Expressive Youths is a non-profit youth club in the Corporate Area that engages its members in the buying and selling of paintings that are sold to public to provide income for the club. For the financial year ending December 31, 2020 the clerical officer of the club provided the following information in relation to the club's activities: Payments Receipts 120,000 subscription Electricity Purchase of television 60,000 Sale of paintings 320,000 Refreshment, etc. sale 280,000 Donations 96,000 Other activities 50,000 300,000 800,000 600,000 250,000 200,000 Purchase of paintings Refreshments, etc. Stipend for clerk Stationery Additional Information: (i) On January 1, 2020 the club had paintings valued at $350,000., while subscription in arrears at that date was $15,000 On December 31, 2020 the club owed $25,000 for electricity, while $10,000 was paid for stationery that was to be received in January 2021. The opening cash balance on January 1, 2020 was $620,000 while paintings in stock on December 31, 2020 was valued at $400,000. (ii) (ii) (iv) At December 31, 2020, members had paid dues in advance of $34,000

Expressive Youths is a non-profit youth club in the Corporate Area that engages its members in the buying and selling of paintings that are sold to public to provide income for the club. For the financial year ending December 31, 2020 the clerical officer of the club provided the following information in relation to the club's activities: Payments Receipts 120,000 subscription Electricity Purchase of television 60,000 Sale of paintings 320,000 Refreshment, etc. sale 280,000 Donations 96,000 Other activities 50,000 300,000 800,000 600,000 250,000 200,000 Purchase of paintings Refreshments, etc. Stipend for clerk Stationery Additional Information: (i) On January 1, 2020 the club had paintings valued at $350,000., while subscription in arrears at that date was $15,000 On December 31, 2020 the club owed $25,000 for electricity, while $10,000 was paid for stationery that was to be received in January 2021. The opening cash balance on January 1, 2020 was $620,000 while paintings in stock on December 31, 2020 was valued at $400,000. (ii) (ii) (iv) At December 31, 2020, members had paid dues in advance of $34,000

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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