1. Following information is based on ABC business for the month of April 2020: Fees earned 7,000, Cash13,000, Capital 10,000, Prepaid insurance 3,000, Salaries Expense 4,000, Advertising expense 3,000, Equipment 5,000, Loan payable 8,000, Unearned fees = ? Analysis reveals the following additional data pertaining to these accounts: a) Insurance expired for the month 1500 b) Depreciation on the equipment is 1,000 per month. c) Interest of 330/- is accrued on Loan payable. d) On fourth of unearned was eamed. e) Lawn services rendered but not billed to at the end of month amounted 1,500 Required: a. Find missing figure b. Prepare corrected trial balance with suitable heading c. Prepare adjusting entries for the month of April 2020. d. Ten column work sheet with appropriate headings

1. Following information is based on ABC business for the month of April 2020: Fees earned 7,000, Cash13,000, Capital 10,000, Prepaid insurance 3,000, Salaries Expense 4,000, Advertising expense 3,000, Equipment 5,000, Loan payable 8,000, Unearned fees = ? Analysis reveals the following additional data pertaining to these accounts: a) Insurance expired for the month 1500 b) Depreciation on the equipment is 1,000 per month. c) Interest of 330/- is accrued on Loan payable. d) On fourth of unearned was eamed. e) Lawn services rendered but not billed to at the end of month amounted 1,500 Required: a. Find missing figure b. Prepare corrected trial balance with suitable heading c. Prepare adjusting entries for the month of April 2020. d. Ten column work sheet with appropriate headings

Name: 1. Following information is based on ABC business for the month of Ap
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Description: 1. Following information is based on ABC business for the month of April 2020:Fees earned 7,000, Cash13,000, Capital 10,000, Prepaid insurance 3,000, Salaries Expense4,000, Advertising expense 3,000, Equipment 5,000, Loan payable 8,000, Unearned fee

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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Following information is based on ABC business for the month of April 2020:Fees earned 7,000, Cash13,000, Capital 10,000, Prepaid insurance 3,000, Salaries Expense4,000, Advertising expense 3,000, Equipment 5,000, Notes payable 8,000, Unearned fees = ?Analysis reveals the following additional data pertaining to these accounts:a) Insurance expired for the month 1500b) Depreciation on the equipment is 1,000 per month.c) Interest of 100/- is accrued on notes payable. d) On third of unearned was earned.e) Lawn services rendered but not billed to at the end of month amounted 1,500Required: a. Find missing figure b. Prepare corrected trial balance with suitable headingc. Prepare adjusting entries for the month of April 2020
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Accounting to IAS 12, the following balances were extracted from the books of XYZ Ltd, a manufacturing firm in Ghana on December 31, 2021. i. Profit before Tax GHS100,000 ii. Depreciation of Furniture GHS3,200 iii. Depreciation of Motor Vehicle GHS 5,200 iv. Office rent per annum GHS12,000 v. CEO's residential rent per annum GHS15,000 vi. DVLA fines GHS200 vii. Cost of motor vehicle GHS50,000 viii. Cost of furniture GHS40,000 Required: i. Compute the taxable profit ii. Compute the tax expense assuming previous year's tax outstanding was GHS2,000 due to assessment difference. iii. Total tax expense for the year.
You are required to prepare an income statement of profit or loss and other comprehensive income and the statement of financial position for the year ended 28 February 2020 .
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The following items are taken from the financial statements of the Riverbed Service for the year ending December 31, 2020: Accounts payable $ 18400 Accounts receivable 11000 Accumulated depreciation – equipment 27800 Advertising expense 20900 Cash 15000 Owner’s capital (1/1/20) 100600 Owner's drawings 13800 Depreciation expense 12300 Insurance expense 3100 Note payable, due 6/30/21 69200 Prepaid insurance (12-month policy) 6200 Rent expense 16900 Salaries and wages expense 31800 Service revenue 132300 Supplies 4100 Supplies expense 5900 Equipment 207300 What is the balance that would be reported for owner’s equity at December 31, 2020?
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NOTE: Should following the given format for income statement.