Campin Inc. Adjusted Trial Balance 12/31/21 Debit Credit Cash 24 3,389,000 Accounts Receivable $4 3,100,000 Allowance for Doubtful Accounts 491,250 Prepaid Insurance Inver ton 1. 26? 500 %24
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- ncial Reporting and Analysis Jul22 Y1 S2 Chad Partners: Balances on 30 June 2021. Vehicles R300 000 Accumulated depreciation R50 000. Adjustment Depreciation is calculated at 10% on cost. An old vehicle was disposed on 01 January 2022 for R20 000 cash. The disposed vehicle originally costed R25 000 and the Accumulated depreciation is R 3 000. Profit/loss for the disposed vehicle is: OA. Profit/loss R3 000 B. Profit/loss R750 OC. Profit/loss R500 O D. Profit /loss R1 250 Clear my choice Tyne here to search 0 sageShafNita Sdn. Bhd. Statement of Financial Position as at 31 December2019 2020RM RM RM RM Non Current AssetsBuilding 100,000 100,000Fixtures less accumulated depreciation 3,600 4,000Van less accumulated depreciation 7,840 14,800111,440 118,800 Current AssetInventory 11,200 24,800Trade account receivable 12,800 16,400Bank 1,800 -Cash 440 400 26,240 41,600Total assets 137,680 160,400Finance by:Capital account:Balance at 1 January 74,080 105,080Add: Net profit for the year 70,400 42,320Cash introduced - 20,000144,480 167,400Less: Drawings (39,400) (43,200)105,080 124,200 Non Current LiabilitiesLoan (repayable in 10 years time) 20,000 30,000Current LiablitiesAccount Payable 12,600 6,012Bank overdraft - 188Retained earnings 32,600 36,200Total liabilities and equity 137,680 160,400 Additional information at 31 December 2020: Fixtures bought in 2020 cost RM800. Van bought in 2020 cost RM11,000. Required: Prepare statement of cash flow for ShafNita Sdn. Bhd. for the year ended 31 December…Eastwood CompanyAdjusted Trial BalanceDecember 31, 2020 Debit Credit Cash $ 41,000 Accounts Receivable 163,500 Allowance for Doubtful Accounts $ 8,700 Prepaid Insurance 5,900 Inventory 208,500 Equity Investments (long-term) 339,000 Land 85,000 Construction in Process (building) 124,000 Patents 36,000 Equipment 400,000 Accumulated Depreciation—Equipment 240,000 Discount on Bonds Payable 20,000 Accounts Payable 148,000 Accrued Liabilities 49,200 Notes Payable 94,000 Bonds Payable 200,000 Common Stock 500,000 Paid-in Capital in Excess of Par—Common Stock 45,000 Retained Earnings 138,000 $1,422,900 $1,422,900 Additional information: 1. The LIFO method of inventory value is used. 2. The cost and fair value of the long-term investments that consist of stocks (with ownership less than 20% of total shares) are the same. 3. The amount of the Construction in Progress…
- Accounts Receivable Allowance for Doubtful Debts Inventory Prepaid Expenses Land Buildings Accumulated depreciation - buildings Equipment Accumulated depreciation - equipment Accounts Payable Accrued Expenses Sales Revenue Cost of Sales Operating expenses Discount allowed Doubtful debt expense Depreciation expense Loss on sale of equipment Additional information: 2022 $ 20,000 2,000 80,500 60,400 100,000 750,000 337,500 300,000 104,000 17,000 37,000 80,000 50,500 27,600 200 700 55,500 1,000 2021 $ 15,000 2,000 120,000 0 $70,000 750,000 300,000 240,000 96,000 20,000 37,000 67,000 45,000 29,700 100 500 60,500 2,300 1. Hector's Pty Ltd. purchased land and $80,000 of equipment for cash during 2022. It also sold equipment for cash during 2022. 2. Land was revaluated upwards by $12,000 during 2022. Required: Prepare the operating and investing sections of the statement of cash flows for year 2022.Corporation Partlal Starternent of Finandal Position 20-וו at Decamber 31, 2020 2020 2019 21-24 Bulldings and equipment Accumulated deprecation-bulldings and equlpmet Intanglble assets Accumulated amortizatlon Investment, non-trading €60 000 62 000 Inventory 48 100 37 000 Prepald expenses Accounts recelvable (net) 4 300 2 500 49 800 22 000 Divldend recelvable Cash 9 100 10 000 192 000 181 000 Total assets Share capital-ordinary Retained earnings Other comprehensive income Bond payable-lang-term Notes payable-bank, long-term Notes payable-bank, short-term €103 000 147 000 74 000 74 000 4 800 16 000 Unearned revenue 11 700 10 500 81 900 5 500 24 900 Accounts payable Interest payable Dividend payable 9 400 31 700 27 000 Total llabilities and shareholders' equlty Additlonal Information from the footnotes to the financlal statements reveals that - Net Income for 2020 amounts to C162 800: For the year 2020, the company recognlzed depreclation of €22 000, amortization of €4 200, and galn on…NDkyOTcw/a/MJU1MTU2OT94NZAX/details 4. The trial balance below was extracted from the books of CiciCaca Enterprise as at 31 Mac 2020: Credit RM 950,000 Debit RM 377,000 432,000 102,000 625,000 Particulars Purchases and Sales Plant and machinery Vehicles Land and building Accumulated depreciation: Plant and machinery Vehicles Discount allowed and discount received Returns inwards and returns outwards Carriage inwards Carriage outwards Custom duties Drawings Provision for doubtful debts Salaries and wages Electricity and water Rent and rates Insurance 175,000 39,000 760 1,500 44,000 4,700 5,500 15,400 3,600 12,200 2,000 300,000 65,000 4,000 55,000 450,000 Mortgage on land and building Repairs and maintenance Commission earned 6,300 95,000 Accounts receivables 187,000 166,500 Account payable Inventory-1 April 2019 Cash at bank 51,000 41,100 429,640 Capital TОTAL 2.320.100 2.320.100 The following additional information is to be taken into consideration: Increase in provision for doubtful…
- 4G 12:07 PM A Required Calculate the depreciation and accumulated depreciation for 2019 and 2020. Rou how all vour workin Take-Home Te... earest Ra Question 3 (Marks: 30) The following pre adjustment trial balance appeared in the beeks of Central Perk Furniture Store at the end of their financial year. IGNORE VAT. Pre-adjustment trial balance of Central Perk Furniture Store for the year ended 31 March 2020. Fol. Debit (R) Credit (R) Statement of financial position section Capital B1 500 000.00 Drawings B2 25 000.00 Land and buildings B3 865 000.00 Vehicles B4 220 987.00 Equipment B5 156 760.00 Accumulated depreciation: Equipment B6 54 320.00 (1 April 2019) Accumulated Depreciation: Vehicles B7 22 580.00 (1 April 2019) Bank B8 22 430.00 Debtors Control B9 35 600.00 Allowance for Credit Losses- 1April 2019 B10 1 780.25 Petty Cash B11 1 378.98 Trading inventory (1 April 2019) B12 27 865.43 Mortgage Loan B13 287 650.00 Creditors Control B14 31 420.00 SARS(UIF/SDL/PAYE) B15 23 290.65 O The…Th/r olqj8ar9 Tutorial 9 Submission date: 18 January 2021 before 12.00pm 1. At 31 January 2020 the following trial balance was extracted from the books of Yusiti. Particulars Debit Credit RM RM Capital 1 February 2019 Vehicles at cost 101,430 Equipment at cost Purchases and sales 35,000 80,000 284,680 503,520 Provision for depreciation at 1 February 2019: Vehicles 21,000 35,000 650 Equipment Return inward and return outwards Finance expenses Stock at 1 February 2019 Vehicles expenses Rent, rates and insurance Office expenses Drawings Petty cash Wages and salaries Bad debts Debtors and creditors Cash at bank 1,340 1,220 25,570 4,930 7,420 21,940 23,550 200 95,370 1,240 83,210 14,880 680.550 680.550 18,950 TOTAL Additional information as at 31 January 2020. No. Particulars i. Stock valued at i. Insurance prepaid iii, Goods taken from stock for own use iv. Wages due v. Provision for doubtful debt required vi. Provision for depreciation is to be provided as follows: RM 29,750 340 420 2,400…On June 31, 2019, Majestic Co. acquired all of the common stock of Golden Compuny, which became a division of Majestic Co. Golden reported the following statenment of financial position at the time of the acquisition: Golden Company Statement of Financial Position Assets Equity and Liabilities Share capital-ordinary Retained eamings Accounts payable 3950.000 Plant assets (net) Inventory Receivables Cash Total assets $41,050,000 375,000 900,000 650.000 475.000 250.000 $2.325,000 Total equity and liabilities $2.125.000 An appraisal indicated that the fair value of the inventory was $355,000 and the fair value of the plant assets was $1,350,000. The agreed purchave price was $2,500,000, and this amount was paid in cash to the previous owners of Golden Company
- 14:22 LTE1.l Vol) ASSIGNMENT I Question Paper.pdf Page 1 of 4 FPBFC02 ASSIGNMENT 1-JULY 2021 Question 5 Mr. Alba (Pty) Ltd has the following list of information for year ended 31 December 2009. R Trade and other receivables Trade and other payables Rent received 5 000 4 000 2 500 8 000 Goodwill Bank overdraft Equipment Depreciation Profit on sales of asset Trading inventory Loan (6 months) 1 000 3 000 8 000 9 000 6 000 2 000 Required: Use the information given above to determine the total Owners' Equity for the period. [5] Assets Liabilities Page 1 of 4 FPBFC02 ASSIGNMENT 1-JULY 2021 Question 6 Quinton Limited is involved in the manufacturing of cleaning material. The following information relates to the company's property plant and equipment. The company has a financial year end of 31 December. IIOn January 1, 2020 (the first day of its fiscal year) Pina Ltd. acquired a patent which gave the company the right to use a production process. The process met the six criteria for capitalization as an intangible asset. Below is a listing of the events relating to the patent over the five fiscal years from 2020 through 2024: 2020: on January 1, acquired the patent for the production process from its inventory for a cash payment of $11,700,000, and determined that the process had an indefinite useful life. on December 31, tested the patent for impairment and determined that its fair value was $13,200,000. 2021: on December 31, tested the patent for impairment and determined that its fair value was $10,500,000. 2022: on December 31, tested the patent for impairment and determined that its fair value was $12,000,000. 2023: on January 1, determined that the useful life of the patent was no longer indefinite, its carrying amount was recoverable, its estimated remaining useful life was 5…Need a T graph : Sale of Building Building Asset: 555,047.06Accumulated Depreciation: 121,507.21Sale Cash $300,000 however you only recieve 295,446.97 because the lawyer took 4,553.03