Prepare the statement of profit or loss and other comprehensive income for Style Ltd for the year ended 30 June 2020. QUESTION FOUR[25]Style Ltd is a company with an authorised share capital of 2 million ordinary shares. Thecompany commenced business on 1 July 2008 primarily retailing fabric.The following list of balances as at 30 June 2020 was extracted from the pre-adjustmenttrial balance of Style Ltd.AdditionalinformationBalancesList of selected accountsOrdinary share capital (issued at R2 each)Retained earnings900 000675 340Loan from Generous Bank2147 875Investment in Mine Ltd – shares of R2 each3200 000Inventory – trade goods1370 190Trade debtors499 460Allowance for credit losses1 200Sales2 174 485Cost of sales1 018 120Interest received (on favourable bank balances)13 100Commission received969 300Advertising720 000Credit losses42 650Electricity & waterConsumable expenses883 570117 190SARS - provisional income tax paid10103 5002 000Suspense account – Safe Insurance CompanyOther operating expenses6664 860Additional Information:1)Physical stock was taken at financial year end and valued as follows:Trading inventory... ...R366 690Consumables inventory.. .R 2 040 2)Generous Bank provided the following details as at 30 June 2020 in respect of theloan they provided to Style Ltd:Balance outstanding at 1 July 2019Balance outstanding at 30 June 2020Total payments for the year inclusive of interestR227 500R183 750R 79 625Interest on the loan is capitalised. Style Ltd has not yet recorded the interest forthe current financial year.On 25 June 2020, directors of Mine Ltd declared a dividend of 15 cents per share3)payable to all shareholders registered on 30 June 2020. Style Ltd bought itsshares in Mine Ltd during the last financial year that ended 30 June 2019.Y Wayne, a debtor, owed the company a total amount of R3 000. The debtor is4)now deceased and 60 cents in the Rand has been received from his estate in fullsettlement of his account. The unpaid balance of his account must be written-offas a credit loss.5)The allowance for credit losses must be increased by R800.There wasfire at the warehouse on 13 February 2020 which destroyed trading6)stock to the value of R127 000. The insurance company paid out an amount ofR115 000. The difference has been posted to a "Suspense account-FirstInsurance Company.7)The advertising costs of R20 000 are for a single advertising campaign that waslaunched on 1 December 2019 for a period of 10 months ending on30 September 20208)The June 2020 electricity and water account of R6 400 is not included in the aboverecords.9)The commission received includes an amount of R6 300 for which service will beprovided during July 2020.10) Income tax for the year amounted to R122 238Required:Prepare the statement of profit or loss and other comprehensive income for Style Ltd forthe year ended 30 June 2020.NB:- Formats and general presentation should comply with appropriateInternational Financial Reporting Standards (IFRS).All calculations must be shown.You are required to show combination of figures in brackets on theface of the statement of profit or loss and other comprehensive income.

Capital is one of the most important things or components of a company because it determines the…

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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 is a partial listing of the accounts for Star Company for the year ended December 31, 2020, in alphabetical order. E (Click the icon to view the partial listing of accounts.) a(Click the icon to view the facts.) Required Requirement a. Prepare, in good form, a multi-step income statement that includes relevant subtotals, with operating expenses listed by their function, for the year ended December 31, 2020. (Use parentheses or a minus sign for numbers to be subtracted.) Star Company Income Statement For the year ended December 31, 2020 Sales 4.658.000 Gross profit Income before income taxes Income tax expense Income from continuing operations Loss from discontinued operations Net income Choose from any list or enter any number in the input fields and then click Check Answer.
Using EDGAR (Electronic Data Gathering, Analysis, and Retrieval system), find the annual report (10-K) for Target Corporation for the year ended February 3, 2024. Locate the "Consolidated Statements of Operations and Comprehensive Income" (income statement) and "Consolidated Balance Sheets." You may also find the annual report at the company's website.
Do parts a to d Accounting for Income Taxes Yoda Company is in the process of accounting for its income taxes for the year ended December 31, 2020. The following information came from Yoda's accounting and taxation records: Accounting income before income taxes for 2020 $ 98,967 Depreciation expense for property, plant, and equipment for 2020 $ 222,227 Capital cost allowance to be claimed on Yoda's 2020 income tax return $ 244,450 Book value of property, plant, and equipment at December 31, 2019 $ 1,399,268 Undepreciated capital cost of property, plant, and equipment at December 31, 2019 $ 1,203,370 Assume that there were no additions or disposals of property, plant, and equipment during 2020. In 2020, Yoda began offering a 1-year warranty on all merchandise sold. Following are details pertaining to this warranty: Warranty expense for 2020 for accounting purposes $ 38,860…
Use the following information for Ingersoll, Incorporated. Assume the tax rate is 24 percent. 2020 2021 Sales Depreciation $ 17,573 $16,536 1,781 1,856 Cost of goods sold 4,579 4,827 Other expenses 1,006 884 Interest 855 986 Cash 6,247 6,826 Accounts receivable 8,160 9,787 Short-term notes payable 1,290 1,267 Long-term debt 20,680 24,936 Net fixed assets 51,152 54,633 Accounts payable 4,576 5,004 Inventory 14,487 15,408 1,550 1,738 Dividends Prepare a balance sheet for this company for 2020 and 2021 (Do not round intermediate calculations) Current assets Assets INGERSOLL, INCORPORATED Balance Sheet as of December 31 2020 2021 Total assets $ 86,654 Liabilities & Equity Current liabilities Total liabilities & owners' equity $ 6,271
Using functions , complete the “Aggregated Data” worksheet using the “Statementof Income” worksheet.
Review the Republic Financial Holdings Limited 2022 annual report. What recommendations can be made for the preparation of the financial statements ?
F. Based on Baker’s account balances, the amount of Net Income that would be shown on Baker’s Income Statement for December 2017 would be:
he following information is related to the Doll Pty Ltd. Description 2018 2020 Total revenues (Sales) $2,580 $5,880 Total assets: Beginning of year 1,200 2,290 End of year 1120 2,381 The ratio of sales to assets for 2018 and 2020 will be: Select one: a. 2.22 And 2.52 b. 2.30 And 2.47 c. 1.11 And 1.26 d. 2.15 And 2.56
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Debits 14,600 345,000 14,500 54,000 640,000 Account Title Credits Cash Accounts receivable Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Notes payable (due in six months) Salaries payable Interest payable Common stock Retained earnings Sales revenue 266,000 78,000 72,000 7,800 2,400 400, 000 165,000 780,000 Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense 468,000 117,000 43, 500 64,000 4,800 5,800 1,771, 200 1,771, 200 Totals Required: 1-a. Prepare an income statement for the year ended December 31, 2021. 1-b. Prepare a classified balance sheet as of December 31, 2021. Re LA Reg 1a Re 2 Prepare an incoe statement for the year anded December 31, 2021. BLUEBOY CHEESE CORPORATION Income Satement For the Year Ended December 31, 221
Question: Prepare a statement of profit or loss and other comprehensive income for the year ended 31 December 2021 Below is the list of nominal ledger balances of Tonson Plc at 31 December 2021. Tonson’s financial year end is at 31 December. Nominal ledger closing balances at 31 December 2021 The following information is relevant. 1. Closing inventory at 31 December 2021 is £45,000 On further investigation of the suspense account in the trial balance above, it was discovered that: An expense of £8,250 for legal services had been posted to the suspense account and a cash receipt of £15,750 had been posted to the suspense account. This represented the disposal proceeds from selling equipment, which had been purchased on 1 March 2017 at a cost of £48,000. Tonson depreciates non-current assets as follows: buildings at 1 per cent on a straight-line basis plant and equipment at 10 per cent on a straight-line basis motor vehicles at 20 per cent on a reducing balance basis.…
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The following are comparative financial statements of Excellent Marketing Pte Ltd: Excellent Marketing Pte Ltd Comparative Income Statements For the year ended 31 December, 2021 2020 2019 Sales 298,200 249,000 215,700 COGS 108,890 84,262 66,200 Gross Profit 189,310 164,738 149,500 Selling Expenses 34,020 29,685 27,000 Administrative Expenses 25,140 21,915 23,550 Total Expenses 59,160 51,600 50,550 Profit before tax 130,150 113,138 98,950 Income tax Expenses 9,075 8,865 7,950 Net profit 121,075 104,273 91,000 (i) Show the income statement data for the three years in common-size percents. (ii) Interpret the percentage computed and elaborate on the changes to the company performance over the years presented

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