Problem Solving#1: (Statement ofFinancial Position)Assume the following balances fPerseverance Company for the yended December 31, 2016.IL Problem Solving#1: (Statement of Financial Position)Assume the following balances from Persearance Company for the year ended December 31, 2016CashSuppliesAccounts ReceivableAllowance for bad debtsLoans Receivable(6maths)MachineriesAccumulated depreciation- machineriesBuidingAccumulated depreciation- building.LandAccounts PayableNotes Payable (trade)Loans Payable (18moths)Capital250.000180.000100.00020.000220.000190.00022,0001.250,000250.0001800,000210,00050,000400.0003.038.000

The balance sheet is known as the statement of financial position of the business.

Answered: L Problem Solving#1: (Statement af…

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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Use the following information from separate companies a through d: Net Income (Loss) Interest Expense Income Taxes a. $ 111, 000 $ 59, 940 $ 27, 750 b. 105, 600 25, 344 38,016 c. 94, 350 25, 475 39, 627 d . 114, 100 4,564 54,768 Compute times interest earned. Which company indicates the strongest ability to pay interest expense as it comes due?
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The balances below have been extracted from the accounting records of Moscow Ltd at 31 Decembe Dr Cr £ £ Bank account 238,000 Retained profits at 1 January 2021 2,123,000 Freehold land 2,000,000 Buildings: cost Buildings: accumulated depreciation at 1 January 2021 Plant & machinery: cost Plant & machinery: accumulated depreciation at 1 January 2021 Trade payables 8,000,000 2,000,000 3,750,000 2,340,000 520,000 Trade receivables 450,000 Return outwards 38,000 Inventory at 1 January 2021 267,000 Revenue 5,006,000 Purchases 3,200,000 8% Debenture loan: repayable in 2026 2,000,000 Debenture interest 80,000 Return inwards 66,000 Distribution costs 382,000 Administrative expenses Prepayment on building insurance at 1 January 2021 Ordinary share capital 514,000 80,000 5,000,000 19,027,000 19,027,000 You are given the following information: Inventory at 31 December 2021 cost £300,000. This includes some slow-moving items which c which would normally sell for £22,000 but which the directors…
Please use the following information for the year ended 12/31/2021 for Clare & Co. International to answer the question Revenue COGS Selling Expenses Depreciation Net Income Long Term Assets Non-Cash Working Capital Long Term Debt O $119,000,000 O $118,000,000 O $98,000,000 What is Free Cashflow to Equity for 2021 O $340,680,000 $ 200,000,000 $ 60,000,000 $ 20,000,000 $ 10,000,000 $ 110,000,000 12/31/2021 $ 420,000,000 $ 6,000,000 $ 30,000,000 12/31/2020 $415,000,000 $ 5,000,000 $25,000,000
From the following data, prepare a profit and loss a/c and a balance sheet as on 31-3-2023. Particulars Shs. Particulars Shs. Drawings 10,000 Capital 30, 000 Purchases 30,000 Purchase returns 1,000 Sales Returns 5,000 Sales 60, 000 Carriage in 2,000 Wages outstanding 2,000 Carriage out 3, 000 Rent received 1,000 Depreciation on Plant 4,000 Reserve for doubtful 1,000 debts Plant account 20,000 Interest (Cr) 5,000 Salaries & wages 3,000 Sundry creditors 6, 000 Bad debts 2,000 Loans 38,000 Premises 20, 000 Interest 5,000 Stock 1.4.95 25,000 Sundry debtors 15,000 1,44,000 1, 44,000 Adjustment: a) Stock on 31-3-23 was Shs.40,000. A fire broke -out in the godown and destroyed stock worth Shs.5, 000. Insurance company had accepted the claim in full. b) Provide for bad debts @ 10% and provide for discount on debtors @ 5% and on creditors @ 10% c) Depreciate buildings at the rate of 15% p.a. d) Rent outstanding amounted to Shs.1,000 e) Closing stock includes samples worth of Shs.2,000. f)…

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