6. The Receipt and Payment Account of Clean Club is given below: Clean Club Receipt and Payment Account For the year ended March 31, 2017 Amount (Tk) Payments Receipts Balance b/d (Cash in hand) Subscriptions Entrance Fees Donations Rent of hall Sale of investments 3,200 22,500 1,250 2,500 750 3,000 33,200 Salary Rent Electricity Printing and Stationery Sundry expenses Books purchased Govt. bonds purchased Fixed deposit with bank (on 31.03.2017) Balance c/d: Cash in hand Cash at bank Tk 400 Tk 1,500 Amount (Tk) 1,500 800 3,500 380 920 7,500 10,000 5,000 1900 33,200 Required: Prepare the Income and Expenditure Account of Clean Club for the year ended March 31, 2017.
Q: Georgia Huckabee has an adjusted gross income of $100,234 and itemized deductions that total $12,055…
A: Taxable income is the amount of income which is chargeable to tax or the amount which is left after…
Q: n provided to answer questions about the taxpayer's 2021 return. - Jasmine Dayne (29) is filing…
A: Taxation - In practically every nation on the planet, taxes are mandatory levies that are imposed by…
Q: On July 20, 2021, the XYZ Corporation received subscription for 5,000 shares of its P10 par value…
A: Share capital means the amount of share that has been issued to shareholder . Share premium means…
Q: Question: The Total rooms expense would be $4200.00 $2100.00 24% $6300.00
A: The total room expense is calculated by adding the Room payroll expense and rooms other expense as…
Q: Information pertaining to short term investments in 2016 by Walters Corporation follows: quired 15%…
A: Journal - Journal entries are written down in a journal or book of original entry before being…
Q: opening inventory 2400 units opening inventory 3300 units closing inventory 500 units closing…
A: A sales budget is a financial strategy that projects the entire income of a business over a given…
Q: Apart from the internal audit and whistleblowing functions, what other mechanisms can assist…
A: There are various methods to tackle fraud. Listed below are explained as under- 1. Background…
Q: Which statement is correct concerning interim financial reporting? I. An entity shall apply the same…
A: Financial statements includes the income statement, Balance sheet, statement of owner's equity and…
Q: if an auditor's report does not make a statement regarding the adequacy of informative disclosure in…
A: AUDIT PURPOSE The auditor's primary goals while performing a financial statement audit are (A)…
Q: A manager has offered various possible causes to explain why an adverse labour efficiency variance…
A: Labor efficiency represents the ability of the company to utilize its labor working in the…
Q: Last August 7, 2021, Violet Company issued 2,000 shares of its P10 par value ordinary share capital…
A: The shares can be issued by the business for cash or to acquire non cash assets. The non cash…
Q: Journalize the following merchandise transactions. Refer to the chart of accounts for the exact…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Question 3 Anggur Sdn Bhd produce 3 products, and the material cost per tonne and estimated annual…
A: According to Bartleby Guidelines, we are not allowed to answer more than 3 parts of a question.…
Q: The following incorrect income statement was prepared by the accountant of the Axel Corporation:…
A: INCOME STATEMENT Income Statement is one of the Important Financial Statement of the Company. Income…
Q: Uncle Ben saved $800,000 during the 25 years that he worked for a major corporation. Now he has…
A: ARR (Average Rate of Return) is the formula for determining the average return on investment by…
Q: On January 1, Boston Enterprises issues bonds that have a $3,400,000 par value, mature in 20 years,…
A: Bonds are borrowing security issued by a company to raise funds from the market by making an…
Q: In 2022, Miranda records net earnings from self-employment of $102,000. She has no other income.…
A: Self-employed people and small business owners are responsible for paying taxes to the government,…
Q: Gunnar Company gathered the following reconciling information in preparing its September bank…
A: Bank reconciliation Statement is prepared by the companyso as to find the difference in the cash…
Q: ctivity, share 2 specific examples of both cash receipts and cash payments based on 2 different…
A: Cash Flow Statement - The strength, profitability, and long-term prospects of a corporation may all…
Q: On June 8, Williams Company issued an $72,000, 7%, 120-day note payable to Brown Industries.…
A: The maturity amount of a bond is the total amount that the issuer of the bond has to pay in order to…
Q: Cost of goods sold Gross profit Operating expenses Depreciation expense Rent expense Salaries…
A: The cash flow statement tells about the flow of cash from the business. The cash flow is generated…
Q: The main difference between US GAAP and IFRS is?
A: The main difference between US GAAP and IFRS is that US GAAP is a set of accounting principles,…
Q: Does net debt ratio provide useful information to the investor? Are the NonGAAP measures, ROCE and…
A: Investors are the resources who bring their capital to the company with an intention to earn the…
Q: he balance sheets for Ehrlich Company showed the following information. Additional information…
A: Cash flow statement shows the cash inflow and cash outflow that is due to the operating activities,…
Q: Pippen Co. recorded operating data for its shoe division for the year. Sales $1,000,000 Contribution…
A: The contribution margin is the excess of sales revenue over the variable costs. The controllable…
Q: The total factory overhead for Bardot Marine Company is budgeted for the year at $646,800, divided…
A: Activity rates are those which are determined by the entity for computing the costs of different…
Q: the end of the current year, the accounts receivable account has a debit balance of $1,955,000 and…
A: Introductions:- A doubtful debt refers to an account receivable that is likely to become a…
Q: Question 3 Anggur Sdn Bhd produce 3 products, and the material cost per tonne and estimated annual…
A: According to Bartleby Guidelines, we are allowed to answer only 3 parts of a question. Please repost…
Q: efined contribution plan? I. An entity shall not disclose the amount recognized as expense for a…
A: Under the define contribution plan the primary funded by the employee as the participant differs a…
Q: Problem 13-17A (Algo) Horizontal analysis LO 13-1 Prepare a horizontal analysis of both the balance…
A: HORIZONTAL ANALYSIS OF BALANCE SHEET Horizontal analysis is used in financial statement analysis…
Q: P11.2A (LO 2, 3, 4) Remmers Corporation, a publicly traded company, was organized on January 1,…
A: Journal entry is the procedure for initially documenting commercial transactions in the books of…
Q: All else equal, which of the following factors would cause a bond to have a higher yield?…
A: Bond is that debt instrument which is used by the organization to finance its long term fund…
Q: The ABC Co. in 1997 and 1998 included certain factory administrative expenses in the general and…
A: Accounting changes are classified as a change in accounting principle, a change in accounting…
Q: Travis Company purchased merchandise on account from a supplier for $14,000, terms 2/10, net 30.…
A: Concept of 2/10, net 30: 2/10 means discount of 2% is valid for 10 days from the date of invoice.…
Q: Which statement is correct? I. Options and warrants are dilutive if the exercise price or option…
A: Since you have posted two question, we will do the first one for you. Please post the other question…
Q: A company purchases land, building and equipment for $1,500,000. An independent appraisal shows that…
A: Lets understand the basics. When more than one assets are purchased in lumsump then purchase…
Q: Journalize the transaction for the purchase of a truck on April 4 for $72,680, paying $5,800 c If an…
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: Bulldog Inc. recently made a $75,000 purchase from a vendor. The vendor will accept payment by check…
A: ACH Payment means Automated Clearing House Network. It is an electronic fund transfer which is made…
Q: Equivalent Units of Conversion Costs The Rolling Department of Kraus Steel Company had 7,220 tons in…
A: Solution... Equivalent unit of conversion costs
Q: am got a job at the Brick. He plans to save $500 every month for 3 years to buy a car. The savings…
A: In the given question, Sam puts the money of $ 500 in his savings account at the end of each month.…
Q: Define the role of a finance manager and how does it differ from accountant
A: A finance manager is responsible for managing the financial activities of an organization, such as…
Q: PROBLEM 4- Betty, Inc., incurs the following costs to produce and sell a single product. Variable…
A: The variable costing income statement is used for internal reporting purposes. The absorption…
Q: In July 2021, Cassie purchases equipment for $55,000 to be used in her business. Assuming Cassie has…
A: Cost recovery is the ability of businesses to recover (deduct) the costs of their investments. It…
Q: How much interest will you pay on a loan of $15 500 if you are paying the loan off in 9 months? Your…
A: On the income statement, the expenditure for interest is categorized as a non-operating item. It is…
Q: (a) What kind of lease is this to Ehrlich Company? Describe in detail and show your calculations…
A: The lease said to be a finance lease as the said lease term covers the substantial part of the…
Q: ASSETS Current assets Cash Accounts receivable Prepaid rent Total current assets Long-term assets…
A: TOTAL-DEBT-TOTAL-ASSETS RATIO The debt-to-total-assets ratio is help it measure at how much a…
Q: Current Attempt in Progress Concord Corporation purchased a 777 aircraft on January 1, 2020 at a…
A: Straight line method :— In this method, Depreciation expense is calculated by dividing depreciable…
Q: The Diversified Portfolio Corporation provides investment advice to customers. A condensed income…
A: Statement of Cash Flows :— It is one of the financial statement that shows change in cash and cash…
Q: Compute the simple interest INT for the specified length of time and the future value FV at the end…
A: Simple interest is the formula for determining interest with respect to the principal amount, time,…
Q: What is the effective interest rate on a 3-month, noninterest-bearing.note with a stated rate of…
A: EFFECTIVE INTEREST RATE The effective interest rate is also known as effective annual interest…
Please help me
Step by step
Solved in 2 steps
- Please try to answer accurately and accordance with requirements.Thank you!The general ledger of Emerates Traders Ltd includes the following accounts as at 30 June 2018:$000Sales Revenue 8,280Dividend Received 126Interest Received 65Cost of Sales 1,105Selling and Distribution expenses 450Administration expenses 1,550Finance costs 16Valuation loss on trading investments (considered a material item) 250Income tax expense charged to profit and loss 1,500Expenses classified by nature include:Auditors Remuneration:Audit of accounts 20Information technology controls advice 5 25Depreciation expense:Buildings 120Plant and Equipment 225 345Additional InformationThe valuation loss on investments held for trading is not tax deductible.Task 4a. Complete a Statement of Comprehensive Income showing expenses classified byfunction on the face of the Income Statement together with notes to the incomestatement including the material item.- Note that Emerates Traders Ltd discloses material items on the…Some selected balances of DD Co. for year ended Dec-31-2019 are as follows with theirnormal balances before adjustments:Cash and Cash Equivalent Br 20,000 Owners’ Capital 40,000Notes Receivables45,000Retained Earnings75,000Office Supplies12,000Sales Revenues640,000Prepaid Insurance72,000Interest Income12,000Inventory (Average Cost)24,000Cost of Goods Sold320,000Fixed Assets120,000Selling Expenses21,000Accum. Depr- Fixed assets36,000Salary and Wages Expense105,000Unearned Rent (Liability)56,000Rent Expense15,000Requireda. Prepare the necessary adjusting entries for the following items as not yet recorded on Dec-31-2019:i. The office supplies consumed during the year is Br 8,000ii. The Unexpired part of insurance is only Br 26,000iii. Br 30,000 is earned sales revenues from the unearned advance collectioniv. Salary and wages accrued as on 31-Dec-2019 amounts to be Br 18,000v. Depreciation Expenses allocated for the year amounts to be Br 15,000vi. There are accrued interest of Br 8,000 on…1. Prepare a Classified Statement of Assets & Liabilities as at 30th June 2023 Cash receipts and payments for the year ended 30th June 2023: Cash Receipts: Subscriptions 11,000 Bar sales Hire of function room $ Bank Bar inventory 30,000 5,300 Assets & Liabilities as at $46,300 Subscription in arrears Subscription in advance Bar equipment - at cost Accumulated depreciation bar equipment Bank Loan (Due 30/6/17) Accounts payable (bar) Accrued bar wages Prepaid rent expense Cash Payments: Bar purchases 12,000 Payments to accounts payable Telephone Insurance Cleaner's wages Electricity Bar wages Bank Loan interest Rent paid 1 July 2022 15,000 2,600 220 800 35,000 5,000 16,000 1,000 O 0 $ ? 6,000 900 1,200 1,500 800 5,000 2,900 10,000 $40,300 30 June 2023 2,400 880 270 35,000 6,000 16,000 2,000 100 500
- From the following information, calculate the amount of subscriptions to be credited to the income and expenditure account for the year 2018. Select one: a. OMR 28,000 b. OMR 36,000 c. OMR 32,000 d. OMR 56,000Following are the current asset and current liability sections of the balance sheets for Freedom Incorporated at January 31, 2023 and 2022 (in millions): Current Assets Cash Accounts receivable Inventories Total current assets Current Liabilities Note payable Accounts payable Other accrued liabilities Total current liabilities Req A January 31, 2023 $12 8 7 $ 27 Req B and C Working capital Current ratio 4 3 $ 11 January 31, 2022 Required: a. Calculate the working capital and current ratio at each balance sheet date. b. Evaluate the firm's liquidity at each balance sheet date. c. Assume that the firm operated at a loss during the year ended January 31, 2023. How could cash have increased during the year? $ 9 11 11 $ 31 Complete this question by entering your answers in the tabs below. 1 3 01/31/2023 01/31/2022 $8 Calculate the working capital and current ratio at each balance sheet date. Note: Enter "Working capital" in millions of dollars (i.e., 10,000,000 should be entered as 10).…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
- 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 holonYour email will be recorded when you submit this form * Required Consider the following selected financial information for Green Woods Company. Green Woods Company Income Statement For the Year Ended December 31, 2020 Green Woods Company Balance Sheet For the Year Ended December 31, 2019 & 2020 2020 2019 Assets |Cash Accounts Receivable Inventories Plant & Equipment Less: Accimiulated Depreciation $480 $510 S$90 $960 Revenues S650 7/100 S980 $3140 $2.150 (S1 520)S870) $3.3.40 S3,310 Less: Depreciation expense Less: Other operating expenses Total Assets Liabilities &OE Less: Interest Expense 40 $810 Is17015550 T/S120/S2.80 Income before income taxes INehornts Paable Income Tax Payable Income tax expense $S40 S7100 / SĨ350 Net income Retained FarnenE What is the het dashYour email will be recorded when you submit this form *Required Consider the following selected financial information for Aishti company. Aishti Company Income Statement For the Year Ended December 31, 2020 Aishti Company Balance Sheet For the Year Ended December 31, 2019 & 2020 2020 2019 Assets Cash $2,415 $5,040 Revenues $94,500 Accounts Receivable $5,355 $6,195 Inventories $10,290 $10,080 Less: Depreciation expense $6,825 Plant & Equipment Less: Acc. Depreciation Total Assets $22,575 ($15,960) (S9,135) S35,070 $32,970 Less: Other operating expenses 74,550 S34,755 Less: Interest Expense 3,990 Liabilities & O/E Accounts Payable Income Tax Payable Long-Term Debt Common Stock Retained Earnings Total Liabilities and O/E $3,885 $1,26 $9,555 $11,550 $8,820 S35,070 $5,775 $2,94 S8,715 $14,175 S3,150 S34,755 Income income taxes $9,135 Income tax expense $3,197 Net income $5,938 1. Using the indirect method of cash flow statement, what is the net cash provided by opera jactivities for the…
- 8. The ownerwithdrawscash forpersonalused.9. Thecompanypurchasesland by paying halfin cash andsigning anote.10. Thecompanypays thesupplier fortheirpurchaseslast month.The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.13.Surekha 's trial balance was as follows. Trial Balance for the year ended 31st March, 2008 Debit Balances Amt? Credit Balances Amt 1,50,000 By Provident Fund 10,000 By Interest on Provident 50,000 fund Investment 15,500 By Purchase return 10,000 By Sundry Creditors 5,800 By Sales 7,200 By Capital 17,500 300 To Purchases 11,000 To Sales return To Sundry Debtors To Opening Stock To Salaries 500 10,000 20,000 2,06,300 50,000 To Wages To Furniture To Machinery To Bad debts To Advertisement(for 3 years from 1" Oct.,2007) 3,000 10,000 1,000 3,000 4,500 10,000 2,97,800 To 10% Provident Fund Investment To Provident Fund contribution To Insurance To Drawings: To Deferred Revenue expenses 2,97,800 Adjustments : 1.Closing stock on 31* March 2008 -Cost price ? 70,000 2.Depreciate - Machinery by 10% and Furniture by 20% 3.Goods worth 78,000 sold by 25% profit on keep or return scheme. 4.Outstanding expenses – Wages 2,000; Salaries 35,000 5.Write off 1,000 as bad debts and provide reserve for…