2. Lepat Trading prepared its account on 30 June every year. On 30 June 2019, the statement of financial position of Lepat Trading showed the folowing. Statement of Financial Position as at 30 June 2019 RM RM Non-Current Asset Machinery Accumulated 100,000 20,000 depreciation 80,000 160,000 96.000 Motor vehicles Accumulated depreciation 64,000 During the year ended 30 June 2020, machinery worth RM20,000 and motor vehicles worth RM60,000 were purchased by cheques. The machinery was depreciated at 10% Prepared by: Puan Siti Nor Junita Mohd Radzi per annuum using the straight line method and the motor vehicles at 20% per year using the reducing balance method. Required: Show the following for the year 2020: a) Machinery account b) Motor vehicles account c) Accumulated depreciation accounts for machinery and motor vehicles respectively d) Statement of Financial Position (extract) as at 30 June 2020

2. Lepat Trading prepared its account on 30 June every year. On 30 June 2019, the statement of financial position of Lepat Trading showed the folowing. Statement of Financial Position as at 30 June 2019 RM RM Non-Current Asset Machinery Accumulated 100,000 20,000 depreciation 80,000 160,000 96.000 Motor vehicles Accumulated depreciation 64,000 During the year ended 30 June 2020, machinery worth RM20,000 and motor vehicles worth RM60,000 were purchased by cheques. The machinery was depreciated at 10% Prepared by: Puan Siti Nor Junita Mohd Radzi per annuum using the straight line method and the motor vehicles at 20% per year using the reducing balance method. Required: Show the following for the year 2020: a) Machinery account b) Motor vehicles account c) Accumulated depreciation accounts for machinery and motor vehicles respectively d) Statement of Financial Position (extract) as at 30 June 2020

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 63BE: Asset Efficiency Ratios Rumsford Inc.s financial statements for 2019 indicate the following account...

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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…
Planning Wizards, LLC is an event-planning company. Which of the following would be included in the current asset section of a classified balance sheet dated December 31, 2019? a. 15-month certificate of deposit b. Customer advances on New Year's parties c. Last month rent payment (lease expires in 2021) d. Investment in stocks, to be sold in 2020 e. Income tax refund receivable f. Inventory Select one: d, e, and f e and f a, b, c, e, and f a, b, c, d, e, and f b, e, f
Lepat Trading prepared its account on 30 June every year. On 30 June 2019, the statement of financial position of Lepat Trading showed the folowing. Statement of Financial Position as at 30 June 2019 RM RM Non-Current Asset Machinery 100,000 Accumulated depreciation 20,000 80,000 Motor vehicles 160,000 Accumulated depreciation 96,000 64,000 During the year ended 30 June 2020, machinery worth RM20,000 and motor vehicles worth RM60,000 were purchased by cheques. The machinery was depreciated at 10% Prepared by: Puan Siti Nor Junita Mohd Radzi per annuum using the straight line method and the motor vehicles at 20% per year using the reducing balance method. Required: Show the following for the year 2020: a) Machinery account Motor vehicles account Accumulated depreciation accounts for machinery and motor vehicles…
Lepat Trading prepared its account on 30 June every year. On 30 June 2019, the statement of financial position of Lepat Trading showed the folowing. Statement of Financial Position as at 30 June 2019 RM RM Non-Current Asset Machinery 100,000 Accumulated depreciation 20,000 80,000 Motor vehicles 160,000 Accumulated depreciation 96,000 64,000 During the year ended 30 June 2020, machinery worth RM20,000 and motor vehicles worth RM60,000 were purchased by cheques. The machinery was depreciated at 10% per annuum using the straight line method and the motor vehicles at 20% per year using the reducing balance method. Required: Show the following for the year 2020: Statement of Financial Position (extract) as at 30 June 2020
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5. Lepat Trading prepared its account on 30 June every year. On 30 June 2019, the statement of financial position of Lepat Trading showed the folowing. Statement of Financial Position as at 30 June 2019 RM RM Non-Current Asset Machinery 100,000 Accumulated depreciation 20,000 80,000 Motor vehicles 160,000 Accumulated depreciation 96,000 64,000 During the year ended 30 June 2020, machinery worth RM20,000 and motor vehicles worth RM60,000 were purchased by cheques. The machinery was depreciated at 10%per annuum using the straight line method and the motor vehicles at 20% per year using the reducing balance method. Required: Show the following for the year 2020: a) Machinery account b) Motor vehicles account c) Accumulated depreciation accounts for machinery and motor vehicles respectively d) Statement of Financial Position (extract) as at 30 June 2020
Scanned with CamScanner Scanned with CamScanner Balance Sheets as at 31 December Non current asse Current assets ess depreciation Accounts reco Total assets Accounts pavable oan hotes Net awetse entory at 1 January 2018 was E50,000. Required: 2018 and 2019 Cn Net promt capons for and signi of any changes in the ratios shown by your calaton Scanned with CamScanner given below. Income Statements for the years ending 31 December 2018 2019 £00 £000 £000 E000 Sales Less Cost of sales Gross profit 200 (150) 50 280 (210) 70 Less Administration expenses 38 46 Loan note interest 4 (50) (38) 12 Net profit 20
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Selected information is taken from the financial statements of Little Company for two successive years follows. Compute the percentage change from 2020 to 2019 whenever possible. 2020 2019 Accounts receivable............................... P126, 00 P150,000 Marketable securities............................. -0- 250,000 Retained earnings................................... 80,000 (80,000) Notes receivable..................................... 120,000 -0- Notes payables........................................ 860,000 800,000 Cash......................................................... 82,400 80,000 Sales.................................................. 990,000 900,000