From the following forecast the Balance sheet for the year 2021 Balance sheet as of 31/12/2020 Liabilities& Equity Amount Equity Retained earnings 10,000 Land Property Assets Amount 33,000 Plant and machinery 10,000 20,000 Accounts payable 7,000 Accounts receivables 3,000 Inventories 10,000 Cash in hand 2000 Cash at Bank 5,000 50,000 50,000 1. It is expected that the company will make a net income of 10% of forecasted sales 2. The company will purchase additional 5000 OMR worth machines by taking an additional loan of 5000 OMR 3. Forecasted sales OMR 100,000 4. Dividend payout will be 50% 5. The following estimates are also given; Accounts payable 10,000 Accounts receivable 6,000 Inventories 15,000 Cash in hand 6,000 Cash at bank 1,000

From the following forecast the Balance sheet for the year 2021 Balance sheet as of 31/12/2020 Liabilities& Equity Amount Equity Retained earnings 10,000 Land Property Assets Amount 33,000 Plant and machinery 10,000 20,000 Accounts payable 7,000 Accounts receivables 3,000 Inventories 10,000 Cash in hand 2000 Cash at Bank 5,000 50,000 50,000 1. It is expected that the company will make a net income of 10% of forecasted sales 2. The company will purchase additional 5000 OMR worth machines by taking an additional loan of 5000 OMR 3. Forecasted sales OMR 100,000 4. Dividend payout will be 50% 5. The following estimates are also given; Accounts payable 10,000 Accounts receivable 6,000 Inventories 15,000 Cash in hand 6,000 Cash at bank 1,000

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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