You are given the following information about Company ABC as at 31/12/2023 Premises Shs25,000,000 Motor vehicles Shs 2,000,000 Electricity bills (Owings) shs500, 000 Creditors' Shs4,500,000 Cash in hand Shs 500,000 Bank overdraft Shs 3,000,000 Loan Equity Bank4,000,000 Prepayments Shs 600, 000 Accrued Salaries Shs 2, 589, 000 iiDraw up a statementof financial position

The statement of financial position for a company is often referred to as the balance sheet..It is…

Answered: 4,000,000 Prepayments Shs 600, 000…

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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K L C D E Statement of Financial Postionas at December 31 (in millions of Canadian dollars) A В G H J P Q R V Y AA AB AC AD AE AF AG AH Statement ofComprhensive Income for Year Ended Dec. 31 (in millions of Canadian dollars) 20x3 20x2 20x1 20x3 20x2 20x1 7 Cash and cash equivalents 293 398 762 Totalnet sales 4360 4346 2715 Accounts receivable e Inventory O Prepaid Expenses Total Operating expenses Operating costs Distribution costs 572 522 309 493 699 312 1682 1754 942 85 27 17 403 402 318 1400 Royalty costs Depreciation Totaloperating costs (COGS) Profit from mining operations Other expenses General and Administrative 1443 1646 265 291 232 2 Property, plant and equipment 3 Mineral property costs 4 Total Assets 5 Liabilities 6 Accounts payable and accrued liabilities 7 Taxes payable 8 Total Current Liabilities 9 Long-term debt 0 Deferred income taxes E1 Asset retirement obligations 2 Totalliabiltiies Shareholders Equity 4 Share capital -5 Retained Earnings -6 Total shareholder's equity…
Sales Revenue Cost of Goods Sold Income from Operations Selling and Administrative Expenses Budgeted Income Statement For the Year Ending December 31, 2022 Income from Operations Interest Expense Income before Income Taxes Interest Expense Not Income (Loss) $ 326,400 (166,380) i 160,020 88,500 i 71,520 (4,130 67,390 (13,478 53912
156 Principles of Cost Accounting Journal entries for payroll A partial summary of the payroll data for Burrington Manufactur- ing Company for each week of June is as follows: ЕЗ-5 LO2 LO3 June 7 June 14 June 21 June 28 Gross earnings . $ 36,500 $ 34,200 $ 37,300 $ 38,400 Deductions: FICA tax, 8% $? $? $? $? Tax-sheltered annuity. 1,825 1,780 1,855 1,870 Income tax 4,215 4,120 4,320 4,410 Health insurance 600 600 600 600 Total deductions $? $? $? $? Net earnings $? $? $? $? a. Compute the missing amounts in the summary, assuming that no employees have reached the $100,000 FICA maximum. b. For each payroll period, prepare journal entries to (1) record the payroll and (2) record the payments to employees.
Complete: Round to Nearest Current Assets Amount Hundredth Percent Cash $ 12,000 % Accounts receivable 9,000 % Prepaid rent Merchandise inventory 5,000 $ 28.000 Total current assets 100 %
Exercise 9-10 (Algo) Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $380,000; Office salaries, $76,000; Federal income taxes withheld, $114,000; State income taxes withheld, $25,500; Social security taxes withheld, $28,272; Medicare taxes withheld, $6,612; Medical insurance premiums, $9,000; Life insurance premiums, $6,000; Union dues deducted, $3,000; and Salaries subject to unemployment taxes, $54,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 1. & 2. Using the above information, complete the below table and prepare the journal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and other related employment…
ADAK STEEL budget info: 01 02 04 $2,500,000 $2,000,000 $2,200,000 $2,800,000 $500,000 $500,000 $600,000 $700,000 $800,000 $800,000 $900,000 $1,000,000 $400,000 $400,000 $400,000 $400,000 Sales on account Purchases of material on account Payroll Miscellaneous Cash collections of sales on account: 70% current Quarter; 20% following Q 4% - never Sales in previous year: 3rd Q-$1,800,000 4th Q-$2,400,000 Material Purchases: Paid ½ in current Q; ½ in next Q Purchases in 4th Q of previous year: $600,000 All other items (payroll, miscellaneous) are paid in current month. Non-operating cash outlays: Dividends: Bond interest: Bond Principal: 6% second following Q $90,000 every Q. $60,000 on June 30 and $40,000 on December 31. $1,000,000 on June 30. $120,000 Annual interest rate: 8% Beginning Cash Balance, Jan. 1: Minimum Balance: $100,000 REQUIRED: Prepare a Cash Budget Repay loan only when you have enough cash to pay entire loan. Pay interest when you pay principal. Borrow at beginning of Q,…

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4,000,000 Prepayments Shs 600, 000 Accrued Salaries Shs 2, 589, 000 iiDraw up a statement of financial position