Prepare the statement of comprehensive income for UPhongolo Ltd. Prepare the Statement of changes in equity for UPhongolo Ltd.
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- 1.The changes in account balances of ENIGMA Co. during 2020 are as follows: Assets: P133,500 increase Liabilities: P40,500 decrease Ordinary share capital: P90,000 increase Share premium: P9,000 increase. Assuming there are no changes in retained earnings except for net income and a dividend payment of P19,500, how much is the net income (net loss) for 2020?The trial balance of BCB Limited as at 31 December 2020 appeared as follows: Dr Cr Share capital 120,000 617,100 Sales revenue Purchases 223,500 You are provided with the following information. Returns inwards 4,800 Returns outwards Provision for doubtful 1. 5,500 The provision for doubtful debts is to be adjusted 50.as to represent 8% of trade receivables. 2,000 debts 2. Bad Debt of £1,200 to be written off. Bank 45,000 Inventory 46,000 3. Equipment's are to be depreciated by 20% using Motor Vehicles at Cost 75,000 the straight-line method. Motor Vehicles- Accumulated Depreciation 27,000 4. Motor vehicles are to be depreciated by 20% using the reducing balance method. Equipment at cost Equipment - Accumulated Depreciation Trade Payables 290,500 36,200 5. Outstanding bills for the period: Electricity - £725 6. 24,000 Insurance has been paid up until 31 March 2021. Trade Receivables 36,000 7. The closing inventory was valued at £39,000. 10% loan 40,000 10% loan interest 2,000 91,500…Problem 84 (LAA) Summa Company revealed the following account balances on December 31, 2020 Accota payable Accounta receivable, net of allowance for doubtful accounts PS0.000 Accrued taxes Aecrued interest receivable Autherined sbare capital, 60,000 aharea. P100 par Building, net ofaccumulated depreciation of P500,000 3,000.000 Cash on hand Cash in bank Bond sinking fund Furniture and equipment, net ofaccumulated depreciation of P900,000 Iaventory Investment property Land Deferred tax liability Bonds payable due June 30, 2021 Notes payable Notes reoeivable Patent Ocher accrued liabilities Prepaid expenses Share premium Retained earninge appropristed for contingencies Retained eantings Share ubecription receivable Subscribed share capital E000 shares Unianoed share capital 1000,000 50.000 30,000 5,000.000 50.000 650.000 2000.000 1,500,000 1,200,000 700.000 1,000,000 650.000 2.000.000 850.000 200,000 370,000 150,000 100,000 300,000 200,000 2.700,000 500,000 L000,000 2.000,000 Required:…
- Highland Company provided the following information c 3. What is the total shareholders' equity after Problem 22-14 (IFRS) bAA9DL on December 31, 2020: Cash Trade and other receivables Property, plant and équipment - net Trade and other payables Share capital Revaluation surplus -Retained earnings 2,000,000 2,600,000 4,600,000 1,800,000 4,000,000 400,800 3,000,000 The general price index numbers are 112 on January 1, 2017 which is the date of incorporation, 125 on December 31, 2019 and 280 on December 31, 2020. The property, plant and equipment were acquired on January 1, 2017 but were revalued on December 31, 2019. 1. What amount should be reported as total assets in a hyperinflationary statement of financial position? a 14,904,000 b. 13,800,000 c. 10,800,000 d. 16,100,000 2. What is the balance of retained earnings after restatement? a 3,104,000 b. 3,000,000 c. 3,504,000 d. 3,400,000 restatement? 13,104,000 10,000,000 c. 13,504,000 d. 7,000,000 698Category. Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 429,735.00 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 55,152.00 Interest expense 40,500 42,662.00 Inventories 279,000 288,000 Long-term debt 339,349.00 400,985.00 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 161,641.00 Retained earnings 306,000 342,000 Sales 639,000 848,846.00 Тахes 24,750 47,931.00XYZ Inc, published its financial statements for 2020. Assets: 1 000 million Equity: 1 000 million How much debt does XYZ Inc have for 2020? a. Cannot be determined b. less than 1 000 million C. 1 000 million d.more than 1 000 million
- Category Prior Year Current Year Accounts payable ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 431,516.41 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 55,946.66 Interest expense 40,500 41,874.31 Inventories 279,000 288,000 Long-term debt 336,467.85 401,942.46 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 161,499.58 Retained earnings 306,000 342,000 Sales 639,000 854,554.01 Taxes 24,750 48,384.56 ??? What is the current year's return on equity (ROE)? Submit Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign re rounded to 4 decimal places (ex: 0.0924))Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 428,571.00 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 54,035.00 Interest expense 40,500 42,155.00 Inventories 279,000 288,000 Long-term debt 339,577.00 401,377.00 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 162,171.00 Retained earnings 306,000 342,000 Sales 639,000 849,094.00 Taxes 24,750 47,192.00 What is the current year's entry for long-term debt on a common-sized balance sheet? (ROUND TO 4 DECIMAL PLACES.)Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 431,139.00 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 54,349.00 Interest expense 40,500 41,741.00 Inventories 279,000 288,000 Long-term debt 337,728.00 398,725.00 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 162,280.00 Retained earnings 306,000 342,000 Sales 639,000 847,106.00 Taxes 24,750 48,618.00 What is the current year's return on assets (ROA)? (Round to 4 decimal places.)
- Selected account balances from the adjusted trial balance for Karam co. at 31/12/2020, are provided below: 5000 account receivables 17900 retained earmings 8000 land held for speculation 1900 treasury shares 500 allowance for doubtful account 10000 share capital 800 dividends 1500 prepaid expenses Assume net loss for 2020 is $5,000, what is the total equity to be reported at the 31/12/2020 statement of financial position? 22,100 25,200 26,000 20,200The comparative balance sheets for Metlock Corporation show the following information. December 312020 2019Cash $33,500 $12,900Accounts receivable 12,400 10,000Inventory 12,100 9,000Available-for-sale debt investments –0– 3,000Buildings –0– 29,800Equipment 44,800 19,900Patents 5,000 6,300 $107,800 $90,900Allowance for doubtful accounts $3,100 $4,500Accumulated depreciation—equipment 2,000 4,500Accumulated depreciation—building –0– 6,000Accounts payable 5,000 3,000Dividends payable –0– 4,900Notes payable, short-term (nontrade) 3,000 4,100Long-term notes payable 31,000 25,000Common stock 43,000 33,000Retained earnings 20,700 5,900 $107,800 $90,900 Additional data related to 2020 are as follows. 1. Equipment that had cost $11,000 and was 40% depreciated at time of disposal was sold for $2,500.2. $10,000 of the long-term note payable was paid by issuing common stock.3. Cash dividends paid were $4,900.4. On January…Poh Inc., corporation, has the following pertinent information happened during year 2022 P 1,570,000 100,000 Net income Depreciation Dividends paid Increase in accounts receivable, net Decrease in inventory Increase in trading securities Decrease in prepaid insurance Unrealized gain on trading securities Decrease in accounts payable Increase in income tax payable Cash payment for equipment Cash payment for short-term borrowing Proceeds from long-term investments Proceeds from long-term borrowings Proceeds from issuance of share capital 40,000 520,000 460,000 50,000 15,000 5,000 240,000 120,000 250,000 300,000 280,000 1,000,000 750,000 Required: Prepare Statement of Cash Flows using indirect method