1 Larissa runs a consultancy agency. The following trial balance was extracted from the booksof Larissa business on 31 March 2022.Delivery vanOffice equipmentCash at bankCash in handTrade receivablesBank loanTrade payablesFee incomeCommission incomeRental incomePrinting and stationeryInsuranceWages and salariesRepairs expenseUtilitiesDiscountDrawingsCapital, 1 April 20214$127 2005 9505 8002 50019 50061 20025 00053 9003 9003 7801 800200250 730$100 0008 40096 8003 2002 400Additional information at 31 March 20221 Wages and salaries paid was for 14 months up to 31 May 2022.2Repairs expense of $200 was still owing.3 Rental income of $600 was received on 1 January 2022. The sum was for the period1 January to 31 March 2022.Monthly commission income was $350.5An invoice of $500 for consultancy service was issued. This was not recorded in the books.39 930250 730Larissa withdrew $6 000 from the business bank account for personal use. This was notrecorded in the books.REQUIRED(a) Prepare the statement of financial performance for the year ended 31 March 2022(b) Prepare the statement of financial position as at 31 March 2022.

Financial Information - Anything pertaining to a business's financial operations and performance is…

Answered: Larissa runs a consultancy agency. The…

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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DETERMINE THE BALANCES OF THE FOLLOWING ACCOUNTS AS OF SEPTEMBER 30, 2017. (FORMAT ANSWERl: 1,000,000) Entity A began operation to provide credit collection services on September 2020. The Unadjusted Trial Balance as of September 30, 2020 is as shown below: Entity A Trial Balance September 30, 2020 Cash and Cash Equivalent 174,000 Accounts Receivable 96,200 Office Supplies 10,500 Prepaid Insurance 24,000 Equipment 300,000 Notes Payable 100,000 Accounts Payable 123,500 Unearned Service Income 50,000 A, Capital 200,000 A, Drawings 6,000 Service Income 176,200 Salaries Expense 12,000 Transportation Expense 13,000 Rent Expense 12,000 MIscellaneous Expenses 2,000 649,700 649,700 Additional Data 1. Unused supplies on September 30, 2020 is P7,500 2. The equipment was acquired on September 1, 2017 with useful life of 5 years and with estimated salvage value of P30,000 3. Interest on the notes payable is 18%. The note was issued on September 1, 2020. 4. The prepaid insurance is for the period…
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Richard's Events provides catering services, among other services. The company has adopted activity-based costing (ABC) for the catering services. The ABC system classifies activities into two groups based on the cost driver used: Diners and Events. Each event is limited to 25 guests and requires four people to serve and clean up. Richard's Events offers two types of catered events—an informal, outside party and a formal, seated meal. The cost accountant at Richard's Events has developed the following cost-driver rates for the individual activities: Activities (and cost drivers) Informal Party Formal Dinner Advertising (events) $ 124 per event $ 124 per event Planning (events) 94 per event 154 per event Renting equipment (events, diners) 64 per event plus 14 per diner 94 per event plus 26 per diner Obtaining insurance (events) 244 per event 484 per event Serving (events) 244 per event 364 per event Preparing food (diners) 26 per diner 38 per diner…
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The following trial balance was prepared from the ledger accounts of Singapore Enterprises, a service business. Trial Balance as at 31 December 2018 Debit $ Credit $ Cash at bank 3,360 Bank overdraft 6,120 Prepaid rent 5,400 Office equipment and fittings 224,400 Accumulated depreciation - office equipment 36,000 Accounts payable 23,520 GST payable 4,440 Accounts receivable 39,600 Income earned 294,000 Salaries expense 114,000 Internet expense 600 Utilities expenses 21,600 Administrative expenses 18,000 Interest expense 14,400 Capital – 1 January 2016 113,280 Drawings 36,000 477,360 477,360 Adjustments: Rent expired for the year was $2,800. Depreciation of office equipment is at 12.5% per annum using the straight-line method. Salaries owing at 31 December 2016 were $3,500. Required: Prepare general…
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Income statment for Ali Mamat company
Tangan Bertuah Bhd is a new company operated in Northern region of Malaysia. As of 31 October 2020, the Tangan Bertuah Bhd’s cash account per its general ledger showed the following balance. CASHDate Explanation Ref. Debit(RM) Credit(RM )Balance(RM)October 31 Balance 33,822 The bank statement from Jibrail Bank Bhd on that date showed the balance as at 31 October 2020 was RM34,022.50. A comparison of the details on the bank statements with the details in the cash account revealed the following facts: 1. The statement included a debit memo of RM200 for the printing of additional company checks.2. Cash sales of RM4,180.75 on 12 October were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for RM4,230.75, the bank credited Tangan Bertuah Bhd for the correct amount.3. Outstanding checks at 31 October totalled RM1,381.25,…

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Larissa runs a consultancy agency. The following trial balance was extracted from of Larissa business on 31 March 2022. Delivery van Office equipment Cash at bank Cash in hand Trade receivables Bank loan Trade payables Fee income 127 200 5 950 5 800 2 500 19 500