The following information is extracted from the financial records of Mia Dealers. Balances: Opening long term liability R20 000 (cr) Closing long term liability R50 000 (cr) Required: Calculate the creditors’ amount.
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The following information is extracted from the financial records of Mia Dealers.
Balances:
- Opening long term liability R20 000 (cr)
- Closing long term liability R50 000 (cr)
Required: Calculate the creditors’ amount.
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- Indicate whether the general ledger accounts will be debited or credited when recording the following entries: Sell goods to a customer for R500 Debtors: DEBIT Debtors: CREDITThe 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.On winding up, which debts or amounts must be paid first?Select one:a. Unsecured debts and loansb. Employee wages and entitlementsc. Secured creditors with a floating charge over trading stockd. Secured creditors with a fixed charge over specific property
- View Policies Current Attempt in Progress 1. 2. Prepare the journal entries that the lessee should make to record the above transactions assuming the entities report under ASPE. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) The lessee makes a lease payment of $75,200 to the lessor for equipment in an operating lease transaction. Wildhorse Company leases equipment from Noble Construction Inc. The present value of the lease payments is $658,000. The lease qualifies as a capital lease.. No. Account Titles 1. 2. List of Accounts Save for Later Debit Credit Attempts: 0 of 1 used Submit AnswerYou have been provided with the following trial balance of Comvita for year ended 31st March and the management have requested you to apply accounting principles to prepare balance sheet and income statement for year ending 31st March 2019 and based on it provide an financial statement analysis reflecting the financial position of the Comvita to inform internal and external stakeholders. Trial Balance for Comvita Year Ended March 31, 2019 All figures are in ‘000 Account Name Debt Account Name Credit Accounting Fee 9000 Accounts payable 63600 Accounts receivable 286650 Accumulated Depreciation – Motor Vehicle 30000 Advertising 6000 Accumulated Depreciation – Office Equipment 6000 Bad Debts 1500 Mortgage-non current 282600 Bank 60240 Discount Received 31200 Bank Fees 300 Allowance for Doubtful Debts 2865 Freight Out 36000 Retained earnings 1365000 Cost of goods sold 630000 Sales 1218300…Accounting The procedure that best reveals the existence of contingent debts is а. Review the invoices paid during the year to creditors of our client. b. Confirm with the client's attorneys. C. Confirm a sample of customer accounts payable.
- 1. Prepare the entry to record the write-off ofuncollectible accounts during 2019. 2. Prepare the entries to record the recovery ofthe uncollectible account during 2019 3. Prepare the entry to record bad debt expense(BDE) at the end of 2019. Ending balance ofAFDA was Rp18,200 (Cr.) 4. Determine the ending balance of AccountsReceivable as of December 31, 2019. 5. What is the net realizable value of thereceivables at the end of 2019? 6. The company has a notes receivable ofRp24,000 at January 15, 2019 for 3 months at10% interest rate. Prepare journal entry as ofApril 15, 2019, on its due date.Juice World Jamaica Limited, a leading juice manufacturing company has recently hired you as an Accounting Officer. As per job description, you are required to assist in the preparation of the financial statements. The Accounts Manager has extracted a list of balances as at December 2021 for you to review. Revenue Administrative Expenses Distribution Costs Interest paid on loan Purchases Inventories at 1 January 2021 Trade receivables Provision for doubtful debts at Jan 2021 Bad debts Non- current Investment $ 7 600 010 2 300 000 980 231 125 000 4 500 330 1 018 900 630 340 19 634 70 110 300 900 Additional notes Provide for Administrative Expenses of $500 000 paid in advance at 31 December 2021 and Distribution Costs of $50 528 owing at 31 December 2021 Provision for Doubtful Debts is to be maintained at 10% of receivables iii. Inventories at 31 December 2021 were valued at $1 000 000 Provide for corporation tax of $80 000 which is payable on October…Prepare the correct Creditors Control account for May 2020 after taking into account the additional information, errors and omissions. Balance the account. (10)INFORMATIONThe Creditors control account given below was extracted from the records of Oyster Traders for May 2020 before the additional information, errors and omissions provided were considered: Additional information, errors and omissions1. The debit balance in the account of a creditor, R300, must be transferred to the Debtors ledger.2. An invoice for goods purchased from Super Suppliers was entered in the Purchases journal as R6 400 instead of R4 600.3. A credit purchase of equipment from Minto Enterprises was not recorded, R5 000.4. A credit note received from HD Wholesalers for trading goods returned was not recorded in the Purchases Returns Journal, R1 000.5. Stardom Traders, a creditor, charged Oyster Traders interest on overdue account, R50
- An “Accounts Receivable Customer Balances” report shows revenues by customer for a specified date range customer balances owed as of a specific date cash payments to creditors for a specific date range sales by customer as of a specific dateThe following information was taken from the books of Buttercup Dealers at 28 February 2020 before any adjustments or closing entries had been made. Credit losses recovered R1 950.00 Trade debtors (1 March 2019) R78 175.00 Allowance for credit losses R3 512.50 Credit sales R101 250.00 Cash sales R31 875.00 An amount of R425 must be written off as irrecoverable. The allowance for credit losses must be adjusted to 5% of outstanding debtors. Which one of the following amounts represents the net amount in respect of debtors to be disclosed in the statement of financial position of Buttercup Ltd at 28 February 2020?The following information is available for Anis Printing as at 30 June 2018: Accounts receivable as at 30 June 2018 Allowance for doubtful debts at 1 July 2017 Bad debts to be written off Allowance for doubtful debts MYR 50,450 MYR 3,000 MYR 450 2% Choose the correct entry: Select one:A.Dr. SPLOCIMYR 1,000Cr. Allowance for doubtful debtsMYR 1,000B.Dr. Allowance for doubtful debtsMYR 1,000Cr. SPLOCIMYR 1,000C.Dr. SPLOCIMYR 2,000Cr. Allowance for doubtful debtsMYR 2,000D.Dr. Allowance for doubtful debtsMYR 2,000Cr. SPLOCIMYR 2,000