Company Company Company Company Company A B D E December 31, 2018 Assets ... $55,000 $34,000 $24,000 $60,000 $119,000 Liabilities... 24,500 21,500 9,000 40,000 ? December 31, 2019 Assets . 58,000 40,000 ? 85,000 113,000 Liabilities... 26,500 29,000 24,000 70,000 During year 2019 Owner investments 6,000 1,400 9,750 ? 6,500 Net income (loss) ... 8,500 8,000 14,000 20,000 Owner cash withdrawals 3,500 2,000 5,875 11,000

Company Company Company Company Company A B D E December 31, 2018 Assets ... $55,000 $34,000 $24,000 $60,000 $119,000 Liabilities... 24,500 21,500 9,000 40,000 ? December 31, 2019 Assets . 58,000 40,000 ? 85,000 113,000 Liabilities... 26,500 29,000 24,000 70,000 During year 2019 Owner investments 6,000 1,400 9,750 ? 6,500 Net income (loss) ... 8,500 8,000 14,000 20,000 Owner cash withdrawals 3,500 2,000 5,875 11,000

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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The following are extracts from the financial records of ABC Ltd for the year ended31 August 2021.ABC LtdExtract from the Statement of financial statement as at 31 August 2021 31 August 2021 - R 30 August 2020 - R Bank Inventories - Trade Goods Trade Recievables Trade payables Prepaid Expenses Prepaid Expenses Accrued Expenses; interest Accrued Expenses; other SARS - income tax payable Dividens payable 50000 22000 77000 44000 1800 1000 5700 8000 1500 20000 30000 69000 46000 1200 2400 4400 3000 2700 ABC LtdExtract from the Statement of profit or loss and other comprehensive incomefor the year ended 31 August 2021 Sales 592000 Cost of sales (301000 Gross profit 291000 Profit on sale of Equipment 9000 Depreciation 41000 Interest Expense 2600 Income tax expense 15200 Profit for the year 110300 Additional information: 1. The dividends declared for the current year is R2 400 Required:Prepare only the “Cash flows from operating activities” section…
Sweet home Inc., includes the following selected accounts in its general ledger at December 31, screenshot attacahed thanks fas fakope
The following are the summarised financial information of Ting Ltd for the two financial years ended 31 October 2020 are as follows:2019 2020£ million £ millionEquity 2,460.8 1,732.8 Non-current liabilities (Loans) 640.0 800.0 Current liabilities 654.4 1,020.5 Non-current assets 2,804.8 2,367.2 Current assets 950.4 962.4 Revenue 1,601.6 1,509.6 Total expenses 1,444.0 1,492.8 Required:(a) Calculate the following financial ratios for the two years: 2019 and 2020:(i) Current ratio (ii) Capital gearing ratio (iii) Profit margin (b) Comment briefly on the ratios of the company, computed in part (a) over the two year period from 2019 to 2020. (c) Provide any two (2) recommendations on how the company may improve these ratios in the futur.
REQUIRED: In the December 31, 2021 statement of financial position, how much should be reported as current liabilities?
a) Bank B reported a debt to equity ratio of 8.5 at the end of year 2019. If the 'bank's total assets at the end of year 2019 was $28 million, how much of its assets were financed with equity?
The following items were identified to comprise CHI company’s liabilities as of December 31, 2016 Accounts payable P500,000 6% notes payable – due January 15, 2017 750,000 7% notes payable – due January 31, 2017 1,200,000 8% notes payable – due January 31, 2017 1,500,000 The following information was made available at the time the 2016 financial statements were being prepared: The accounts payable balance included a P150,000 advance from the company’s president which is due on June 30, 2018 The board decided unanimously that it would refinance its 6% notes from bulls lending company. On December 31, 2016. CHI Company completed an agreement with bears financing company to refinance its existing note 7% with another one maturing on January 31, 2018. At January 2, 2017 CHI company completed an agreement with cubs financing company rescheduling the maturity date of the 8% notes to January 31, 2018. Requirement: a). How…
Use the information for the next two (2) questions. Drapes Company disclosed the following liability account balances on December 31, 2020: Accounts payable 2,850,000 Bonds payable 5,100,000 Premium on bonds payable 300,000 Deferred tax liability 600,000 Dividends payable 750,000 Income tax payable 1,350,000 Note payable 900,000 What amount should be reported as current liabilities? What amount should be reported as noncurrent liabilities?
Assume that Lululemon Athletica Inc. reported the following summarized data at December 31, 2020. Accounts appear in no particular order. Revenues: $275, Other Liabilities: $38, Other assets: $101, Cash and other Current assets: 53, Accounts Payable: $5, Expenses: $244, Shareholder's equity: $80. Prepare the Trail Balance of Lululemon at December 31,2020. List the accounts in proper order, as shown on "in class" practice. How much was Lululemon's net income or net loss?
sheet on December 30, 2025, so that the CFO could get an idea of how the company stood. He knows that certain debt agreements with its creditors require the company to maintain a current ratio of at least 2:1. The preliminary balance sheet is as follows. Current assets Cash Accounts receivable : Prepaid insurance Equipment (net) Total assets Current liabilities Accounts payable Flounder Corporation Balance Sheet December 30, 2025 Liabilities and Stockholders' Equity Current liabilities Assets Stockholders' equity Common stock Current ratio $22,500 Accounts payable Salaries and wages payable Long-term liabilities Notes payable Total liabilities 29,000 5,200 Working capital $ Current ratio Liabilities and Stockholders' Equity $18,000 Retained earnings Total liabilities and stockholders' equity Working capital $ $56,700 180,000 $236,700 $18,000 :1 9,000 90,000 47,700 Calculate the current ratio and working capital based on the preliminary balance sheet. (Round current ratio to 1 decimal…
Heinz Company’s post-closing trial balance as of December 31, 2018, and the adjusted trial balance as of December 31, 2019, are shown here: A review of the accounting records reveals the following additional information: a. Bonds payable with a face value, book value, and market value of $14,000 were retired On June 30, 2019. b. Bonds payable with a face value of $8,000 were issued at 90.25 On August 1, 2019. They mature on August 1, 2024. The company uses the straight-line method to amortize the bond discount. c. The company sold a building that had an original cost of $8,000 and a book value of $4,800. The company received $2,200 in cash for the building and recorded a loss of $2,600. d. Equipment with a cost of $4,000 and a book value of $1,400 was exchanged for an acre of land valued at $2,700. No cash was exchanged. e.…
Subject:Accounting
Below are the 2018 and 2019 year-end balance sheets for Walker Inc.:. Assets Cash Accounts receivable Inventories Total current assets Net fixed assets Total assets Liabilities and equity Accounts payable Notes payable Total current liabilities Long-term debt Common stock Retained earnings Total common equity Total liabilities and equity 2019 $200,000 864,000 2,000,000 $3,064,000 6,000,000 $9,064,000 $2,400,000 1,600,000 $3,000,000 2,400,000 2,000,000 664,000 $2,664,000 $9,064,000 2018 $170,000 700,000 1,400,000 $2,270,000 5,600,000 $7,870,000 $1,090,000 800,000 $1,890,000 2,400,000 3,000,000 580,000 $3,580,000 $7,870,000 Walker has never paid a dividend on its common share, and it issued $2,400,000 of 10-year non- callable, long-term debt in 2018. As of the end of 2019, none of the principal on this debt had been repaid. Assume that the company's sales in 2018 and 2019 were the same. Which of the following statements must be correct? O a. Walker issued new common shares in 2019. O b.…