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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Joseph Co. reported the following financial information for 2020: Accounts receivable, January 1, 2020 P1,200 Accounts Receivable, December 31, 2020 250 Cash collection from customer on account 1,300 Joseph Co.’s service revenue rendered on account to clients amounted to
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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
Here is the partial work sheet for Eckland Stereo. Eckland Stereo Work Sheet For Year Ended December 31, 20-- BALANCE SHEET ACCOUNT NAME DEBIT CREDIT Cash 14,622.00 Notes Receivable 7,529.00 Accounts Receivable 29,036.00 Merchandise Inventory 51,103.00 Prepaid Property Taxes 2,202.00 Prepaid Insurance 1,739.00 Land 17,153.00 Building 54,966.00 Accumulated Depreciation, Building 15,470.00 Computer Equipment 7,111.00 Accumulated Depreciation, Computer Equipment 6,116.00 Store Equipment 7,054.00 Accumulated Depreciation, Store Equipment 4,530.00 Delivery Equipment 4,689.00 Accumulated Depreciation, Delivery Equipment 3,299.00 Notes Payable 5,380.00 Accounts Payable 27,818.00 Mortgage Payable (current portion) 3,020.00 Mortgage Payable 67,945.00 M. J. Eckland, Capital 57,665.00 M. J. Eckland, Drawing 23,205.00 Wages Payable 2,011.00 220,409.00 193,254.00 Net Income…
The Righter Shoe Store Company prepares monthly financial statements for its bank. The November 30 and December 31, 2024, trial balances contained the following account information: November 30 December 31 Debit Credit Debit Credit Supplies 1,500 3,000 Prepaid insurance 6,000 4,500 Salaries payable 10,000 15,000 Deferred rent revenue 2,000 1,000 The following information also is known: The December income statement reported $2,000 in supplies expense. No insurance payments were made in December. $10,000 was paid to employees during December for salaries. On November 1, 2024, a tenant paid Righter $3,000 in advance rent for the period November through January. Deferred rent revenue was credited at the time cash was received. Required: Using the above information for December, complete the T-accounts below. The beginning balances should be the balances as of November 30. Using the above information, prepare the adjusting entries Righter recorded…
can you please explain how they got the answers of these three questions?
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…
he Righter Shoe Store Company prepares monthly financial statements for its bank. The November 30 and December 31, 2021, trial balances contained the following account information: Nov. 30 Dec. 31 Dr. Cr. Dr. Cr. Supplies 1,900 3,400 Prepaid insurance 6,400 4,700 Salaries payable 12,000 15,400 Deferred rent revenue 2,800 1,400 The following information also is known: The December income statement reported $2,400 in supplies expense. No insurance payments were made in December. $12,000 was paid to employees during December for salaries. On November 1, 2021, a tenant paid Righter $4,200 in advance rent for the period November through January. Deferred rent revenue was credited. Required:1. Using the above information for December, complete the T-accounts below. The beginning balances should be the balances as of November 30.2. Using the above information, prepare the adjusting entries Righter recorded for the month of December.
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

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