From the following information complete an Income Statement for the year ended 30 June 2023 Accounts at 30 June 2023 $ Sales/Fees 1 350 000 Wages 65 000 Rent 25 000 Motor Vehicles 74 000 Motor Vehicle expenses 6 000 Interest Received 800 Office Salaries 55 000 Office Equipment 2 500 Mortgage Loan 890 000 Accounts Receivable 55 000 interest expense 13 000 Cash at Bank 44 000 Depreciation of Motor Vehicles 15 000 Depreciation of Equipment 800 Capital 714 500 Additional information Interest must be shown separately in the Income Statement

From the following information complete an Income Statement for the year ended 30 June 2023 Accounts at 30 June 2023 $ Sales/Fees 1 350 000 Wages 65 000 Rent 25 000 Motor Vehicles 74 000 Motor Vehicle expenses 6 000 Interest Received 800 Office Salaries 55 000 Office Equipment 2 500 Mortgage Loan 890 000 Accounts Receivable 55 000 interest expense 13 000 Cash at Bank 44 000 Depreciation of Motor Vehicles 15 000 Depreciation of Equipment 800 Capital 714 500 Additional information Interest must be shown separately in the Income Statement

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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The financial statements of Carrier Office Furniture Company include the following items: 2025 $44,000 14,000 98,000 149,000 553,000 290,000 60,000 Cash Short-term Investments Net Accounts Receivable Merchandise Inventory Total Assets Total Current Liabilities Long-term Note Payable What is working capital for 2026? O A. $37,500 OB. $98,500 O C. $191,000 O D. $66,500 2026 $48,500 29,000 95,000 165,000 526,000 271,000 64,000
Hi there can you assist on the following question below The following information was extracted from the records of Tshabalala Traders Ltd for year ended 31 December 2019 R Capital 1 January 2019 350 000 Drawings 20 000 Sales( 70% on credit) 950 000 Gross profit 250 000 Total expenses 80 000 Bank favourable 26 000 Net profit 74 000 Trade creditors 26 000 Property, plant and equipmrnt 350 000 fixed deposit 20 000 Inventory 72 000 Trade debtors 80 000 Mortgage loan 100 000 The opening balance of the inventory, debtors and creditors was , 50 000, 60 000 and 30 000 respectively. assume a 365 day year. Q.1.1 Calculate the following ratio and explain what each ratio means in relation to the industry avarage given in brackets . show your calculations 1.1.1 Net profit margin (10%) 1.1.2. Debt equity ratio (30%) 1.1.3 Average creditors settlement period (60 days) . assume purchases are equal to cost of sales and 60% of all purchases are on credit…
Tara Co. Statement of Financial Position As at December 31, 2021 2021 2020 Cash 4,400 6,000 Accounts receivable (net) 9,400 10,600 6,040 4,000 Inventory Prepaid rent 520 1,200 64,840 48,040 - 6,400 - 8,000 960 FVTOCI Investments 800 Property, Plant and Equipment Accumulated depreciation 80.000 62,400 Accounts payable 4,095 3,700 Wages payable Interest payable 365 710 360 300 Unearned revenues 500 700 Dividends payable 560 Long term Note Payable 10,300 52,000 39,000 12,000 8,300 Common shares Retained earnings Accumulated OCI – FVTOCI Investments 9,600 180 90 80,000 62,400 Additional Information for 2021: Machinery costing $10,000 was acquired by issuing a long-term note for the full amount. Machinery with original cost of $5,500 was sold during the year. One FVTOCI investment was sold for $400 during the year. This investment's original cost was $160 and had a carrying value of $360 at the beginning of 2021. Required : Prepare the following parts of the Statement of Cash Flow for the…
This Information will be used for all questions: Selected Balance Sheet Information Year 2020 Year 2021 Cash 40,000 ? Accounts Receivable 10,000 14,000 Prepaid Rent 5,000 6,000 Inventory 35,000 30,000 Accounts Payable 3,000 2,000 Unearned Revenue 5,000 7,000 Income Taxes Payable 14,000 12,000 Other Relevant Information for 2021 Beginning Cash Balance 40,000 Net Income 65,000 Depreciation Expense 40,000 Cash Paid for Dividends 10,000 Cash Received for Loan 40,000 Cash Repaying Loan 10,000 Cash Payment to Purchase Land 12,000 Cash Received for Sale of Equipment 15,000 Gain on Sale of Equipment 5,000 Cash Received for Issuance of Stock…
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Accounts Dr Cash OMR 50,000 Accounts receivable 20,000 Supplies 10,000 Prepaid expenses 12,000 Buildings-at cost 160,000 Accumulated depreciation - Buildings 10,000 Notes payable (due in 2 months) 30,000 Accounts payable 30,000 Interest payable. 12,000 Unearned service revenue 10,000 Shared- Capital 120,000 Service revenues 100,000 Salaries Expenses 40,000 Depreciation Expenses 10,000 Utilities Expenses 30,000 Dividends / drawings 10,000 Total 342,000 342,000 If this information was used to prepare income statement, Total expenses should be:
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The following are the account balances of Cutis Ltd as at 31 October 2020: £Sales 75,000 Purchases 15,075 Salaries and wages expense 4,675 General distribution costs 2,900 Other administrative expenses 2,100 Loan interest expense paid 750 Land at valuation 200,000 Building at cost 150,000 Accumulated depreciation – building (30,000)Equipment at cost 50,000 Accumulated depreciation – equipment (22,700)Cash 1,300Accounts receivable 19,080Inventory as at 1 November 2019 875 Ordinary shares of £1 each 232,045 Retained earnings as at 1 November 2019 62,160 12% loan (due 31 October 2023) 12,500 Accounts payable 12,350Additional information:(i) The interest expenses on the loan are due half yearly on 1 November and 1 May. The first six months’ interest was paid.(ii) The corporation tax charge for the year is estimated at £6,500.(iii) The building is depreciated on a straight line method with an estimated useful life of 30 years with no residual value. The equipment is depreciated at 15% per…
Balance Sheets Dec. 31, 2020 Dec. 31, 2021 Cash 152,400 139,500 Accounts receivable 33,200 35,000 Inventory 200,600 175,500 Prepaid Expenses 22,000 25,000 Long term Investments 300,000 420,000 Plant, Property and Equipment (net) 250,000 205,000 Accounts payable 98.600 105,000 Short term notes payable 62,000 40,000 Taxes payable 35.600 13.500 Long term liabilities 134,000 140,000 Stockholders Equity 628.000 701.500
National, Inc. provides the following data: 2025 2024 Cash $43,000 $25,000 Accounts Receivable, Net 98,000 62,000 Merchandise Inventory 70,000 50,000 Property, Plant, and Equipment, Net 200,000 120,000 Total Assets $411,000 $257,000 For the year ending December 31, 2025: Net Credit Sales $260,000 Cost of Goods Sold (150,000) Gross Profit $110,000 Calculate the accounts receivable turnover ratio for 2025. (Round your answer to two decimal places.)
Extract of Balance sheet items as at 31 December 2019 OR Equipment 20000 Account receivables 3500 Retained earnings 11500 Inventories 5000 Loan 3000 Bank overdraft 1500 Cash and bank 500 Mortgage loan 7500 Furniture 1650 Trade payables 6000 Accumulated Depreciation (Equipment) 1000 Short term Investments 200 Goodwill 4500 Drawings 1000 Capital 7150 Prepaid Expenses 1300 Calculate Total Net Assets(Total Assets)? Select one: a. 35350 OMR b. 34350 OMR c.35650 OMR d. 30350 OMR