Prepare a(an) worksheet, income statement and balance sheet for the year 2021. The cells in the sheet and sheets itself must be linked together.
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- Corporation Partlal Starternent of Finandal Position 20-וו at Decamber 31, 2020 2020 2019 21-24 Bulldings and equipment Accumulated deprecation-bulldings and equlpmet Intanglble assets Accumulated amortizatlon Investment, non-trading €60 000 62 000 Inventory 48 100 37 000 Prepald expenses Accounts recelvable (net) 4 300 2 500 49 800 22 000 Divldend recelvable Cash 9 100 10 000 192 000 181 000 Total assets Share capital-ordinary Retained earnings Other comprehensive income Bond payable-lang-term Notes payable-bank, long-term Notes payable-bank, short-term €103 000 147 000 74 000 74 000 4 800 16 000 Unearned revenue 11 700 10 500 81 900 5 500 24 900 Accounts payable Interest payable Dividend payable 9 400 31 700 27 000 Total llabilities and shareholders' equlty Additlonal Information from the footnotes to the financlal statements reveals that - Net Income for 2020 amounts to C162 800: For the year 2020, the company recognlzed depreclation of €22 000, amortization of €4 200, and galn on…PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 155,100 74,800 87,000 2,400 171,800 88,000 72,800 1,200 Accounts receivable Inventory Prepaid rent Long-term assets: Land 440,000 732,00ө (406, ө00) $1,085,300 440, ө0ө 630,000 252,000) $1,151,800 Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: 91,000 6,900 6,400 $ 77,800 13,800 4, 200 115,000 230,000 Common stock 660,000 206,000 $1,085,300 660,000 166,000 $1,151,800 Retained earnings Total liabilities and stockholders' equity Additional Information for 2021: 1. Net income is $61,000. 2. The company purchases $102,000 in equipment. 3. Depreciation expense is $154,000. 4. The company repays $115,000 in notes payable. 5. The company declares and pays a cash dividend of $21,000. %24 %24 %24selected intoomation The Following is Foom Meney Company's Cooperative balance Sheets At decombeo 31 2020 Rs.155,000 2019 es 260,000 fuaniture Accumulate d depseceation (74,400) 421y 400) The income state ment Yeports deptecti expense For the yegsnituse costng Jusniture costing seld Fos its the 170om the sale of Rs 36 000 Rs 105,000 book cash of Also was Value, furniture. Yee cuied Conpute
- ShafNita Sdn. Bhd. Statement of Financial Position as at 31 December2019 2020RM RM RM RM Non Current AssetsBuilding 100,000 100,000Fixtures less accumulated depreciation 3,600 4,000Van less accumulated depreciation 7,840 14,800111,440 118,800 Current AssetInventory 11,200 24,800Trade account receivable 12,800 16,400Bank 1,800 -Cash 440 400 26,240 41,600Total assets 137,680 160,400Finance by:Capital account:Balance at 1 January 74,080 105,080Add: Net profit for the year 70,400 42,320Cash introduced - 20,000144,480 167,400Less: Drawings (39,400) (43,200)105,080 124,200 Non Current LiabilitiesLoan (repayable in 10 years time) 20,000 30,000Current LiablitiesAccount Payable 12,600 6,012Bank overdraft - 188Retained earnings 32,600 36,200Total liabilities and equity 137,680 160,400 Additional information at 31 December 2020: Fixtures bought in 2020 cost RM800. Van bought in 2020 cost RM11,000. Required: Prepare statement of cash flow for ShafNita Sdn. Bhd. for the year ended 31 December…Refer to the following data of OCT2023CPACompany: Assets to be realized 1,375,000Assets acquired 825,000 Liabilities liquidated 1,875,000Assets realized 1,200,000Liabilities not liquidated 1,700,000 Assets not realized 1,375,000Llabilities assumed 1,625,000Llabilities to be liquidated 2,250,000 Supplementary charges 3,125,000 Supplementary credits 2,800,000 Compute the beginning cash balance assuming that the ending balance of ordinary share and retained earnings are P1,200,000 and (400,000), respectivelyEastwood CompanyAdjusted Trial BalanceDecember 31, 2020 Debit Credit Cash $ 41,000 Accounts Receivable 163,500 Allowance for Doubtful Accounts $ 8,700 Prepaid Insurance 5,900 Inventory 208,500 Equity Investments (long-term) 339,000 Land 85,000 Construction in Process (building) 124,000 Patents 36,000 Equipment 400,000 Accumulated Depreciation—Equipment 240,000 Discount on Bonds Payable 20,000 Accounts Payable 148,000 Accrued Liabilities 49,200 Notes Payable 94,000 Bonds Payable 200,000 Common Stock 500,000 Paid-in Capital in Excess of Par—Common Stock 45,000 Retained Earnings 138,000 $1,422,900 $1,422,900 Additional information: 1. The LIFO method of inventory value is used. 2. The cost and fair value of the long-term investments that consist of stocks (with ownership less than 20% of total shares) are the same. 3. The amount of the Construction in Progress…
- Balance sheet 2020 2021 Plots 80.000 98.000 Mechanical equipment 100.000 140.000 Accumulated depreciation machine. Equipment (25.000) (26.000) Commodities finished stock 25.000 33.000 Customers 45.000 17.000 Promissory notes receivable 30.000 20.000 Suppliers' advances 3.000 6.500 Cash resources 51.000 35.000 Total assets 309.000 323.500 Share capital 145.000 145.000 Results in re-employment 11.000 104.000 Long-term liabilities (same loan) 51.000 67.000 Suppliers 30.000 3.500 Cheques payable 70.000 1.000 Interest payable 2.000 3.000 Total own funds and liabilities 309.000 323.500 Profit and loss statement Sales 215.000 Cost of sales (67.000) Other operating expenses (16.000) Depreciation (14.000) Loss from the sale of mechanical equipment (3.000) Earnings before interest…PROBLEM 1 BHEVERLYNN CORPORATIONSTATEMENTS OF FINANCIAL POSITIONAS AT MARCH 31,2021 AND 2020 (in peso)2021 2020 ASSETS Noncurrent AssetsProperty, Plant and equipment 1,125,000 742,000 Intangible assets 320,000 150,000 Financial asset at amortized cost 289,600 294,000 Investment in associate 144,000 120,000 Total noncurrent Assets 1,878,600 1,306,000 Current AssetsInventories 390,000 237,000 Prepaid expenses 23,000 15,000 Trade receivables 284,000 319,000 Financial assets at fair value through profit or loss (FVPL) 175,000 325,000 Temporary investments 148,000 46,000 Cash 54,000 102,000 Total current assets 1,074,000 1,044,000TOTAL ASSETS 2,952,600 2,350,000 EQUITY AND LIABILITIES Equity Share capital – P1 ordinary shares 550,000 400,000 Share premium 300,000 100,000 Revaluation surplus 130,000 60,000 Retained earnings 321,000 264,000 Retained earnings appropriated 250,000 100,000 Treasury shares (17,500) (25,000) Total equity 1,533,600 899,000 Noncurrent Liabilities Long-term loans…Loans and borrowings Deferred taxek liability 14,130 10,220- 1,010 960- 15,140 11,180 Current Liabilities Trade payable Current tax 1,260 1,140 1,040 920 payable Interest payable 980- 740k 3,280 40,190 2,800 32,960 Total Equity and Liabilities 2019 £'000 2018 £'000 Sales Cost of sales Distribution costse Administration expenses Gain on disposal of PPE 22,000 (11,800) (3,100) (1,630) 280 16,000 (8,200) (2,600) (1,420) Interest expensee a Тах еexpensee (1,140) (1,820) (760) (1,240) Net profit 2,790 1,780 1. The company disposal of PPE during the year with a book value of £1,000,000. 2. Depreciation of property, plant and equipment for the year was £650,000.4 The intangibles were acquired for cash towards the end of the year and were not sub ject to any amortisation in the current period.e 3. Prepare the statement of cash flows using the indirect method.
- 2020 R0'000 2019 R0'000 ASSETS Non-current assets Property, plant and equipment 238,924 246,322 Right-of-use assets 3,246 3,479 Capital spares 566 487 242,736 250,288 Current assets Inventory 1,913 1.911 Trade and other receivables 15,249 5,118 Short term deposit 1,154 1,578 Cash and cash equivalents 1,543 1,883 19,859 10,490 TOTAL ASSETS 262,595 260,778 List all the fixed assets and categorize them in Tangible and Intangible Assets Using Notes to Accounts.ation in ear: During uilding Pl,160,000 800,000 000,000 been 1,220,000 1,200,000 1,180,000 d. 1,160,000 b. units. C. goods to be arged Grey Company acquired a machine with a cash price of abor. P2,000,000. 400,000 1,200,000 800,000 Down payment n 000 shares of Grey Company at fair value Prior to use, installation cost of P50,000 was incurred. The achine has a residual value of P100,000. What is the initial measurement of the new machine? ring 8. 2,000,000 b. 2,400,000 C. 2,050,000 d. 2,450,000 ry Problem 23-14 (IAA) ost. Çorner Company puchased a van with a list price of P3,000,000. The dealer granted a 15% reduction in list price nd and an additional 10% cash discount on the net price if payment is made in 30 days. at Irrecoverable taxes amounted to P40,000 and the entity paid an extra P30,000 to have a special horn installed. ad What amount should be recorded as initial cost of the van? 2 2,550,000 0. 2,335,500 at 2,365,000 d. 2,325,000 payment plan but a have P120,000 was and…Orbit Limited : Statement of Financial Position as at 31 December 2022 2021 Non-current Assets R11 810 000 R7 560 000 Property, Plant, Equipment R10 025 000 R6 250 000 Investments R1 785 000 R1 310 000 Current Assets R4 190 000 R4 690 000 Inventories R 1 875 000 R2 350 000 Account Receivable R1 925 000 R2 200 000 Cash R390 000 R140 000 Toatal Assets R16 000 000 R12 250 000 Equities & Liabilities Equity ? ? Oridanary share capital R5 480 000 R3 680 000 Retained earnings ? ? Non-current Liabilities R4 500 000 R3 800 000 Loan (20% p.a) R4 500 000 R3 800 000 Current Liabilities R2 300 000 R1 500 000 Accounts payable? R2 300 000 R1 500 000 Calculate the increase in the retained earnings over the two-year period.