1. Following is the trial balance of Only You Enterprise: Trial Balance as at 31 August 2020 Debit RM Sales Purchases Opening Inventory Carriage outwards Carriage inwards Returns inwards Returns outwards Salaries and wages Motor Expenses Rent Sundry expenses Motor vehicles Fixtures and Fittings Debtors Creditors Cash at bank Cash in hand Drawings Capital 11,556 3,776 326 234 440 2,447 664 576 1,202 2,400 600 4,577 3,876 120 2,050 34,844 Credit RM 18,600 355 3,045 12,844 34,844 Inventory as at 31 August 2020 was RM4, 998. You are required to: (a) Prepare an income statement for the year ended 31 August 2020. (b) Prepare a balance sheet as at 31 August 2020.

1. Following is the trial balance of Only You Enterprise: Trial Balance as at 31 August 2020 Debit RM Sales Purchases Opening Inventory Carriage outwards Carriage inwards Returns inwards Returns outwards Salaries and wages Motor Expenses Rent Sundry expenses Motor vehicles Fixtures and Fittings Debtors Creditors Cash at bank Cash in hand Drawings Capital 11,556 3,776 326 234 440 2,447 664 576 1,202 2,400 600 4,577 3,876 120 2,050 34,844 Credit RM 18,600 355 3,045 12,844 34,844 Inventory as at 31 August 2020 was RM4, 998. You are required to: (a) Prepare an income statement for the year ended 31 August 2020. (b) Prepare a balance sheet as at 31 August 2020.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.2MBA: Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the...

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Details about the account balances and general journal information of Maxwell Company for 2019 are given below. Beginning account balances for 2019 Amunt Ca Land Suli Unmed Reven ee Cn Sk Retainad Eanings 20.00 The following are the general journal information of Maxwell Соmpany for 2019 Mane Compy General ural. 219 Account T Event D Cre 1. Cad Bask Lon Offee Egieel 15.000 Cah 150 Accou Rocile 35,000 Service Reven 35, 4. Ca 15000 Account Roceinabe 15,00 Dividends 5000 Cah 5,00 hupaid Re 120 Cah 12,00 Lncamed Revenee 5000 Senice Reven Rest Eapee huped Ro 4.000 6000 Spples spense Supple 10,00 Required: b. Prepare T- Account c. Prepare Trial Balanc. d. Prepare Income Statement e. Prepare Balance Sheet
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A. You are provided with the following information form the accounts of BBS Ltd for the year ending 30 June 2019Cash Sales950 000Cost of Goods Sold35 000Amount received in advance for services to be performed in August 20199 500Rent expenses for year ended 30 June 20199 000Rent Prepaid for two months to 31 August 20191 200Doubtful debts expenses1 200Amount provided in 2019 for employees’ long-service leave entitlements5 000Goodwill impairment expenses7 000Required:Calculate the taxable profit and accounting profit for the year ending 30 June 2019.B. GYV Ltd has the following deferred tax balances as at 30 June 2019.Deferred tax asset $9 00 000Deferred tax liability $7 00 000The above balances were calculated when the tax rate, was 20 per cent. On 1 December 2019 the government raises the corporate tax rate to 25 per cent.Required:Provide the journal entries to adjust the carry-forward balances of the deferred tax asset and deferred tax liability.
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Prepare a vertical analysis scheduleHere is the operating data for Yalis Cleaning, Inc.:2021 2020Service revenue $523,000 $476,000Operating expenses 385,500 319,800Income tax expense 34,375 39,050Net income $103,125 $117,150PurposeThe purpose of this problem is to demonstrate an understanding of preparing a vertical analysis schedule.InstructionsAfter analyzing the transactions, prepare a vertical analysis schedule for the company for 2021 and 2020 using service revenueas the base amount. Round percentages to two decimal places.GuidanceFor formatting guidance, see the vertical analysis examples that are provided in Chapter 13 of the textbook.
lai Exam Dtd: 14-04-2021 Identify the Day-to-day expenses from the following. O a. Office Expenses O b. Fuel Oc Power O d. All the options
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YE3tcuBfirwShOSzu2prZ7nd44k0L-w/formResponse?pli=1 e following to answer the five questions below: owing accounts are extracted from the worksheet of X Company on ber 31, 2020 Sales Retums and Allowances S 410,000 Sales Discount 140,000 Sales 1,500,000 Salaries Expenses - Sales 52,000 Rent Revenue 22,000 Purchases Retums and Allowances 120,000 Purchases 600,000 Loss from write down of Inventory 17,000 Inventory, January 1, 2020 460,000 Interest Expense A 55,000 Gain from Sale of Building 23,000 Freight-out 14,000 Freight-in 30,000 Depreciation Expense - Sales 22,000 Cost of Goods Sold 600,000 n the data above, the inventory account sho ed a holon
You have been asked to help prepare the financial statements of Cee Jee trading co.for the year ended 31 December 2019. The company’s trial balance as at 31December and additional information is shown below:Cee Jee trading co.Trial balance as at 31 December 2019 DR (£) CR (£)Capital 90,428Drawings 19,004Purchases 778,144Sales 1,054,700Salaries 66,880Rent and rates 19,720Light and heating 8,284Irrecoverable (Bad) debts 3,768Allowance for Doubtful debts 7,404Trade receivables / Debtors 144,600Trade payables / Creditors 68,616Bank 5,632Cash 668Opening inventories 164,248Motor vehicle at cost 14,400Accumulated depreciation motor vehicle 4,200Total 1,225,348 1,225,3481. The inventories at the close of business at 31 December 2019 are valued at£198,712.2. The rent is 12,800 per annum, payable half-yearly in advance on the 31March and 30 September.3. Business rates for the year ending 31 March 2020 amounting to £2,976 werepaid in full in April 2019.4. Salaries to be accrued amount to…