Q4. A business prepares its financial statements for the year to 31 October. It pays rent quarterly in advance on 1 January, 1 April, 1 July and 1 October each year. The annual rent was increased from £48,000 to £60,000 from 1 March 2021. ● ● Compute the amount to recognise for rent in the financial statements for the year ended 31 October 2021? a) in the statement of profit or loss? b) in the statement of financial position?
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- KPL Ltd has a year end of 31 March 2021. During the year it paid £1,600 for rent. At the start of the year it had an accrual of £400 and at 31 March 2021 had prepaid £250 of rent in respect of the year starting 1 April 2021. What is the charge to the income account for the year ended 31 March 2021? a) £950 b) £1,600 c) £1,450 d) £1,750Please answer in good accounting form Thankyou 4. How much should be reported as rent expense in SEVEN's income statement for the year ended December 31, 2021?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.
- please answer in good accounting form thankyou 6. At year-end, what amount should be reported as total noncurrent liabilities?COULD YOU PROVIDE SOME MORE DETAIL WHEN PROVIDING THE ANSWER, THANK YOU Question 1A. Yaso plc is a manufacture company and its financial year ended at 31st December 2019. Total assets are £40m and net profit before tax is £12m. Yaso plc’s trade receivables ledger includes a large number of customers. The year-end trade receivables balance is £4m (comparable to £2m in 2018) and the allowance for trade receivables is £400,000 (comparable to £600,000 in 2018). PART A Requirement:• Describe substantive procedures the auditor should perform to obtain sufficient and appropriate audit evidence in relation to Yaso plc’s trade receivables. PART B. According to ISA 260, it is important for auditors to communicate throughout the audit with those charged with governance. PART B Requirement: • Explain why it is important for auditors to communicate with those chargedwith governance. • Identify three examples of matters which the auditor may communicate to those chargedwith governance.1. What amount of profit on sale should be recorded for the year ended December 31, 2021? 2. What amount of interest income should be recorded for the year ended December 31, 2021?
- Question for income statement : BAYAN INVESTMENT CO. (K.S.C.P) a. List 2 expense accounts AND their amounts for 2020. b. What was the net profit/(loss) for 2020? What about 2019? c. Compared with 2019, has the net profit/(loss) increased or decreased?The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.1. What is the rent revenue for the year ended June 30, 2022? 2. On June 30, 2023, what amount should be reported as accrued rent receivable?
- FINANCIAL RATIO: Requirement: Compute for the following financial ratios for the year 2021 (round-off answers to two decimal places) a. Current ratio b. Quick (Acid-test) ratio c. Working capital d. Inventory turnover e. Days of inventory (use 365 days) f. Accounts receivable turnover (assume all sales are on credit) g. Days of receivable (use 365 days) h. Debt ratio i. Equity ratio j. Debt-to-equity ratio k. Gross profit ratio 1. Net profit ratio m. Return on assets n. Return on equityQuestions about the Income Statement. a. List 2 expense accounts AND their amounts for 2020 b. What was the net profit/(loss) for 2020? What about 2019? c.Compared with 2019, has the net profit/(loss) increased or decreased?FINANCIAL RATIO: Requirement: Compute for the following financial ratios. for the year 2021 (round-off answers to two decimal places) d. Inventory turnover e. Days of inventory (use 365 days) f. Accounts receivable turnover (assume all sales are on credit) g. Days of receivable (use 365 days) h. Debt ratio i. Equity ratio j. Debt-to-equity ratio