TOOLSVIEWDocument6 - Wv. Mr. Jamil had taken RM1,200 worth of goods from stock for personaluse during the year. This has not been recorded.vi. Depreciation policies were:Machines - 20% straight line method4.Office equipment 20% straight line methodprVehicles - 30% reducing balance methodParRequired:a) Statementcher Comprehensive Income for thePurcoryearEnded 31 October 2020.Plantb) Statement of Financial Position as at 31 October 2020.VehicLand aAccumPlant aVehicleDiscountReturns inCarriageiSCREENS 6-7 OF 13P Type here to searchw LSVIEWDocument6 - WordSelling expenses8,820Drawings6,000Mr Jamil, a trader, completed a year's trading on 31 October 2020. TheWages48,000llowing balances were extracted from the business records:Stock at 1 Nov 20192,500articularsDebitCreditRMRMProvision for doubtful debts as at 1 Nov 2019650Purchases and Sales52,650160,720Debtors and creditors14,5008,600Sales returns and purchases returns3401,213Repairs2,370100,000LandBad debts240Machines140,000Jamil - Capital account as at 1 Nov 2019251,512Office equipment30,000Cash at bank3,400Vehicles75,000TOTAL495,495495,495Provision for depreciation at 1 Novermber 2019: Machines28,000Office equipment16,800Mr Jamil also provides the following information at 31 October 2020: i.Vehicles28,000Stock was valued at RM2,750ii. The provision for doubtful debts should be maintained at 5% of debtors. iii. Wages accrued amounted to RM1,500Office expenses11,500Cash in hand175iv. Office expenses prepaid amounted to RM342EENS 4-5 OF 136:48 AO Type here to search1Ow]CENG18/1/2

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Description: TOOLSVIEWDocument6 - Wv. Mr. Jamil had taken RM1,200 worth of goods from stock for personaluse during the year. This has not been recorded.vi. Depreciation policies were:Machines - 20% straight line method4.Office equipment 20% straight line methodp

Profit and Loss Statement for the year ended on 31st October 2020 Particulars Amount (RM)…

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v. Mr. Jamil had taken RM1,200 worth of goods from stock for personal use during the year. This has not been recorded. vi. Depreciation policies were: Machines - 20% straight line method Office equipment - 20% straight line method Vehicles - 30% reducing balance method Required: a) Statement Profit or Loss and Other Comprehensive Income for the year Ended 31 October 2020. b) Statement of Financial Position as at 31 October 2020. V. La Ace Pla

v. Mr. Jamil had taken RM1,200 worth of goods from stock for personal use during the year. This has not been recorded. vi. Depreciation policies were: Machines - 20% straight line method Office equipment - 20% straight line method Vehicles - 30% reducing balance method Required: a) Statement Profit or Loss and Other Comprehensive Income for the year Ended 31 October 2020. b) Statement of Financial Position as at 31 October 2020. V. La Ace Pla

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Flint Inc., a greetlng card company, had the following statements prepared as of December 31, 2020. FLINT INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $6,100 $7,100 Accounts recelvable 62,400 51,000 Short-term debt Investments (avallable-for-sale) 34,700 18,100 Inventory 40,400 60,300 Prepald rent 4,900 4,000 Equipment 154,100 130,600 Accumulated depreclatlon-equlpment (34,900 ) (24,800 ) Copyrights 46,400 49,800 Total assets $314,100 $296,100 Accounts payable $46,500 $40,200 Income taxes payable 4,000 6,000 Salarles and wages payable 8,100 4,100 Short-term loans payable 7,900 10,100 Long-term loans payable 59,600 68,400 Common stock, $10 par 100,000 100,000 Contributed capital, common stock 30,000 30,000 Retalned earnings 58,000 37,300 Total labiles &. stockholders' equlty $314,100 $296,100 FLINT INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $339,800 Cost of goods sold 176,500 Gross profit 163,300 Operating expenses…
The following Trial Balance was extracted from the books of Aso Ltd for the year ended 30th September 2018 Dr Cr GH¢ GH¢ Stated Capital 185,280 Revaluation surplus @ 1/1/2018 25,000 Income Surplus @ 1/1/2018 32,000 Inventory 24,200 91 days treasury bill 57,000 Sales 421,450 Purchases 167,350 Purchase returns 6,040 Electricity 2,230 Discounts allowed 2,420 Discounts received 4,270 Motor expenses 33,580 Bank 24,511 Salaries 108,000 Insurance 15,400 Receivables 110,140 Irrecoverable debts 1,420 Allowance for receivables 3,153 Trade Payables 76,288 General Admin expenses 6,780 9% Loan note (2016-2021) 150,000 Loan interest 12,000 Land and buildings @ cost 340,000 Accumulated depreciation for buildings 26,000 Equipment @ cost…
The trial balance of BCB Limited as at 31 December 2020 appeared as follows: Dr Cr Share capital 120,000 617,100 Sales revenue Purchases 223,500 You are provided with the following information. Returns inwards 4,800 Returns outwards Provision for doubtful 1. 5,500 The provision for doubtful debts is to be adjusted 50.as to represent 8% of trade receivables. 2,000 debts 2. Bad Debt of £1,200 to be written off. Bank 45,000 Inventory 46,000 3. Equipment's are to be depreciated by 20% using Motor Vehicles at Cost 75,000 the straight-line method. Motor Vehicles- Accumulated Depreciation 27,000 4. Motor vehicles are to be depreciated by 20% using the reducing balance method. Equipment at cost Equipment - Accumulated Depreciation Trade Payables 290,500 36,200 5. Outstanding bills for the period: Electricity - £725 6. 24,000 Insurance has been paid up until 31 March 2021. Trade Receivables 36,000 7. The closing inventory was valued at £39,000. 10% loan 40,000 10% loan interest 2,000 91,500…
JUBILEE’s trial balance from the general ledger at 31 December 2012 showed the following balances:GH¢’mGH¢’mRevenue 2,648Loan note interest paid3Purchases1,669Distribution costs514Administrative expenses345Interim dividend paid6Inventories at 1 January 2012444Trade receivables545Trade payables434Cash and cash equivalents2850Gp ordinary shares100Capital surplus814Retained earnings at 1 January 20123494% loan note repayable 2018 (issued 2010)150Land and buildings: Cost (including GH¢60m land) 380 Accumulated depreciation at 1/1/201264Plant and equipment: Cost 258 Accumulated depreciation at 1/1/2012126Investment property at 1 January 2012548Rental income48Proceeds from sale of equipment7,4,7404,740Further information to be taken into account:i. Closing inventories were counted and amounted to GH¢388m at cost. However, shortly after the year end out-of-date inventories with a cost of GH15m were sold for GH¢8m.ii. The company decided to change its accounting policy with respect to its 10…
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances:Accounts Debit CreditCash $ 42,700Accounts Receivable 44,500Supplies 7,500Equipment 64,000Accumulated Depreciation $ 9,000Accounts Payable 14,600Common Stock, $1 par value 10,000Additional Paid-in Capital 80,000Retained Earnings 45,100Totals $ 158,700 $ 158,700During January 2021, the following transactions occur:January 2 Issue an additional 2,000 shares of $1 par value common stock for $40,000.January 9 Provide services to customers on account, $14,300.January 10 Purchase…
Hancock Company reported the following account balancesat December 31, 2027:Sales revenue $97,000Dividends. $11,000Supplies 13,000Accounts payable 41,000Patent $59,000Building Common stock.. $27,000Insurance expense .... $31,000Notes payable .. $39,000Income tax expense $42,000Cash . . $19,000Repair expense ?Copyright $20,000Equipment $14,000Utilities payable. $22,000Inventory $64,000Retained earnings. .. $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... .. $37,000Accumulated depreciation .... $23,000 $34,000Accounts receivable ? Trademark. ... $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P - E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. ՄԴ S
The comparative balance sheets for Metlock Corporation show the following information. December 312020 2019Cash $33,500 $12,900Accounts receivable 12,400 10,000Inventory 12,100 9,000Available-for-sale debt investments –0– 3,000Buildings –0– 29,800Equipment 44,800 19,900Patents 5,000 6,300 $107,800 $90,900Allowance for doubtful accounts $3,100 $4,500Accumulated depreciation—equipment 2,000 4,500Accumulated depreciation—building –0– 6,000Accounts payable 5,000 3,000Dividends payable –0– 4,900Notes payable, short-term (nontrade) 3,000 4,100Long-term notes payable 31,000 25,000Common stock 43,000 33,000Retained earnings 20,700 5,900 $107,800 $90,900 Additional data related to 2020 are as follows. 1. Equipment that had cost $11,000 and was 40% depreciated at time of disposal was sold for $2,500.2. $10,000 of the long-term note payable was paid by issuing common stock.3. Cash dividends paid were $4,900.4. On January…
The accounts and balances shown below were taken from Unique Low Company's accounting records on December 31, 2021: Cash Marketable securities Accounts receivable (net) Inventory Accounts Payable 1.59 4.89 1.52 None of the above Php250,000 Determine the current ratio. Round to two decimal places. 3.16 100,000 165,000 180,000 220,000
Selected balance sheet accounts for Tibbetts Company on September 30, 2019. are as follows: Cash Marketable securities Accounts receivable, net Inventory Prepaid expenses $ 48,000 87,000 129,000 135, 000 21,000 Total current assetS $420,000 Accounts payable Other accrued liabilities $147,000 33,000 60,000 Short-term debt Total current liabilities $240,000 Required: a. Calculate the working capital, current ratio, and acid-test ratio for Tibbetts Company as of September 30. 2019 b. Summarized here are the transactions/events that took place during the fiscal year ended September 30, 2020. Prepare Journal entries for the below transactions and Indicate the effect of each item on Tibbetts Company's working capital, current ratio, and acid-test ratio. Use + for Increase, - for decrease, and (NE) for no effect. 1. Credit sales for the year amounted to $360,000. The cost of goods sold was $234.000 2 Collected accounts recelvable, $378,000. 3. Purchased inventory on account, $252,000. 4.…
1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What total amount should be reported as as current assets?
1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What is the total shareholders equity?
1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What total amount should be reported as as current liabilities?