Membership fees received in cash during the current financial year amounted to R60 000. Membership fees received in advance for next financial year was R3 000 (this amount is not included in the membership fees received in cash) and received in advance during the previous financial year was R2 000. Membership fees accrued at the end of the current financial year was R5 400. The amount credited to the income and expenditure account will be: A. R53 600 B. R66 400 C. R55 600 D. R67 400

Membership fees received in cash during the current financial year amounted to R60 000. Membership fees received in advance for next financial year was R3 000 (this amount is not included in the membership fees received in cash) and received in advance during the previous financial year was R2 000. Membership fees accrued at the end of the current financial year was R5 400. The amount credited to the income and expenditure account will be: A. R53 600 B. R66 400 C. R55 600 D. R67 400

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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10.5
Co.'s accounts had the following adjustments during that time: Receivables increased by P240, 000. Planned assets increased by P600, 000. Inventory decreased by P1, 500,000. Notes payable: a P800, 000 decline More details: BT21 Co. received a P2, 000,000 bank loan throughout the year and paid P100, 000 in interest. On December 31, 2021, P80, 000 in interest will have accrued. The amount of interest due at the end of 2020 was P120, 000. A shareholder gave equipment worth P800, 000 in carrying value and P1,000,000 in historical cost to BT21 Co. in 2021. The item's fair market value is P600, 000. In 2021, BT21 declared dividends of P160, 000. What is the total annual profit (loss)?
You received invoices from Wengo Industries dated Jan 20 for $2800, Jan 25 for $4200, and Feb 1 (non-leap-year) for $1500. You have also made a payment of $4800 on Jan 27th. The invoices all have terms of 3/10, n/30. What total amount must be paid on Feb 5 to settle the remaining balance on all the invoices?
PreviousBalance AnnualPercentageRate (APR)(as a %) MonthlyPeriodicRate FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $2,490.00 % 1 1 4 % $ $1,374.98 $300.00 $
If the annual deposit into depletion reserve is $ 1000 and annual interest on capital investment is $ 125, then find annual net income- -- Select one: O a. $ 1125 b. $ 875 c. $ 1025 d. $ 975
Total value of advances after adjustments will be: a. OMR 145,500 b. OMR 117,000 c. OMR 115,500 d. OMR 130,500 Total non-interest expenses of OMR 69,750 of a bank will be recorded under: a. Note: 15 b. Note: 14 c. Note: 13 d. Note: 16 Outstanding salary of OMR 1,500 will be: a. Added with salaries in income statement and recorded under liability side of the statement of financial position b. Deducted with salaries in income statement and recorded under asset side of the statement of financial position c. Deducted with interest income in income statement and recorded under asset side of the statement of financial position d. Added with interest expenses in income statement and recorded under asset side of the statement of financial position
Fink Insurance collected premiums of $18,300,000 from its customers during the current year. The adjusted balance in the Deferred premiums revenue account increased from $5.0 million to $9.3 million dollars during the year. What is Fink's revenue from insurance premium recognized for the current year? Multiple Choice $9,000,000. $22,600.000. $14,000,000
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2
An organization loaned $ 14,000.00 from a bank at 9% interest. They will pay a total of $ 20,300.00 within the agreed date of payment. How long will the organization need to pay the amount?
Additional information:i. Supplies as at 31st December 2019, RM34,500.ii. Insurance expense at the rate of RM850 per month.iii. Yearly depreciation on the non current assets as below:• furniture and fittings, RM5,175• motor vehicles, RM20,400.iv. Interest expense RM5,295 still payable by end of the yearv. Estimated doubtful debt at the rate of 2% of accounts receivable Question: 1. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31st December 2019. 2. Prepare the Statement of Financial Position as at 31st December 2019.