 51400 ....... . u. Cash 199660 - ||| . ... Salaries and Wages Expense . . 104000 .... .... .... ........ .... ..... ... ..... ..... ..... ... Common Stock ($2 each).. III .... Sales .. . .. ... . .. .. . 1755000 **** .... .... .... .. 119000 Cost of Goods Sold . . . . 1094000 .... ||| .... Sales Returns and Allowances .. 9030 Equipment . . ... .... ... .........…
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?
Your new audit client, Guimba Company prepared the trial balance below as of December 31, 2021. The company started its operations on January 1, 2020. Your examination resulted in the necessity of applying the adjusting entries indicated in the additional data below. Guimba Company Trial Balance December 31, 2021 Cash 510,000 Accounts Receivable-net 600,000 Inventories, 12/31/2020 669,000 660,000 990,000 Land Building Accumulated depreciation, building Machinery Accumulated depreciation, machinery Sinking fund assets Bond discount 19,800 444,000 45,000 75,000 75,000 105,000 Treasury shares Accounts payable 567,000 Accrued bond interest 11,250 First mortgage, 6% sinking fund bonds Share capital 679,500 1,500,000 Share premium Donated shares 150,000 180,000 Retained earnings, 12/31/2020 Net sales Purchases Salaries and wages 222,450 2,625,000 850,500 Factory operating expenses Administrative expenses 507,000 364,500 105,000 Bond interest 45,000 6,000,000 6,000,000 Additional data are as…
The following pre‐adjustment trial balance appeared in the books of Musketeer Traders at the end of their financial year 30 September 2019. Ignore VAT. (attatched in 1.JPG Additional information and adjustments as at 30 September 2019: The stock take revealed the following items on hand: ‐ Trading Inventory – R 11 000 ‐ Office consumables – R 340 Depreciation must be provided for on vehicles at 25% per annum according to the straight‐line method. No vehicles were bought or sold during the year. The following adjustments must be made to enforce the accrual concept: ‐ Wages and salaries payable – R 6 000 ‐ Telephone prepaid for October 2019 – R 1 300 ‐ Rent income received in advance – R 3 500‐ Accrued interest on fixed deposit – R 5 350 Create an allowance for credit losses to the amount of R 870. Required: Prepare the post adjustment trial balance of Musketeer Traders on 30 September 2019.
The following pre‐adjustment trial balance appeared in the books of MusketeerTraders at the end of their financial year 30 September 2019. Ignore VAT.Folio Debit(R) Credit(R)Statement of financial position sectionCapital 400 000Drawings 5 500Land and Buildings 450 000Motor Vehicles 225 000Accumulated depreciation: Vehicles 65 000Financial Asset: Fixed deposit : JPHouse107 000Bank 3 200Debtors control 48 220Trading Inventory 24 640Mortgage Loan 210 520Creditors Control 33 980Nominal Accounts SectionSales 1 200 000Sales Returns 18 800Cost of Sales 800 340Rent Income 45 000Interest Income 4 600Service Income 8 700Rent Expense 66 700Folio Debit(R) Credit(R)Credit Losses 3 500Wages and Salaries 102 380Cleaning Materials 6 300Office consumables 5 400Interest on mortgage loan 2 500Electricity 11 250Rates and services 4 870Fuel 12 300Advertising 50 700Telephone 25 6001 971 000 1 971 000Additional information and adjustments as at 30 September 2019:1. The stock take revealed the following items…
You were assigned to perform audit procedures on the investments account of Classic Corporation for 2020, yourfirst-time audit of the client. The current asset portion of Classic Corporation’s statement of financial positionshows the following information as of December 31, 2019: Current Assets Note As of December 31, 2019 Cash and cash equivalents 5, 14 P 3,985,000 Receivables, net 6, 14 7,742,000 Inventories 7 15,859,000 Short-term investments 8, 14 3,280,000 Other current assets 10 352,000 Total current assets P 31,218,000 Note 8 on investments described the investments as equity securities held primarily for being traded to takeadvantage of price fluctuations in the market. The following information shows the breakdown of the investmentaccount per client’s subsidiary records: Held for Trading Securities: Securities No. of Shares Market Price Amount SMC Ordinary 5,000…