Answer ALL the questions in this section.QUESTION 1Read the information below and answer the following questionsINFORMATIONThe following statement of comprehensive income for the financial year ended 31 December 2021 and the statement offinancial position as at 31 December 2021 have been provided by Midas Enterprises:Statement of comprehensive income for the year ended 31 December 20211SalesCost of salesGross profitVariable selling and administrative expensesFixed selling and administrative expensesNet profitR10 000 000(5 750 000)4 250 000(1 500 000)(500 000)2 250 000Statement of financial position as at 31 December 2021ASSETSNon-current assetsProperty, plant and equipmentCurrent assetsInventoriesAccounts receivableCashEQUITY AND LIABILITIESEquityCurrent liabilitiesAccounts payableR800 000800 0003 400 0001 600 000600 0001 200 0004 200 0003 760 000440 000440 0004 200 000Additional information:1.2.3.4.5.6.7.8.9.10.The sales budget for 2022 is as follows:1.2First quarterSecond quarterThird quarterFourth quarterThe gross margin ratio for 2022 is expected to be the same as for 2021.R2 625 00090% of the sales is collected in the quarter of the sale and 10% in the quarter following the sale.R2 750 000R2 875 000Inventory is purchased in the quarter of the expected sale. Eighty (80%) of inventory purchases is paid for in thequarter of purchase and twenty percent (20%) is paid for in the quarter following the purchase.The proprietor's drawings for 2022 are estimated to be R1 527 000.R2 750 000The inventories balance at the end of each quarter is expected to be the same as the end of the last quarter of2021 viz. R1 600 000.Variable selling and administrative expenses will vary in the same ratio to sales as for 2021.The cash balance must be calculated (balancing figure).Use the information provided above to prepare the following for Midas Enterprises:1.1Budgeted Statement of Comprehensive Income for the year ended 31 December 2022.Budgeted Statement of Financial Position as at 31 December 2022Fixed selling and administrative expenses will be the same as for 2021 and will include annual depreciation ofR160 000 on property, plant and equipment.On 31 December 2022 an old vehicle with a cost price of R180 000 and accumulated depreciation of R150 000will be traded-in for new vehicle. The new vehicle will cost R400 000 and the trade-in value of the old vehicle isexpected to be R50 000.(8 marks)(12 marks)

Based on the statement of comprehensive income for the year 2021 and the statement of financial…

Use the information provided above to prepare the following for Midas Enterprises Budgeted Statement of Comprehensive income for the year ended 31 December 2022 12 Budgeted Statement of Financial Position as at 31 December 2012 1.1

Use the information provided above to prepare the following for Midas Enterprises Budgeted Statement of Comprehensive income for the year ended 31 December 2022 12 Budgeted Statement of Financial Position as at 31 December 2012 1.1

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following information pertains to Yoyo Projects for the three months ended 31 May 2020: Actual Budgeted March R April R May R Revenue (20% for cash and 80% on credit) 360 000 380 000 400 000 Purchases (10% for cash 90% on credit) 240 000 280 000 320 000 Salaries and wages paid 40 000 60 000 60 000 Cash expenses 24 000 28 000 32 000 Depreciation 2 000 2 000 2 000 Additional Information: It is expected that debtors will settle their accounts as follows: 20 % in the month of invoice 70% in the month after the month of invoice, and 5% in the second month after the month of invoice The remaining 5% is usually written off as bad Trade creditors are paid in the month after purchase at a discount of 5%. 50% of the salaries and wages are weekly wages. Since wages are paid weekly, usually 10% of the wages are paid in the month following the month in which they were Expenses are paid as they The favourable…
Hi, please help :) Use the appropriate mixed cell references and relative references to reflect the percentages in range A22:B27 to determine the projected expenses for each of the Budgeted Selling and Budgeted Administrative Expenses for the year of 2022.
Refine Assumptions for PPE ForecastFollowing are the income statement and balance sheet for Medtronic PLC. Consolidated Statement of Income ($ millions) For Fiscal Year Ended April 26, 2019 Net sales $30,557 Costs and expenses Cost of products sold 9,155 Research and development expenses 2,330 Selling, general, and administrative expense 10,418 Amortization of intangible assets 1,764 Restructuring charges, net 198 Certain litigation charges, net 166 Other operating expense, net 258 Operating profit (loss) 6,268 Other nonoperating income, net (373) Interest expense 1,444 Income (loss) before income taxes 5,197 Income tax provision 547 Net income (loss) 4,650 Net (income) loss attributable to noncontrolling interests (19) Net income (loss) attributable to Medtronic $ 4,631 Consolidated Balance Sheet ($ millions) April 26, 2019 Current assets Cash and cash equivalents $ 4,393 Investments 5,455 Accounts receivable, less…
The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year: Ending Balances: Cash-? Accounts receivable - $ 9,400 Supplies inventory - $ 3, 200 Equipment - $ 40, 500 Accumulated depreciation - $16, 400 Accounts payable - $ 3,100 Common stock - $5,000 Retained earnings-? The beginning balance of retained earnings was $30,000, net income is budgeted to be $20, 200, and dividends are budgeted to be $ 3,300.
HW 2022.1.3. The Sunstate Bank has asked Dell Printing Co. for a budgeted balance sheet for the year ended December 31, 2022. The following information is available: 1.+The cash budget shows an expected cash balance of $75,000 at December 31, 2022. 2- The 2022 sales budget shows total annual sales of $800,000. All sales are made on account and accounts receivable at December 31, 2022 are expected to be 10% of annual sales. 3.+ The merchandise purchases budget shows budgeted cost of goods sold for 2022 of $600,000 and ending merchandise inventory of $95,000. 20% of the ending inventory is expected to have not yet been paid at December 31, 2022. 4.-The December 31, 2021 balance sheet includes the following balances: Equipment $294,000, Accumulated Depreciation $122,000, Common Stock $270,000, and Retained Earnings $48,000. 5.+ The budgeted income statement for 2022 includes the following: depreciation on equipment $15,000, federal income taxes $21,000, and net income $49,000. The income…
However, conducting a financial statement analysis does provide a better understanding of the federal government to assist in the financial statement analysis, use Illustration 17-2 and Illustration 17-3 along with the following excerpts from the 2019 Financial Report of the United States Government. (Hint: When using revenues or net costs, use the consolidated amounts, which are adjusted for intra- entity activity) UNITED STATES GOVERNMENT Statements of Changes in Cash Balance from Budget and Other Activities For the Years Ended September 30, 2019, and 2018 (In billions of dollars) Cash flow from budget activities Total budget receipts Total budget out lays Budget deficit Adjustments for non-cash outlays included in the budget Non-cash flow amounts in the budget related to federal debt securities Accrued interest Net amortization Other Subtotal adjustments for non-cash flow amounts in the budget related to federal debt securities Non-cash flow amounts in the budget related to loan…
Do not give image format
Crane Company has accumulated the following budget data for the year 2022. 1. Sales: 31,100 units, unit selling price $85. 2. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $6 per direct labor hour. 3. Inventories (raw materials only): beginning, 10,100 pounds; ending, 15,100 pounds. 4. Selling and administrative expenses: $170,000; interest expense: $30,000. 5. Income taxes: 20% of income before income taxes.
Please answer in 1 hour
Review the Republic Financial Holdings Limited 2022 annual report. What recommendations can be made for the preparation of the financial statements ?
Another team member who is preparing the Budgeted Balance Sheet for the business for the same quarter ending September 30, 2022, has asked you to furnish him with the figures for the expected trade receivables and payables to be included in the statement. Is that a reasonable request? If yes, what should these amounts be?
From the above information, can you produce the budgeted statement of financial position and a brief analysis report?