Additional information relating to DL. Ltd during the financial year: There was a share issue during the year of 15,000 shares at a price of $2.50 per share. A $2,000 tranche payable on i the long-term debt will become due in April 2021. The tax rate is 25%. Note: the supplies are to be capitalised. Account name Accounts payable Accounts receivable Accumulated depreciation: trucks Accumulated depreciation: equipment Administration costs Audit fees Bad debts Cash Cash floats Cost of Sales Depreciation expense Dividends Paid Dividends payable Dividends received Electricity expense Equipment Income tax payable Insurance expense Interest expense Interest received Inventory Lion's Ltd Investment (shares held) Long term debt Rates expense Rent expense Retained earnings (1 April 2020) Salaries and wages expense Sales Sales returns and allowances Share capital (1 April 2020) Supplies Trucks Vehicle expenses S 13,664.00 31.250.00 51,400.00 10,000.00 4,700.00 2,800.00 3,200.00 136,000.00 350.00 114,000.00 14,500.00 21,650.00 36,070 50 13,850.00 8,700.00 120,000.00 12,300.00 4,000.00 16,000.00 1,650.00 22,250.00 100,000.00 320,000.00 3,500,00 9,800.00 181,227.00 37,250.00 374,500.00 11113,500.00 51.350.00 5,200.00 300,000.00 3,800.00

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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Question

Create a Balance sheet for this information given:

Additional information relating to DL. Ltd during the financial year: There was a share issue
during the year of 15,000 shares at a price of $2.50 per share. A $2,000 tranche payable on
the long-term debt will become due in April 2021. The tax rate is 25%. Note: the supplies are
to be capitalised.
Account name
Accounts payable
Accounts receivable
Accumulated depreciation: trucks
Accumulated depreciation: equipment
Administration costs
Audit fees
Bad debts
Cash
Cash floats
Cost of Sales
Depreciation expense
Dividends Paid
Dividends payable
Dividends received
Electricity expense
Equipment
Income tax payable
Insurance expense
Interest expense
Interest received
Inventory
Lion's Ltd Investment (shares held)
Long term debt
Rates expense
Rent expense
Retained earnings (1 April 2020)
Salaries and wages expense
Sales
Sales returns and allowances
Share capital (1 April 2020)
Supplies
Trucks
Vehicle expenses
S
13,664.00
31.250.00
51,400.00
10,000.00
4.700.00
2,800.00
3.200.00
136,000.00
350.00
114.000.00
14,500.00
21,650.00
36,070 50
13,850.00
8,700.00
120,000.00
12,300,00
4,000.00
16,000.00
1,650.00
22,250.00
100,000.00
320,000.00
3,500,00
9,800.00
81,227.00
37,250.00
374.500.00
1113,500.00
51.350.00
5,200.00
300,000.00
3,800.00

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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