Chapter 3, Problem 3.6P

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.

List the minimum disclosure requirements for interim financial reports.

REQUIRED: (Round all numbers to the nearest RM) a) Prepare all the related journal entries for Glove Bhd for the financial year 2019. b) Briefly discuss whether (i) trade receivable and (ii) bank overdraft fulfill the definition of financial assets.

On January 1, 2019, Northern Manufacturing Company bought a piece of equipment by signing a non-interest-bearing $80,000, 1-year note. The face value of the note includes the price of the equipment and the interest. The effective interest rate is an annual rate of 16%, and the note is to be paid in four $20,000 quarterly installments on March 31, June 30, September 30, and December 31. The price of the equipment is the present value of the four payments discounted at the effective interest rate.

These financial statement items are for Wildhorse Co. at year-end, July 31, 2017. $ 3,880 Salaries and wages payable Salaries and wages expense 59,200 Supplies expense 17,000 Equipment 20,300 Accounts payable 4,100 Service revenue 67,800 Rent revenue 9,900 Notes payable (due in 2020) 2,900 Common stock 16,000 Cash 30,900 Accounts receivable 10,880 Accumulated depreciation-equipment 7,600 Dividends 4,000 Depreciation expense 5,600 Retained earnings (beginning of the year) 35,700

Identify several items that may require disclosure in thenotes that accompany financial statements.

3. Prepare the journal entries to record the two expenditures during 2019. (If no entry is required for a transaction/event, select " journal entry required" in the first account field.) View transaction list

Brandt Company presents the following December 31, 2019, balance sheet Based on the preceding information, prepare a properly classified December 31, 2019, balance sheet for Brandt.

Compare and explain the data presented ( Year 2019-2020) in the balance sheet. Provide the accounting concepts/policies used.