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 2021$127 2005 9505 8002 500500191 20025 00053 9003 9003 7801 800200250 730100 000840096 8003 2002 40039 930250 730Additional information at 31 March 20221 Wages and salaries paid was for 14 months up to 31 May 2022.2 Repairs 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 2022.4Monthly commission income was $350.5 An invoice of $500 for consultancy service was issued. This was not recorded in the books.6Larissa 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.

Statement of financial performance is the statement which shows the results or performance of the…

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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3. The following is the trial balance of Aroro Enterprise as at 31 August 2019 Debit (RM) Credit (RM) 48,400 Particulars Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases returns Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank ТOTAL 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20,000 330 14,800 102.050 102,050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and…
You work as a freelance accounting professional and have been recently engaged by the auditors of Life-Positive Inc. for an assignment. In examining the company’s records, you have extracted the following information: Life-Positive’s Account Balances 2021 ($) 2022 ($) Accounts Payable 24,600.00 21,250.00 Accounts receivable 15,700.00 12,340.00 Cash 23,450.00 28,600.00 Cost of goods sold 19,700.00 23,000.00 Depreciation 3,090.00 4,590.00 Dividends 5,800.00 10,800.00 Interest 2,340.00 2,890.00 Inventory 7,050.00 8,640.00 Long-term debt 28,000.00 30,000.00 Net fixed assets 41,500.00 48,000.00 Other expenses 2,400.00 2,800.00 Sales 58,000.00 62,500.00 Short-term Notes Payable 2,890.00 2,340.00 Shares outstanding 85,000.00 90,000.00 Note: The tax rate is 32% Required: 1. Prepare a balance sheet for 2021 and 2022 for the company, clearly showing information about…
11 )
Net Income? Ali Mamat Enterprise Trial Balance as at 31 December 2019 Particulars Sales Purchases Salaries Motor expenses Rent Insurance General expenses Premises Motor vehicles Account receivables Account payable Cash at bank Cash in hand Drawings Capital TOTAL Debit (RM) Credit (RM) 190,576 119,832 56,527 2,416 1,894 372 85 95,420 16,594 26,740 16,519 342 8,425 345.166 16,524 138,066 345.166
Net income???????
You work as a freelance accounting professional and have been recently engaged by the auditors of Life-Positive Inc. for an assignment. In examining the company's records, you have extracted the following information: Life-Positive's Account 2021 ($) Balances 2022 ($) Accounts Payable 24,600.00 21,250.00 Accounts receivable 15,700.00 12,340.00 Cash 23,450.00 28,600.00 Cost of goods sold 19,700.00 23,000.00 Depreciation 3,090.00 4,590.00 Dividends 5,800.00 10,800.00 Interest 2,340.00 2,890.00 Inventory 7,050.00 8,640.00 Long-term debt 28,000.00 30,000.00 Net fixed assets 41,500.00 48,000.00 Other expenses 2,400.00 2,800.00 Sales 58,000.00 62,500.00 Short-term Notes Payable 2,890.00 2,340.00 Shares outstanding 85,000.00 90,000.00 The tax rate is 32% Required: T 1. For the year ending 2022, determine the Net New Equity, Change in Net Working Capital, Net Capital Spending and Operating Cash flow. 2. Calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders…
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…
Income statement?
Required: a. Prepare a Trial balance as at 30 June 2022.
ANZ Kitchen Appliances Pty Ltd has the following information for the month ended 30th June 2022: Accounts receivable has a debit balance of $176,550 (including the balance of C. Cathy’s account) at 1 June 2022. Allowance for doubtful debts has credit balance of $11,220 at 1 June 2022. On 15 June, received $3,300 of the account balance of C. Cathy’s of $13,200 and On 16 June, wrote off the remaining balance of C.Cathy’s as a bad debt. On 30 June, estimated bad debts expense for the year to be 2% of net credit sales of $825,000. Required: Prepare general journal entries for the transactions on 15, 16 and 30 June (ignore GST). Assuming that this is the only bad debt written off for the year and this is the only adjustment to the allowance for doubtful debts account, show the information that will appear in the income statement for the year ended 30th June 2022 as a result of the above transactions. Show how accounts receivable will appear in the balance sheet as at 30th June 2022.

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