a. the Statement of Comprehensive Income for the year ended 31 December2020. Question 5The following Is the Trial Balance of Maple Union Berhad at 31 December 2020.DRCRRMRMMachinery at costAccumulated depreciation as of 1 January2020- machinery60,00010,000Motor vehicles at costAccumulated depreciation as of 1January 2020- motor vehiclesFumiture & equipment at costAccumulated depreciation as of 1 January2020- furniture & equipmentLong term loan (repayable on 30November 2022)50,0008,00025,0005,00030,000Ordinary share capital9% preference share capitalTrade receivables & payables50,00030,00021,00040038,000Allowance for doubtful debtsSales & purchasesSalaries & wages190,00024,00034,500303,600BankBad debtsRetumsI.6002.1001,9501,850Discounts1.600Loan interest1,500Telephone expensesRent, rates and insuranceInventory as of 1 January 2020Retained earnings as of 1 January 20204,00016,0004,50010.000461.800461.800 7.The following additional Information are avalable:I Inventory at 31 December 2020 is valued at RM13,000.IL Rates and insurance are prepaid by RM1,500.I. Wages of RM400 is owed.Iv. The allowance for doubtful debts is fixed at 4% of trade receivable balances.Bad debts of RM500 is to be written off.V. Rent of RM400 is due but yet to be paid.vi. Long term loan interest is 10% per annum.vil. Depreciation of motor vehicles and fumiture & equipment are based on 15% perannum on cost. Machinery is depreciated at 15% per annum on reducing balancemethod.viii.The director proposed a final ordinary dividend of 10%.ix. The proposed corporate tax rate is 30%.

Name: a. the Statement of Comprehensive Income for the year ended 31 Decembe
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: a. the Statement of Comprehensive Income for the year ended 31 December2020. Question 5The following Is the Trial Balance of Maple Union Berhad at 31 December 2020.DRCRRMRMMachinery at costAccumulated depreciation as of 1 January2020- machinery60,000

An income statement is concerned with operations of a business expressed in expense and income and…

Answered: a. the Statement of Comprehensive…

Business

Accounting

a. the Statement of Comprehensive Income for the year ended 31 December 2020.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

am. 62.
On the balance sheets, what is the most recent fiscal year reported? Fiscal year 2020, ending on February 1, 2020 Fiscal year 2020, ending on January 30, 2021 Fiscal year 2021, ending on February 1, 2020 Fiscal year 2021, ending on January 30, 2021
Income & Expenditure Account for the financial period ending 31 December 2022
Below are three independent scenarios concerning the GST account balance and the effect on the Statement of Financial Position in the previous year (2023) and the current year (2024). SFP as at 31/3/2023 Scenario 1 GST liability of $267 Scenario 2 GST asset of $267 Scenario 3 GST asset of $267 SFP as at 31/3/2024 GST asset of $769 GST asset of $769 GST liability of $769 Required: Correctly insert the opening and closing balances into the three independent GST general ledger accounts provided in the answer booklet. Balance each of the three GST general ledger accounts and insert the opening balance for 1 April 2024.
Use the following data from Burt Co., taken from the ledger after adjustment on December 31 the end of the fiscal year. Accounts Payable $97,200 Accounts Receivable 64,300 Accumulated Depreciation-Office Equipment 72,750 Accumulated Depreciation-Store Equipment 162,100 Administrative Expenses 56,500 Cash 53,000 Cost of Merchandise Sold 121,700 Interest Expense 12,000 Maeve Burt, Capital 81,750 Maeve Burt, Drawing 52,000 Merchandise Inventory 93,250 Note Payable (due in two years) 154,000 Office Equipment 149,750 Prepaid Insurance 6,500 Rent Revenue 17,500 Salaries Payable 28,700 Sales 365,500 Selling Expenses 41,500 Store Equipment 325,000 Supplies 4,000
Selected T-accounts of Moore Company are given below for the just completed year: Balance 1/1 Debits Balance 12/31 Debits Debit Debits Debit Balance 1/1 Direct materials Direct labor Overhead Balance 12/31 Debits Debit Debit Debit Balance 1/1 Debits Balance 12/31 Debit Raw Materials 15,000 Credits 120,000 25,000 Manufacturing Overhead 230,000 Credits Work in Process 20,000 Credits 90,000 150,000 240,000 ? Factory Wages Payable 185,000 Balance 1/1 Credits Finished Goods 40,000 Credits ? Credit 60,000 Cost of Goods Sold Credit Balance 12/31 Credit Credit Credit Credit ? ? 470,000 9,000 180,000 4,000 ? Required: 1. What was the cost of raw materials used in production? 2. How much of the materials in (1) above consisted of indirect materials? 3. How much of the factory labor cost is indirect labor?
Which of the following alternatives represent the amount of non current liabilities in the statement of financial position of Shukela CC for the year ended 28 February20.19?
Abhaliya
Aside from the time period, what is the primary distinction between annual financial reporting and interim financial reporting?
Blyth Traders are a well-established wholesale business operating in the north of England and south Scotland. Their trial balance for year ended 31st December 2021 is presented below: Dr [£] Cr [£] Non-current assets (cost): Plant and machinery 150,000 Vehicles 100,000 Premises 600,000 Accumulated depreciation (1-1-21): Plant and equipment 90,000 Vehicles 50,000 Premises 96,000 Sales 829,000 Sales returns 2,000 Purchases 335,000 Carriage in Wages and salaries Discounts allowed 15,000 114,000 4,500 Electricity costs Vehicle maintenance 37,500 2,500 8,000 Advertising and marketing 14,000 Irrecoverable debts 3,000 Allowance for receivables 1,500 Bank 19,200 Accounts payable 31,600 Accounts receivable 60,000 Inventory (1-1-21) Drawings Bank loan [10%] Capital (1-1-21) 91,700 60,000 150.000 324,900 1,594,700 1,594,700 Additional notes: 1) Inventory at 31st December 2021 was valued at £94,000. However, on 4th January 2022 additional lines of inventory were uncovered that had not been…
Define the term fiscal year.
Blyth Traders are a well-established wholesale business operating in the north of England and south Scotland. Their trial balance for year ended 31" December 2021 is presented below: Dr [E] Cr (E] Non-current assets (cost): Plant and machinery 150,000 Vehicles 100,000 Premises 600,000 Accumulated depreciation (1-1-21): Plant and equipment Vehicles 90,000 50,000 Premises 96,000 Sales Sales returns Purchases Carriage in Wages and salaries Discounts allowed Electricity costs Vehicle maintenance Advertising and marketing Irrecoverable debts 829,000 2,000 335,000 15.000 114.000 4.500 37.500 8,000 2,500 14,000 3,000 Allowance for receivables Bank 1,500 19,200 Accounts payable Accounts receivable 31,600 60,000 Inventory (1-1-21) 91,700 Drawings Bank loan [10%] Capital (1-1-21) 60,000 150.000 324,900 1.594.700 1.594.700 Additional notes: 1) Inventory at 31" December 2021 was valued at £94,000. However, on 4th January 2022 additional lines of inventory were uncovered that had not been included…