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The following information relates to the business of Maria & Co for the year ended 31 Dec 2020. Particulars Debit Credit Rs.(000) Rs.(000) Capital account 1 Jan 2020 13,640 Building at cost 7,500 Furniture at cost 2,000 Motor cars at cost 6,300 Accumulated depreciation-Furniture 800 Accumulated depreciation –Building 450 Inventory 1 Jan 2020 6,740 Purchases 54,520 Sales 79,060 Salaries 8,760 Rates 1,170 Office expenses 3,950 Motor expenses 3,790 Drawings 4,800 Allowance for doubtful debts 600 Bank loan 4,000 Receivables 9,240 Payables 10,040 Bank balance 2.190 Total 110,960 110,960
Additional information is following Inventory at 31 Dec 2020 was Rs.7,330,000, Rates paid in advance at 31 Dec 2020 amounted to Rs.250,000, Allowance for doubtful debts is to be equal to 5% of receivables at 31 Dec 2020, Depreciation on building is 1%, Furniture is 10%, Motor cars is 20% using
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- 25arrow_forwardces QS 12-13 (Algo) Computing cash from asset sales LO P3 CRUZ, INCORPORATED Comparative Balance Sheets 2021 At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Hages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity Sales Cost of goods sold. Gross profit $ 64,300 27,600 57,700 3,600 Beginning balance 153,200 72,600 (11,200) $ 214,600 $ 10,100 6,000 1,000 Furniture 17,100 20,600 37,700 CRUS, INCORPORATED Incone Statement For Year Ended December 31, 2021 154,700 22,200 $ 214,600 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Het income 2020 $ 16,100 34,100 64,000 2,900 117,100 82,200 (6,200) $ 193,100 $ 14,200 3,300 1,800 19,300 47,700 67,000 123,700 2,400 $…arrow_forwardFountain Office Supply's March 31, 2018, balance sheet follows: Fountain Office Supply Balance Sheet March 31, 2018 Assets Current Assets: Cash $34,000 Accounts Receivable 22,000 Merchandise Inventory 21,500 Prepaid Insurance 2,500 Total Current Assets $80,000 Property, Plant, and Equipment: Equipment and Fixtures 55,000 Less: Accumulated Depreciation (30,000) 25,000 Total Assets $105,000 Liabilities Current Liabilities: Accounts Payable $15,000 Salaries and Commissions Payable 6,450 Total Liabilities $21,450 Stockholders' Equity Common Stock, no par 14,000 Retained Earnings 69,550 Total Stockholders' Equity 83,550 Total Liabilities and Stockholders' Equity $105,000 The budget committee of Fountain Office Supply has assembled the following data: a. Sales in April…arrow_forward
- 1-Calculate the Net Income for the Fenway Company ___________ 2-Calculate the Gross Profit for the Fenway Company ___________arrow_forwardBook value, cost, accumulated depreciationarrow_forwardK Winky Flash Photo reported the following figures on its December 31, 2024, income statement and balance sheet: (Click the icon to view the figures.) Compute the asset turnover ratio for 2024. Round to two decimal places. Data table Net sales Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Property, Plant, and Equipment, net Print + + 460,000 Dec. 31, 2024 Dec. 31, 2023 $ 33,000 $ 26,000 60,000 58,000 71,000 78,000 11,000 7,000 101,000 16,000 Done - = - X Asset turnover ratioarrow_forward
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