Balance sheet practice ADVANCED:Sally's Sandwiches is a family run business. They don't have a lot of experience infinance and they hoped to save money by not hiring a professional. Their cousinLin complied the information, but realized it was too hard to make the balancesheet. Using the information below, create a balance sheet for them so that theydon't have to hire someone.Information for Sally's Sandwiches as at 28 February 2022Trade creditorsNon-current assets.Sales revenueCashOverdraftCost of good soldBorrowings- long-termDebtorsInterestShare capitalShort term loans10150457513ExpensesDividendsStock6220156321341112Accumulated retained profits 28

Financial statement means statement which shows the financial position as on date and financial…

Answered: Balance sheet practice ADVANCED:…

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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Q4. Analysis of Financial StatementsThere was a bit of concern about one of Big Rock’s newer entities – Big Rock PavingCompany. Management wants you to review the two financial statements below and giveyour analysis of the company’s performance.Big Rock Paving CompanyAssets LiabilitiesCurrent Assets: Current Liabilities:Cash 200,000 Accounts Payable 700,000Accounts Receivable 300,000 Notes Payable 600,000Inventory 800,000Total Current Assets 1,300,000 Total Current Liabilities 1,300,000Fixed Assets: Owners’ Equity:Property, Plant & Equipment 2,200,000 Common Stock ($1 Par) 600,000Less: Accumulated Depreciation 600,000 Capital Surplus 100,000Net Fixed Assets 1,600,000 Retained Earnings 100,000Total Assets 2,900,000 Total Owners’ Equity 800,000Total Liabilities and Owners’Equity2,900,000Big Rock Paving CompanyIncome Statement for Year Ending December 31, 2021Sales 3,400,000Less: Cost of Goods Sold 2,700,000Less: Administrative Expenses 700,000Less Depreciation 682,000Earnings Before…
Use Newell Brands, Inc.'s financial statement information to answer the following questions. Provide the following account balances for Newell Brands : December 31, 2020 December 31, 2019 Accounts Receivable (gross) Allowance for Doubtful Accounts Accounts Receivable, net Which of the above numbers represents the total amount Newell Brands is owed by customers as of December 31, 2020? Which of the above numbers represents the amount that Newell Brands believes it will not collect from its customers as of December 31, 2020? Which of the above numbers represents the amount that Newell Brands believes it will collect from its customers as of December 31, 2020? Provide the journal entry (both accounts and amounts) that Newell Brands must have made to record its estimate of Bad Debt Expense in 2020. Provide the journal entry (both accounts and amounts) that Newell Brands must…
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I got a lot of my Statement of Cash Flows wrong... can someone help me? filling in the missing sections as well as notes is MUCH APPRECIATED! Thanks in Advance <3 .... I'll fill in all the parts I got write as well as put questions marks to the parts I got wrong. Metlock Inc., a greeting card company, had the following statements prepared as of December 31, 2020. METLOCK INC.COMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $5,900 $6,900 Accounts receivable 61,400 51,200 Short-term debt investments (available-for-sale) 34,700 18,000 Inventory 40,200 59,700 Prepaid rent 5,000 4,100 Equipment 152,700 130,200 Accumulated depreciation—equipment (35,400 ) (25,000 ) Copyrights 45,700 49,900 Total assets $310,200 $295,000 Accounts payable $46,300 $40,400 Income…
Evaluate the financial status of my icecream business chills and fruit by looking at the general journal. Is my business making a profit or operating at a loss? and how do you know???
BOOKS OF ORIGINAL OR PRIME ENTRY: GROUP ASSIGNMENT Question One (1) Frankie Bobo, a top Bank executive, started business on 1st January 2020 with high hopes of success following a company-wide redundancy exercise which left most employees stranded. Frankie Bobo had a flare for business as he used to sell shirts and other imported items to his colleagues before the redundancy exercise. On the day he officially commenced business, he had the following assets and liabilities which he gathered from his personal savings and support received from a couple of family and friends GHS'000 Land and Buildings Furniture and Fittings Motor Vehicle 8,000 5,000 1,400 800 Debtors - Koo Fori 1,600 3,200 Apalahara Inventory Cash in hand 400 Bank Overdraft 2,400 1,000 Creditors - Angela Debbie 600 The following transactions took place during the month of January 2020. Jan.1 Received a cheque from Apalahara Jan. 2 Sold goods on credit to Maatso Jan. 4 Paid Insurance via a bank transfer GHS'000 1,400 2,400…
Based on the given data, answer the three questions. Show your solutions.
Subject: Fundamentals of Accounting 2 Topic: Statement of Financial Position(SFP) Lakwandasan General Merchandising Store Lakwandasan General Merchandising Store is managed by Mr. Lakwandasan asked you to determined the balance of his cash account as of December 31, 2018. You determined the following: He kept some cash in the store a change fund. The cash count revealed 8 pcs of 100 peso bill, 20 pieces of 50 bills, 10 pieces of 20 peso bills 40 pieces of 10 peso coins,, 20 pieces of 5 peso coins, 132 pieces of 1 peso coins and 100 pieces of 25 centavo coins. Three of his regular customer gave Mr. Lakwandasan the following check in payments of debt. Php 9,800 dated November 15,2018. Php 12,500 check dated December 23 2018. Php 7,500- Checked dated Febuary 2019 There are two bank account in the name of the store with the following balances. Balance of the saving account on Dec. 31, 2019 according to the passbook is Php 50,150,. A time deposit certificate for Php 200,000 for 90…
What is the total amount of liabilities in his business? a.R1 397 600 b.R1 122 300 c.R1 147 600 d.R1 454 000

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