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- for each of the financial statement items, identify the estimate(s) from the following (1-11) list that are required in the measurement of that item on the financial statements. For each select 3 of them. Account Receivable A. b, C, • Inventory A. b, C, Equipment A. b, C, Warranty Liability A. b, C, Sales revenue А, b, C, Revenue from long term contract b, A. Cost of good sold. C, A. C, 1. Cost to repair or replace product. 2. Cost of each item sold/held. 3. Customer default rate 4. Degree of progress fulfilling contract. 5. Pattern of benefit obtained. 6. Prices of inventory items 7. Profitability of contract 8. Rate of defect 9. Residual value at end of useful life 10. Speed of collection 11. Useful livesThe December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Debits 14,600 345,000 14,500 54,000 640,000 Account Title Credits Cash Accounts receivable Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Notes payable (due in six months) Salaries payable Interest payable Common stock Retained earnings Sales revenue 266,000 78,000 72,000 7,800 2,400 400, 000 165,000 780,000 Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense 468,000 117,000 43, 500 64,000 4,800 5,800 1,771, 200 1,771, 200 Totals Required: 1-a. Prepare an income statement for the year ended December 31, 2021. 1-b. Prepare a classified balance sheet as of December 31, 2021. Re LA Reg 1a Re 2 Prepare an incoe statement for the year anded December 31, 2021. BLUEBOY CHEESE CORPORATION Income Satement For the Year Ended December 31, 221The following selected account balances were taken from the records of XYZ Company for the year 2021: Required: Prepare a statement of comprehensive income in one statement format for XYZ Company for the year ended December 31, 2021. Use the function of expense method with supporting notes.
- You have partial information from an entity financial statements as follows: Accounts receivable Allowance for doubtful accounts Inventory FV-NI Investments Accounts payable Unearned revenues Equipment Accumulated depreciation - equipment Sales Cost of goods sold Depreciation expense Bad debt expense Loss on sale of equipment Loss on sale of FV-NI investments Holding gain- FV-NI investments Note also the following: Accounts written off that were recoved during 2024: $ $ $ $ $ 2024 4,450,000 $ (198,000) $ 3,820,000 $ 1020000 2,740,000 $ 365,000 $ 200,000 -98,000 $ $ $ $ $ 2023 3,690,000 (165,000) 4,490,000 925000 2,630,000 430,000 189,000 -89,000 20,560,000 9,250,000 10,000 356,000 5,500 5000 33000 25,000 Required 1) Calculate the cash collected from customers in 2024. 2) Calculate the cash paid to suppliers for purchase of inventory. 3) One FV-NI investment was sold during the year. Its carrying value at the beginning of the year was: $ 125,000 Calculate the NET cash generated/used up…On January 1, 2020, Beckham acquired a 2,000,000, 5 year bond, 10% bond for 2,169,329. Transaction cost is 4,500. The ongoing interest rate on the date of the acquisition of the bonds was 7.8859%. The fair value of the bond at the end of each year are listed below: Dec 31, 2020 Dec 31, 2021 Dec 31, 2022 101 98 105Based on the given, these ar the requirements: How much should be reported as “Uncollectible Accounts Expense” in its fiscal year ending May 31, 2021 statement of comprehensive income? How much is the balance of the “Allowance for Uncollectible Accounts” to be reported in the Statement of Financial Position as at May 31, 2021? How much is the Amortized Cost/Net Realizable Value of the Accounts Receivable at May 31, 2021?
- compare the current rate method and the temporal method, evaluate how each aff ects theparent company’s balance sheet and income statement, and determine which method isappropriate in various scenarios;The trial balance and additional information given below was obtained from the records of Vancouver Traders on 28 February 2020, the end of the financial year.REQUIREDUse the trial balance, adjustments and additional information to prepare the Income statement for the year ended 28 February 2020 Vancouver TradersPRE-ADJUSTMENT TRIAL BALANCE ON 28 FEBRUARY 2020Balance sheet accounts sectionDebitCreditCapital1 300 000Drawings96 000Land and Buildings912 000Vehicles at Cost672 000Equipment at Cost480 000Accumulated Depreciation on Vehicles384 000Accumulated Depreciation on Equipment168 800Fixed deposit: Fin Bank (9% p.a.)144 000Trading inventory123 000Debtors control142 420Provision for Bad Debts7 200Bank59 944Cash Float7 200Creditors Control133 344Mortgage Loan Fin Bank (12%)240 000Nominal Accounts SectionSales1 510 320Cost of sales432 000Sales returns9 600Salaries and wages427 200Bad debts13 400Stationery21 800Rates and Taxes57 100Motor expenses96 000 Repairs to building17 200Telephone32…1. What amount of receivable would be shown by Cabana Company relating to the factoring transaction on January 31, 2021? Please include solutions. Thank you.
- Do items reported as a credit memorandum on the kink statement represent (a) additions made by the hank to the companys balance or (1)) deductions made h the hank from the companys balance? Explain.Transactions Alex and Hagi decided to open a home cleaning service company, H@L The following information is a partial list of transactions from H@L Inc. January 1- Alex and Hagi each donated $ 25.000 in exchange for common stock to start the business. March 3- H@L Inc., paid $ 3.000 cash for a two-year insurance policy that was effective immediately. March 15-The Company purchased $8.000 of supplies on account. April 5- The Company purchased some cleaning equipment for $10.000 cash. The equipment should last for five years with no residual value. H@L company will take a full year of depreciation in 2020. May 1-H@L Inc., purchased a year's worth of advertising in a local newspaper for $ 1.200 cash. September 1- The Company obtained a nine-month loan for $ 15.000 at 5% from Do Not Trust Bank, with interest and principal payable on June 2021. December 31- The Company paid $ 5.000 of accounts payable owed from transaction 3. December 31- The Company earned service revenues of $ 26.225, of…Under IFRS 15, what is the net income/(loss) to be reported by the companyfor the year ended December 31, 2018?