The profit earned by a business in 2022 was £72,500. The proprietor injected new capital of £8,000 during the year and withdrew goods for his private use which cost £2,200. If net assets at the beginning of 2022 were £101,700 what were the closing net assets? a) £25,000 b) £39,400 c) £168,400 d) £180.000
Q: Ch 9 Problem Set A Problem 9-1 Part A • Eitzgibbons Company uses the perpetual inventory method. .…
A: Inventory valuation refers to the process of assigning a monetary value to the inventory of a…
Q: The Tolar Corporation has 400 obsolete desk calculators that are carried in inventory at a total…
A: Given, Number of calculators = 400 Sales revenue in present condition = $40,000…
Q: 2. The following information was available to the accountant of Horton Company when preparing the…
A: Bank Reconciliation is the statement that reconciles the bank statement with the cash balance of the…
Q: Some of the information found on a detail inventory card for Crane Inc. for the first month of…
A: Ending inventory is the amount of inventory that an entity has, in its hands at the end of the…
Q: Product Pricing: Two Products Quality Data manufactures two products, CDs and DVDs, both on the same…
A: INTRODUCTION:- In this question, we are presented with a scenario of Quality Data, a company that…
Q: Take me to the text Using the following information, calculate the static budget, flexible budget…
A: Budgeting is the process of determining future performance, costs, and revenue expected to be…
Q: Problem #2 _ump-Sum Liquidation Pangilinan, Gum ban, and Borda are liquidating their business. They…
A: Pangilian , Gum ban and Borda are liquidating their business. Given: Profit and loss ratio = 1:2:3…
Q: Exercise 20-4 Manufacturing: Direct materials budget LO P1 Zira Co. reports the following production…
A: Direct materials purchase budget: It shows the quantity of materials to be purchased and the cost…
Q: Pharoah Holdings Inc., a publicly listed company in Canada, ventured into construction of a mega…
A: Introduction Here, the property is an investment property and the fair value model is used.…
Q: stockholders' equity section of the balance sheet at December 31, 2021 upporting schedule showing…
A: Stockholders' equity is the assets remaining in an entity after all liabilities have been paid. It…
Q: Following are the individual financial statements for Gibson and Davis for the year ending December…
A: Consolidated financial statements includes income statement, balance sheet, cash flow statement.…
Q: Tt1.
A: Journal entries are a record of monetary operations conducted by a business or organisation. They…
Q: Tempanement product it manufactures. Company makes 30,000 units per year of a part it uses in the…
A: This question presents a decision-making scenario for Tempanement Company, which currently…
Q: At January 1, 2021, Steering Imports Inc. reported the following on its statement of financial…
A: Allowance for doubtful accounts is a contra asset account and hence while reporting on the balance…
Q: On January 2, 2021, Howdy Doody Corporation purchased 15% of Ranger Corporation's common stock for…
A: The investment income is recorded in the income statement for dividend revenue and income due to…
Q: 4. An hotel compnay is purchasing a lot for $350k and plans to built a 5-story $8.5 million hotel on…
A: It is depreciation method that provides greater accelerated depreciation in the initial years of…
Q: Topic: Accounts, Debits and Credits 1. Analyze in detail: Introduction to the study of financial…
A: “Since you have posted multiple questions, we will provide the solution only to the first question…
Q: Prepare the entries to record depreciation expense for the year ended December 31, 2023 using the…
A: Depreciation Exp $7,450.00 Accumulated Depreciation on Building $7,450.00…
Q: Sheffield Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. During…
A: The journal entries are prepared to record the transactions on regular basis. The treasury stock…
Q: Q1. Real estate appraisers generally distinguish among the concepts of market value, investment…
A: 1. Market value is an estimate of the most probable price a property would sell for in a…
Q: Jamison's gross tax liability is $10,850. Jamison had $2,050 of available credits and he had $7,255…
A: A tax is a necessary fee or monetary charge that the government levies on citizens or businesses in…
Q: Listed below are costs (or discounts) to purchase or construct new plant assets. (1) Indicate…
A: The question is related to Classification of expenses to be capitalised or expensed. Capital…
Q: Adger Corporation is a service company that measures its output based on the number of customers…
A: Spending variance = Actual cost - Flexible budget Flexible budget = Actual output*Budgeted cost per…
Q: Wright Company's cash account shows a $30,500 debit balance and its bank statement shows $28,800 on…
A: Bank Reconciliation statement reconciles the bank balance with the cash balance of the books. There…
Q: Compute and Interpret Ratios Selected balance sheet and income statement information from Illinois…
A: Financial ratios are defined as measures to project the growth of an entity. Two or more variables…
Q: During the 2022 tax year, Marco's sole proprietorship had qualified business income of $280,000, W-2…
A: For a specified service business like Marco's, the qualified business income deduction is subject to…
Q: the beginning of the month, Daniel's Business Services had two incomplete consulting engagements…
A: Overapplied overhead occurs when expenses incurred are actually less than what a company accounts…
Q: . Paid $64,000 cash to replace a motor on equipment that extends its useful life by four years. .…
A: Expenditure that increase the potential benefits from assets is considered as capital expenditure.…
Q: A company's bank statement balance is $3,500 and shows a service charge of $24, interest earned of…
A: Answer:- Bank reconciliation:- An entity's bank account balance in its books of accounts is…
Q: Warner Manufacturing has established the following master flexible budget for the current year:…
A: In budgeting or management accounting, variance analysis is the examination of variations between…
Q: A20-6 Weighted Average Common Shares (LO 20-2) The following cases are independent. Case A Jethrow…
A: The weighted average number of shares is determined by taking the number of outstanding shares and…
Q: Flaherty company had a beginning inventory of on may 1 of 12000, during the month the company made…
A: Cost of Goods Available For Sale :— It is calculated by adding beginning finished goods inventory…
Q: Norman is calculating the company's total overhead variance for April. He knows the company paid…
A: Total Overhead Variance :— It is the difference between standard overhead cost for actual production…
Q: Which is most likely when the assessed level of control risk increases? Use larger sample sizes for…
A: Control risk refers to the risk that a company's internal controls may not prevent or detect errors…
Q: Required information Problem 6-18 (Algo) Calculate ending inventory and cost of goods sold for four…
A: FIFO Method - FIFO Method is inventory valuation method. Under FIFO method company utilize…
Q: GENERAL JOURNAL Date During Jan. GENERAL JOURNAL Date During Jan. During Jan. Raw Materials…
A: Cost accounting is defined as the branch of accounting used by manufacturing entities in order to…
Q: ger of a local restaurant spends $8,500 for its monthly fixed cost. Its variable co we the amount of…
A: Answer : Contribution margin to generate desired EBT =Desired EBT + fixed cost Contribution margin…
Q: At year end, Janna Company reported allowance for doubtful accounts with debit balance of P50,000…
A: Bad debt expense: Debts which cannot be recovered are called bad debt .It is a loss for the…
Q: In which of the following classifications would cash dividend payments to stockholders be reported…
A: Cash Flow Statement :— It is one of the financial statement that shows change in cash and cash…
Q: The following information was extracted from records of Nawa Ltd for the year ended 30 June 2024.…
A: Deferred tax asset: The deferred tax asset is created when the taxes to be paid as per income tax…
Q: For each of the events (a) though (c), perform transaction analysis and indicate the account name,…
A: The answer to all the parts are given below
Q: The final amounts were in for Bramble Corp's fixed-MOH costs. The total fixed-MOH costs consisted of…
A: The overhead is applied to the production on the basis of predetermined overhead rate. The overhead…
Q: Lowell Corporation's results for the year ended December 31, 2021, include the following material…
A: Income from continuing operations: Income from continuing operations is the profit realized from the…
Q: A company with $500,000 in operating assets is considering the purchase of a machine that costs…
A: To calculate the payback period, we need to know the initial investment and the expected cash flows.…
Q: Alpha Company, whose journal entry is in the dollar, purchased goods with an invoiced value of…
A: INTRODUCTION:- This question involves preparing journal entries for a company called Alpha Company,…
Q: At the end of 2021, of accounts receivable of $100,000, a reserve for tax purposes of $27151 was…
A: Reserve for Noncollectable Accounts In Accounting the reserve for Noncollectable accounts which was…
Q: Below is the Makambing Trading Unadjusted Balance as of June 30, 2022 Accounts Payable Accounts…
A: The three main types of financial statements are: Balance Sheet: The balance sheet provides a…
Q: K a. Use the appropriate formula to determine the periodic deposit. b. How much of the financial…
A: The question is based on the concept of Annuity in Financial Management. Annuity refers to the…
Q: Bed & Bath, a retailing company, has two departments-Hardware and Linens. The company's most recent…
A: To determine the financial advantage (disadvantage) of discontinuing the Linens department, firstly…
Q: 10, 2020 30, 2020 2020 Exchange Rate §1 = $.48 §1 = $.50 §1 = $.44
A: The amount of foreign exchange gain or loss recorded on October 10, 2020 is calculated on the basis…
Step by step
Solved in 2 steps
- ASSETS Non-current assets Property, plant and equipment Land 3. 130,000 Equipment at cost Depreciation 10,000 9.000 139,000 (1,000) Current assets Inventories 6,000 3,000 200 Receivables Prepaid expenses: Water Rates 200 Cash 29.400 168.400 20.000 Total assets Equity and Liabilities Equity Original Capital (Owner's Capital) Retained profit 120,000 25.400 145,400 Liabilities Long-term liabilities Mortgage 10,200 Short-term liabilities Trade payables Accrued expenses: Rent Tax payable Total Equity and Liabilities 2,500 500 9.800 12.800 168.400Based on the following information what was Simmond’s profit for the year? During the year Simmond’s drawings were £6,000 and she introduced a further £2,000 capital 1 January 2021 31 December 2021 Assets £87,500 £106,200 Liabilities £65,300 £76,200 a) £7,800 b) £20,000c) £18,700 d) £11,800Fun Runners (Pty) Ltd incurred the following transactions during April 2022:1. Mr. Nike increased his capital contribution with R50 000.2. Stock to the value of R34 000 was purchased using the perpetual inventory system.3. Sell goods of R14 500 to Mrs. Fast on credit. The cost of the goods amounts to R10 000.4. Settle the telephone account, received last week, of R1 400.5. New takkies of R2 300 were sold to the primary school at cost. The school does not have a credit facility with Fun Runners (Pty) Ltd.6. Mr. Nike purchased a new delivery vehicle of R150 000 through bank financing with Pacing Bank Required:Record the transactions incurred by Fun Runners (Pty) Ltd, outlining the basic accounting equation and the general ledger accounts affected. Detailed in the following format:a + to indicate an increase; and – for a decrease on the accounts No Assets Equity Liability Account debited Account Credited
- Swish Ltd has the following results for the year ended 31 March 2020. £ Net loss per Accounts (Note (1)) (116,500) Interest receivable 3,500 Chargeable gain 44,500 Notes (1) Net loss is after charging: £ Depreciation 10,800 Entertaining customers 1,200 (2) All other expenses are allowable for corporation tax. (3) The written down value of plant and machinery on the main pool at 1 April 2019 was £20,000. There were no purchases or sales during the year ended 31 March 2020. (4) Swish Ltd has…During 2018, Beta Ltd incurred expenses of £250 and earned a net profit of £50. Retained profits on 1 January 2018 stood at £70 and dividends declared and paid totalled £30. What were the revenues of Beta Ltd during 2018?The owner’s capital of FDNACCT was P100,000 on October 1, 2020, the beginning of its fiscal year. The owner invested an additional P24,000 in the business during the year and withdrew P8,000 for personal use. Net income for the year amounted to P47,800. How much is the owner’s capital of the business on September 30, 2021?
- The Owner's Capital has a beginning balance of P626,000. The owner gave P130,000 additional contribution during the year. Based on the Statement of Comprehensive Income, net income for the year was P355,000. How much should be reported as total assets in the statement of financial position? Accounts Payable Accounts Receivable Accrued Expenses Accumulated Depreciation Cash Inventory Investments Your answer 57,000 Mortgage Payable 65,000 Notes Payable 37,000 Notes Receivable 110,000 Owner, Capital 91,000 Prepaid Expenses 89,000 Property, Plant and Equipment 143,000 Unearned Revenue 400,000 130,000 283,000 ? 64,000 850,000 18,000The following is an extract from the statements of financial position of Carp plc as at 31 December 2020 and 2021: Plant and equipment (carrying amount) 2020 £m 268 O a. (£87m) O b. (£84m) O c. (£76m) O d. (£65m) 2021 £m 343 During the year to 31 December 2021 the following transactions took place: 1. Interest received was £llm 2. Depreciation of plant and equipment during the year was £23m There were no disposals of non-current assets during the year. What was the appropriate figure for net cash from investing activities for reporting in the statement of cashflows for the year ending 31 December 2021?DIMAG Ltd, an unquoted trading company, which prepares accounts to 31 March. The draft accounting profits for the year ended 31 March 2024 are £365,300. The following items have been added or deducted in arriving at the draft accounting profit. Depreciation Bonuses Qualifying donation Exempt dividends received Bank interest receivable Notes Note £ 24,200 1 50,000 2 7,600 3 2,700 4,000 1 DIMAG Ltd totalling £50,000 were paid by the company in respect of the period, on 2 March 2025. These were the first bonuses paid by the company. 2 The qualifying donation of £7,600 in the accounts comprises of £6,600 paid during the accounting period and an accrual of £1,000 that the company had agreed to pay but was not paid until 10 July 2024. 3 Exempt dividends of £2,000 were received from unrelated UK companies and £700 received from an unrelated German company. In addition, the following items have not yet been included in the accounts: · Legal fees in relation to an issue of share capital…
- please question A and B is required. A company has the following results for the year to 31 March 2020: £ Adjusted trading profit, after deduction of capital allowances 360,284 Bank deposit interest (a/c opened 1 July 2019): Received 31 December 2019 9,957 Accrued to 31 March 2020 3,000 Dividend received in January 2020…Shane Sunland began a business, Sunland Company, on January 1, 2021, with an investment of $105,000. The company had the following assets and liabilities on the dates indicated: December 31 Total Assets Total Liabilities 2021 $355,000 $200,000 2022 440,000 285,000 2023 535,000 310,000 Use the accounting equation and the change in owner's equity during the year to calculate the profit (or loss) for: a) 2021, assuming Shane Sunland's drawings were $50,000 for the year. b) 2022, assuming Shane Sunland's made an additional investment of $51,000 and had no drawings in 2022. c) 2023, assuming Shane Sunland's made an additional investment of $10,000 and his drawings were $40,000 for the year. Please explain for all questions, thank you.The following information relates to Jenga Ltd, a limited liability company, for the year ended 31 December 2021. Statement of Financial Position as at 31 December 2021 Additional information During the year additional non-current assets were purchased at a cost of £784,000 Non-current assets, which had been depreciated by £28,000 were sold for £14,000. There were no other disposals or purchases of non-current assets. Taxation paid totaled £1,386,000 The statement of profit or loss for the year ended 31 December 2021 included Depreciation charges £276,000 Finance costs £152,000 Taxation provision £380,000 Required: Prepare the statement of cash flows for Jenga Ltd for the year ended 31 December 2021 2. Assess the importance of a statement of cash flows to a limited company in accordance with International Accounting Standard (IAS) 7.
