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- You 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…1. The financial year of Shah Enterprise ended on 31 December 2019. Show the ledger account for the following items including the balance transferred to the necessary part of the financial statements.a) Rent expenses: Paid RM700 in 2019; owed RM30 as at 31 December 2019b) Insurance expenses: Paid RM500 in 2019; prepaid as at 31 December 2019 wasRM40c) Commission received: Received RM650 in 2019; amount accrued as 31 December2019 was RM100d) Rent received: Received RM400 in 2019; amount received in advance as at 31December 2019 was RM100 2. The following balances were extracted from the ledger of CTSha Trading as at 31 October 2019. DEBIT (RM) CREDIT (RM) Insurance 12,000 Water and electricity 4,800 Wages and salaries 16,000 Rental income 9,900 Interest income 6,000 Prepaid insurance as at 1 Nov 2018 1,500 Accrued wages and salaries as at 1 Nov 2018 2,000 Accrued rental income as at 1 Nov 2018 1,800 The following adjustment were to be…2. Show solution in good accounting form a. What is the balance of accounts receivable assigned on December 31, 2020 b. In the preceding problem, what is the carrying amount of the note payable on December 31, 2020? c. In the preceding problem, what is the equity of the assignor in assigned accounts on December 31, 2020?
- The following accounts are from XYZ, Inc. Balance Sheet as of December 31, 2020: Requirements: 1. What is the amount of XYZ's total Non-Current assets as of December 31, 2020? 2. Identify the accounts listed above that are Current liabilities. 3. What is the amount of XYZ's retained earnings as of December 31, 2020? (Hint: use the extended accounting equation) 4. Prepare a balance sheet for XYZ as of December 31, 2020.Consider the following note payable transactions of Cargo Video Productions. i (Click the icon to view the transactions.) Requirements 1. Journalize the transactions for the company. 2. Considering the given transactions only, what are Cargo Video Productions' total liabilities on December 31, 2025? Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Sep. 1, 2024: Purchased equipment costing $270,000 by issuing a nine-year, 7% note payable. The note requires annual principal payments of $30,000 plus interest each September 1. Date Accounts and Explanation Debit Credit 2024 Sep. 1 Equipment 270,000 Notes Payable 270,000 Purchased equipment by issuing a 9-year, 7% note. Dec 31, 2024: Accrued interest on the note payable. Date Accounts and Explanation Debit Credit 2024 Dec. 31 Interest Expense 6,300 Interest Payable 6,300 Recognized accrued interest. Sep. 1, 2025: Paid the first…Required:A. On the transaction summary table, indicate the effect of each transaction on eachaccount. Put “+” if the account has increased or “-“ if the account has decreased. Put the amount of increase or decrease for each account.B. Construct T-accounts for the account titles used with the normal balances.C. Prepare the journal entries of Kaizen Consultancy Services for the month of March, 2019.
- 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.1. The financial year of Shah Enterprise ended on 31 December 2019. Show the ledger account for the following items including the balance transferred to the necessary part of the financial statements. a) Rent expenses: Paid RM700 in 2019; owed RM30 as at 31 December 2019 730 b) Insurance expenses: Paid RM500 in 2019; prepaid as at 31 December 2019 was RM40 c) Commission received: Received RM650 in 2019; amount accrued as 31 December 2019 was RM100 d) Rent received: Received RM400 in 2019; amount received in advance as at 31 December 2019 was RM100The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: 1. Prepare a multiple-step income statement.2. Prepare a statement of owner’s equity.3. Prepare a balance sheet, assuming that the current portion of the note payable is$7,000.4. Briefly explain how multiple-step and single-step income statements differ.
- 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.1. The financial year of Shah Enterprise ended on 31 December 2019. Show the ledger account for the following items including the balance transferred to the necessary part of the financial statements.a) Rent expenses: Paid RM700 in 2019; owed RM30 as at 31 December 2019 b) Insurance expenses: Paid RM500 in 2019; prepaid as at 31 December 2019 was RM40c) Commission received: Received RM650 in 2019; amount accrued as 31 December 2019 was RM100d) Rent received: Received RM400 in 2019; amount received in advance as at 31 December 2019 was RM1001. 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.