Financial assetsTwilight Co. has the following assets on Dec. 31, 20x1:Petty cash fundCash in bank10,000 Prepaid income tax40,000 Prepaid assetsNotes receivable (N/R) 130,000 Inventory10,0004,000380,000(7,000) Held for trading securities 60,00040,00012,00075,000Discount on N/RLoan receivable (L/R)Loss allowance on L/R (4,000) Deferred tax assetsAdvances to suppliers 12,00080,000Investment in associatePlant expansion fundRequirement: Compute for the total amount of financial assets.

Name: Financial assetsTwilight Co. has the following assets on Dec. 31, 20x
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Description: Financial assetsTwilight Co. has the following assets on Dec. 31, 20x1:Petty cash fundCash in bank10,000 Prepaid income tax40,000 Prepaid assetsNotes receivable (N/R) 130,000 Inventory10,0004,000380,000(7,000) Held for trading securities 60,00040,00

Financial assets: These often includes all the assets that are of non-physical nature and are…

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Financial assets Twilight Co. has the following assets on Dec. 31, 20x1: Petty cash fund Cash in bank Notes receivable (N/R) 130,000 Inventory Discount on N/R Loan receivable (L/R) 80,000 Loss allowance on L/R (4,000) Deferred tax assets Advances to suppliers 12,000 10,000 Prepaid income tax 40,000 10,000 | 4,000 380,000 (7,000) Held for trading securities 60,000 40,000 12,000 75,000 Prepaid assets Investment in associate Plant expansion fund Requirement: Compute for the total amount of financial assets.

Financial assets Twilight Co. has the following assets on Dec. 31, 20x1: Petty cash fund Cash in bank Notes receivable (N/R) 130,000 Inventory Discount on N/R Loan receivable (L/R) 80,000 Loss allowance on L/R (4,000) Deferred tax assets Advances to suppliers 12,000 10,000 Prepaid income tax 40,000 10,000 | 4,000 380,000 (7,000) Held for trading securities 60,000 40,000 12,000 75,000 Prepaid assets Investment in associate Plant expansion fund Requirement: Compute for the total amount of financial assets.

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 3 Presented below are selected accounts for San Marcos Corporation for December 31 of the current year. Debit Credit Accounts Recelvable trade $720 Building and Equipment Cash in bank-operating 1000 Interest Recelvable Installment Receivabies Merchandise Inventory 35 25 Notes Receivable-long term Petty Cash Prepaid Expenses- current 32 Supplies 19 Patent Accounts Payable-rade Accumulated Depreciation 225 Additional Pald-in Capltal Allowance for 600 Uncollectible Accounts Cash Diridends Payable Common Seock-4i par value Income Tax Payable
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Following are the balances of Bank Muscat for the year ended as on 31st December 2020 (Amounts are in 000’ OMR) PARTICULARS OMR Interest on Savings Account 6,000 Interest on Fixed Deposits 33,000 Interest on Loans 19,200 Rent and Rates 1,500 Interest on Current Account 4,500 Interest on Cash Credits 16,800 Discounts received 21,000 Commission Expenses 600 Commission Received 2,400 Director’s Fees 150 Salaries and Allowances 6,000 Interest on Overdrafts 18,000 Interest on borrowings from other banks 1,500 Legal Charges 90 Transfer Fees paid 1,200 Locker Rent 1,800 Other office expenses 120 Depreciation on Fixed Assets 6,000 Miscellaneous Expenses 1,200 Other Adjustments: Fair value of sale of investments were increased by: OMR 3,600 Loss on exchange difference arising on transactions of foreign operations was: OMR 600 Income tax expenses: OMR 9,000 Impairment for loans: OMR 300 Impairment for investments: OMR 2,700 Rebate on bills…
am. 135.