Please help me to solve this problem The following is the Global Trading account balance for the year ending December 31 2021.DebitCredit390,000CapitalVehicleBuildingAccounts ReceivableAccounts PayableBank LoanBeginning StockSalesPurchasesales returnAdvertising ExpenseSalaryRent receivedCommission receivedAccumulated depreciation - VehicleAmount80,000400,00013,00023,000110,0003004,6001,700632,600Here is additional information:1. Unpaid salary on 31 December 2021 is RM400.2. The commission of RM1,600 has not been received until December 312021.3. It was found that RM1,500 had been overpaid on advertising expenses.4. The company has received previous rent of RM1,200.5. Annual depreciation for vehicles and buildings is as followsthe following:a. Vehicle RM16,000b. Building - RM20,0006. Ending stock is RM20,000You are wanted:1. Prepare an income statement for the year ending 2021 for Global Trading.2. Prepare the balance sheet as of December 31, 2021 for Global Trading20,00030,000156,00015,0005,60016,000632,600

Income statement is one of the financial statement which shows all incomes and all expenses of the…

Answered: 1. Prepare an income statement for the…

1. Prepare an income statement for the year ending 2021 for Global Trading 2. Prepare the balance sheet as of December 31, 2021 for Global Trading

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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Below are the financial statements for the financial year 2020 and 2021. Statement of Financial Position as at January 31, 2019 and 2020 2021 2020 Current Assets Cash and cash balane:es 33,500 2,550 Account rocoivable 110.100 108,150 Inventories 17.000 7,140 Olher Teceivubles and prepaid experises 83,700 176.320 228.500 167,240 461,400 Fixod doposits with licenscd banks Total current assets 472,800 Properly, plant and cxquiprnenl 1,860,000 619,500 Total Assets 2,332,800 1,080,900 Current Liabilities Account Payables 60,400 27.410 Other payables and accriies expenses 65.600 56,390 Notes payables 27.800 46,800 Total current liabilities 153,800 130,600 Long term Liabilities Long term barrowings 490.500 144,700 Conveitible bonds 342.980 Hire purchase payables 106.920 76,600 Total long term liabilities 940,400 221,300 Shareholders' equity: Issued capital 253.500 201,000 Sharo promium 541.800 425.000 Retaincd carnings 443.300 103,000 Total liabilities and owners' equity 2,332,800 1,080,900
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What is the: quick acid ratio for 2020 receivable turnover for 2020 average collection period for 2020
From the following forecast the Balance sheet for the year 2021Balance sheet as of 31/12/2020Liabilities& Equity AmountAssetsAmountEquity33,000 Plant and machinery 10,000Retained earnings 10,000 Land Property20.000Accounts payable 7,000 Accounts receivables 3.000Inventories10.000Cash in hand2000Cash at Bank5.00050,00050,0001. It is expected that the company will make a net income of10% of forecasted sales2. The company will purchase additional 5000 OMR worthmachines by taking an additional loan of 5000 OMR3. Forecasted sales OMR 100,0004. Dividend payout will be 50%5. The following estimates are also given;Accounts payable 10,000Accounts receivable 6,000Inventories 15,000Cash in hand 6.000Cash at bank 1,000
make a comparative analysis (between year 2019 and 2020) and find current ratio, acid test ratio and debt ratio.
PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash Accounts receivable Inventory Investments $242,000 98,000 105,000 5,000 $ 130,000 102,000 90,000 3,000 Long-term assets: Land Equipment Less: Accumulated depreciation 580,000 890,000 (528,000) $1,392,000 580,000 770,000 (368,000) $1,307,000 Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payab le Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings $ 109,000 7,000 9,000 95,000 13,000 6,000 2$ 110,000 220,000 800,000 357,000 $1,392,000 $1,307,000 800,000 173,000 Total liabilities and stockholders' equity Additional information for 2021: 1. Net income is $184,000. 2. Sales on account are $1,890,000. 3. Cost of goods sold is $1,394,250.
Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…
Sales Cost of goods sold Accounts receivable 2021: 2020: 2018: 2018: 2021: 20:20: Compute trend percents for the above accounts, using 2017 as the bese year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable. Numerator: 2021: 2020: 2018: 2018: 2821 $ 553,453 284, 861 26,808 Numerator: Numerator: T 2017: Is the trend parcent for Net Sales favorable or unfavorable? I Trend Perent for Net Bales: I } J 2828 J I 184,986 21,060 2018: 2018: 2017: Is the trend percent for Cost of Goods Sold favorable or unfavorable? Trend Percent for Cost of Goods Bold: Denominator: 2019 $ 295,790 154,003 20,232 T " I Denominator: Trend Perent for Accounts Receivable: Denominator: 2018 $ 283,903 185,586 11,893 2017: Is the trend percent for Accounts Receivable favorable or unfavorable? 11 11 "H |||||| 11 11 11 2817 $ 148,000 75,939 10,170 11 Trend percent Trend parcant Trend percent aan | 20
Calculate the following Ratio: Current ratio Liquid Ratio
Use the following information for Company COLTIB to create the BalanceSheet for 2020 and 2021
explain the image the current ratio,quick ratio and cash ratio and give recommendation