A sports club formed on 1 January was 2019. During the year ended 31 December 2019 the club purchased equipment costing GHC 5000, paying by cheque. In which of the club's financial statements did this appear?
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- 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…A sports club was formed on 1 January 2019. During the year ended 31 December 2019 the club purchased equipment costing Ghc5000, paying by cheque. In which of the club's financial statement did this appear?You are given the following information: On 01/04/2019, the company XPSO paid to the owner of the property (company KLM) the rents for one year with a total amount of € 66,000. At the time of payment, the account was charged prepaid rents. The landlord displayed the amount of rent collection in an obligation account. The payment of rents concerns the same property. Requested: Α. Relevant calendar entries 01/04/2019, 31/12/2019, 01/04/2020 for the company XPSO Β. Relevant calendar entries 01/04/2019, 31/12/2019, 01/04/2020 for the company KLM You are given the following information: The company DELTA 01/05/2019 received a long-term loan from the National Bank of Greece amounting to 205,000 with an annual interest rate of 7%. Interest is charged twice a year 30/4 and 31/10. The repayment of the full amount of the loan will take place on 30/04/2024. Requested: The relevant calendar entries 01/05/2019, 31/10/2019, 31/12/2019, 30/04/2020 and 31/10/2020 and 31/12/2020 for the company…
- Under ABC Company’s accounting system, all insurance premiums paidare charged to insurance expense. Information for the year endedDECEMBER 31, 2020 is as follows: prepaid insurance, beg. is P150,000;renewal of insurance charged to expense during the year applicable forthe period April 1, 2020 - 2021 is P500,000. What is the insurance expenseusing the accrual basis accounting? A. P275,000B. P500,000C. P525,000D. P650,000E. answer not givenCompany Z has a deposit with ABC Bank. It obtained a loan from ASAP Financing Corp. in connection with the operation of its business. For the year 2021, assume the following:Company Z’s Net Income before Interest Expense (subject to 25%), P2,500,000Interest Income (from ABC Bank, gross of FWT), P480,000FWT on Interest Income, P96,000Interest Expense, P200,000How much is the taxable income of Company Z for 2021 after deducting interest expense?Alamkoto Corp. reported the following data for 2019: a. P1,060,000 b. P1,000,000 c. P960,000 d. P970,000 e. Answer not given
- On January 1, 2019, Northern Manufacturing Company bought a piece of equipment by signing a non-interest-bearing $80,000, 1-year note. The face value of the note includes the price of the equipment and the interest. The effective interest rate is an annual rate of 16%, and the note is to be paid in four $20,000 quarterly installments on March 31, June 30, September 30, and December 31. The price of the equipment is the present value of the four payments discounted at the effective interest rate.Open, post to and balance the appropriation account in the general ledger of Newcastle Enterprises for the year ended 29 February 2020.(Round to 2 decimal places)Planning Wizards, LLC is an event-planning company. Which of the following would be included in the current asset section of a classified balance sheet dated December 31, 2019? a. 15-month certificate of deposit b. Customer advances on New Year's parties c. Last month rent payment (lease expires in 2021) d. Investment in stocks, to be sold in 2020 e. Income tax refund receivable f. Inventory Select one: d, e, and f e and f a, b, c, e, and f a, b, c, d, e, and f b, e, f
- Subject: Advanced Financial Accounting Question has been provided on attached picture below, Required:(i) Determine the issue price of the debenture.(ii) Provide the journal entries at 1 July 2018 and 30 June 2019.E. What should have been the ENTRY to record the receipt of note from Company A on May 1, 2020? F. What should be the carrying value of the note received from Company A on May 1, 2020 G. How much is the gain or loss on sale of the land, if any?Q1: How much is the investment income on 2021? Q2: How much is the carrying amount of the Investment in Associate as of December 31, 2021?