Below transactions are accounts of kiddies Enterprise at 31 December 2012. Prepare its statement of financial positionsat that date. \table[[Accounts, RM3. Below transactions are accounts of kiddies Enterprise at 31December 2012 Prepare its statement of financial positionsat that date.az Aniamanz anial painm NomiteAccountsqSmalRMHcapital30,000Cash in hand16,500Loan from bankAccount Recevable8.000Account Payable2,000Inventory81500Fixtures && fittings!15,000

Part 2: Explanation:Step 1: Identify Assets- Inventory: RM 15,000- Furniture & Fittings: RM…

Answered: Below transactions are accounts of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A arch Presented below is a list of possible transactions. Analyze the effect of the 18 transactions on the financial statement categories indicated. 1. R F 2. 3. V Transactions Purchased inventory for $80,000 on account (assume perpetual system is used). Issued an $80,000 note payable in payment on account (see item 1 above). Recorded accrued interest on the note from item 2 above. ACC341-2022-Ho...xlsx % 5 T G B Ot n 21 6 Y music 2 jpeg H & 7 Assets 8 6 O N M K O F10 ( 9 Liabilities F11 ) O L Z 888 F12 P : Owners' Equity Home C ? V End - Net Income ] Rain off and on Insert A Delete Backsp Det in
The following information was extracted from the records of Tshabalala Traders Ltd for the yearended 31 December 2019. RCapital 1 January 2019 350 000Drawings 20 000Sales (70% on credit) 950 000Gross profit 250 000Total expenses 80 000Bank favourable 26 000Net profit 74 000Trade creditors 26 000Property, plant and equipment 350 000Fixed deposit 20 000Inventory 72 000Trade Debtors 80 000Mortgage Loan 100 000 Additional InformationThe opening balance of the inventory, debtors and creditors was R50 000, R60 000 and R30 000respectively. Assume a 365 day year. Calculate the following ratios and explain what each ratio means in relation to theindustry average given in brackets. Show your calculations as marks will be awardedfor these. Round off to 2 decimal places.Q.2.1.1 Net profit margin (10%). Q.2.1.2 Debt equity ratio (30%). Q.2.1.3 Average creditors settlement period (60 days). Assume purchases are equalto cost of sales and 60% of all purchases are on credit. Q.2.1.4 Current ratio…
JUBILEE’s trial balance from the general ledger at 31 December 2012 showed the following balances:GH¢’mGH¢’mRevenue 2,648Loan note interest paid3Purchases1,669Distribution costs514Administrative expenses345Interim dividend paid6Inventories at 1 January 2012444Trade receivables545Trade payables434Cash and cash equivalents2850Gp ordinary shares100Capital surplus814Retained earnings at 1 January 20123494% loan note repayable 2018 (issued 2010)150Land and buildings: Cost (including GH¢60m land) 380 Accumulated depreciation at 1/1/201264Plant and equipment: Cost 258 Accumulated depreciation at 1/1/2012126Investment property at 1 January 2012548Rental income48Proceeds from sale of equipment7,4,7404,740Further information to be taken into account:i. Closing inventories were counted and amounted to GH¢388m at cost. However, shortly after the year end out-of-date inventories with a cost of GH15m were sold for GH¢8m.ii. The company decided to change its accounting policy with respect to its 10…
The following information was extracted from the records of Tshabalala Traders Ltd for the yearended 31 December 2019. Capital 1 January 2019 350 000Drawings 20 000Sales (70% on credit) 950 000Gross profit 250 000Total expenses 80 000Bank favourable 26 000Net profit 74 000Trade creditors 26 000Property, plant and equipment 350 000Fixed deposit 20 000Inventory 72 000Trade Debtors 80 000Mortgage Loan 100 000 Additional InformationThe opening balance of the inventory, debtors and creditors was R50 000, R60 000 and R30 000 respectively. Assume a 365 day year. Calculate the following ratios and explain what each ratio means in relation to the industry average given in brackets. Show your calculations as marks will be awardedfor these. Round off to 2 decimal places. Q.2.1.2 Debt equity ratio (30%). Q.2.1.3 Current ratio (2:1)
Below are the financial statements for the financial year 2020 and 2021. Statement of Financial Position as at January 31, 2019 and 2020 2021 2020 Current Assets Cash and cash balane:es 33,500 2,550 Account rocoivable 110.100 108,150 Inventories 17.000 7,140 Olher Teceivubles and prepaid experises 83,700 176.320 228.500 167,240 461,400 Fixod doposits with licenscd banks Total current assets 472,800 Properly, plant and cxquiprnenl 1,860,000 619,500 Total Assets 2,332,800 1,080,900 Current Liabilities Account Payables 60,400 27.410 Other payables and accriies expenses 65.600 56,390 Notes payables 27.800 46,800 Total current liabilities 153,800 130,600 Long term Liabilities Long term barrowings 490.500 144,700 Conveitible bonds 342.980 Hire purchase payables 106.920 76,600 Total long term liabilities 940,400 221,300 Shareholders' equity: Issued capital 253.500 201,000 Sharo promium 541.800 425.000 Retaincd carnings 443.300 103,000 Total liabilities and owners' equity 2,332,800 1,080,900
Hancock Company reported the following account balancesat December 31, 2027:Sales revenue $97,000Dividends. $11,000Supplies 13,000Accounts payable 41,000Patent $59,000Building Common stock.. $27,000Insurance expense .... $31,000Notes payable .. $39,000Income tax expense $42,000Cash . . $19,000Repair expense ?Copyright $20,000Equipment $14,000Utilities payable. $22,000Inventory $64,000Retained earnings. .. $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... .. $37,000Accumulated depreciation .... $23,000 $34,000Accounts receivable ? Trademark. ... $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P - E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. ՄԴ S
Problem no 19, (Ref. 3) The following are the financial statements of Bagmati Bitumin Limited. Bagmati Bitumin Limited Balance Sheet as of December 31, 2016 and 2017 Assets 2016 2017 Liabilities and Equity 2016 2017 Cash Accounts receivable Inventory Rs 650 2,382 4,408 Rs 710 2,106 4,982 Accounts payable Notes payable Other Rs 987 640 90 Rs 1215 718 230 Total current assets Rs 7,440 Rs 7,798 Total current liabilities Long–term debt Rs 1,717 4,318 Rs 2,163 4,190 Fixed assets Rs 13,992 Rs 18,584 Total debt Rs 6,035 Rs 6,353 Owners’ equity (1,250 shares outstanding) Rs 15,397 Rs 20,029 Total assets Rs 21,432 Rs 26,382 Total liabilities and equity Rs 21,432 Rs 26,382 Bagmati Bitumin Limited Income Statement for the Year Ended December 31, 2017 Sales Cost of goods sold Depreciation Rs 28,000 11,600 2,140 Earnings before interest and taxes Interest paid Rs 14,260 980 Taxable income…
The bookkeeper for Geronimo Company has prepared the following balance sheet at 31/12/2007 Balance sheet for (Geronimo Company) at 31/12/2007 liabilities and owner equity Assets ID ID Current assets: Short-term liabilities: Bills payable 40625 Account payable (A/P) 28000 Long-Term Liabilities: bonds payable 82350 Long-term notes payable. Owners' Equity: Cash 22000 22000 Account receivable(A/R) Ending inventory Fixed assets: 35000 Machinery and equipment Intangible assets: Patents 40000 54900 Capital 155500 Total Total 274500 If you know Current assets 50% from total assets, fixed assets 30% from total assets, Intangible assets 20% from total assets, Cash 50% from Current assets R/ Complete the balance sheet
Can I please get help with the Liabilities and Equity Percentages, thanks in advance Problem: Prepare a common-size balance sheet from the following information for Blossom Supply Company. (Round answers to 1 decimal place, e.g. 52.7%.) Blossom Supply CompanyBalance Sheet as of June 30, 2017($ thousands) Assets: % of Assets Liabilities and Equity: % of Assets Cash and marketable securities $ 399,000 9.3 % Accounts payable $ 820,000 enter percentages of assets % Accounts receivable 708,000 16.5% Notes payable 110,000 enter percentages of assets % Inventory 1,155,000 26.9 Accrued income taxes 43,800 enter percentages of assets % Other current assets 42,400 1% Total current liabilities $ 973,800 enter percentages of assets % Total current assets $ 2,304,400 53.7% Long-term debt 1,158,000 enter percentages of assets % Net plant and equipment 1,986,000 46.3%…
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:Accounts Debit CreditCash $ 11,200Accounts Receivable 34,000Allowance for Uncollectible Accounts $ 1,800Inventory 152,000Land 67,300Buildings 120,000Accumulated Depreciation 9,600Accounts Payable 17,700Common Stock 200,000Retained Earnings 155,400Totals $384,500 $384,500During January 2021, the…
Given the ledger accounts of Barella Company as of January 31, 2020: Accounts Payable $3,000 Rent Expense $5,600 Accounts Receivable 4,400 Service Revenue 10,400 Cash 8,800 Supplies 2,200 Share Capital-Ordinary 5,200 Notes Payable 2,400 Compute the total of the credit side of the trial balance. (show your computation). A. 22,000 B. 28,000 C. 26,000 O D. 21,000
. Savelots Stores’ current financial statements are shown below:Balance SheetInventories 500 Accounts payable 100Other current assets 400 Short-term notes payable 370Fixed assets 370 Common equity 800Total assets 1,270 Total liab. and equity 1,270Income StatementSales 2,000Operatingcosts1,843EBIT 157Interest 37EBT 120Taxes (40%) 48Net income 72A recently released report indicates that Savelots’ current ratio of 1.9 is in line with the industryaverage. However, its accounts payable, which have no interest cost and are due entirely to purchasesof inventories, amount to only 20 percent of inventories versus an industry average of 60 percent.Suppose Savelots took actions to increase its accounts payable to inventories ratio to the 60 percentindustry average, but it (1) kept all of its assets at their present levels (that is, the asset side of thebalance sheet remains constant) and (2) also held its current ratio constant at 1.9. Assume thatSavelots’ tax rate is 40 percent, that its cost of…

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