Depreciation charges are calculated on an annual basis in which the expense will be recognizedin the year of purchase and no expense in the year of disposal.These are the transactions on fixed assets for the year ended Dis 31, 2018.TransactionsCost (RM)LVehicle purchaseOffice equipment purchaseVehicle purchaseOffice equipment purchaseH.REQUIRED:a. Prepare accumulated depreciation accounts for the year ended 31 Dis 2018 for:VehicleOffice Equipment70,00020,000PODLL00100080,0005,000DateAugust 1, 2018September 15, 2018November 1, 2018January 1, 2018 QUESTION 7On Jan 31. 2018, Statement of Financial Position Majid Sdn Bhd shows the following informationFixed assetsVehicleOffice Equipmentrelating to fixed assets:Depreciation rate are as follow:Fixed assetsVehicleOffice EquipmentCost (RM)200,00064,000Depreciation Rate20%10%Date of Purchases5 Mac 20155 Oct 2016Depreciation MethodStraight LineReducing Balance

It is the amount of reduction in the value of a tangible fixed asset due to tear and wear,…

On Jan 31. 2018, Statement of Financial Position Majid Sdn Bhd shows the following information Fixed assets Vehicle Office Equipment relating to fixed assets: Cost (RM) 200,000 64,000 Date of Purchases 5 Mac 2015 5 Oct 2016

On Jan 31. 2018, Statement of Financial Position Majid Sdn Bhd shows the following information Fixed assets Vehicle Office Equipment relating to fixed assets: Cost (RM) 200,000 64,000 Date of Purchases 5 Mac 2015 5 Oct 2016

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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K Winky Flash Photo reported the following figures on its December 31, 2024, income statement and balance sheet: (Click the icon to view the figures.) Compute the asset turnover ratio for 2024. Round to two decimal places. Data table Net sales Net sales 230,500 Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Property, Plant, and Equipment, net Print + + *** Done Average total assets 460,000 - X $ 460,000 Dec. 31, 2024 Dec. 31, 2023 $ 33,000 $ 26,000 60,000 58,000 71,000 78,000 11,000 7,000 101,000 16,000 = = Asset turnover ratio 1.99
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The following information was extracted from the records of Lodh Ltd for the year ended 30 June 2021. Lodh LTD Statement of financial position (extract) As at 30 June 2021 Relevant Assets Accounts Receivable $50,000 Allowance for doubtful debts (4,000) $46,000 Prepaid rent 42,000 Plant 200,000 Accumulated depreciation – Plant (25% on cost) (50,000) 150,000 DTA beginning balance 1,000 … Relevant Liabilities Interest Payable 2,000 Provision for long service leave 10,000 Unearned revenue 20,000 DTL beginning balance 5,000 … Additional information · The tax depreciation for plant is considered at 30% of $200,000 (original cost) at 30 June 2021. · Long service leave has not been taken by any employee during the year. · There…
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Questions related to the Statement of Financial position: What is the most liquid Asset account for Emirates in 2018? State the account name and respective. Calculate the Current Ratio for the year 2018. PLEASE MAKE SURE THE ANSWER IS CORRECT 100%
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Write & Insert Fields Preview Results Finish The following are extracts from the financial records of COF (Pty) Ltd for the year ended 30 June 2021: Extract from the statement of profit or loss and other comprehensive income for the year ended 30 June 2021 30 June 2021 R Revenue from sale of goods 920 000 Cost of sales Profit on sale of non-current assets Commission income 490 000 31 000 23 000 Audit fees 84 000 Depreciation Interest expense (finance cost) Income tax expense 72 000 20 000 87 000 Profit for the year (after tax) Extract from the statement of financial position as at 30 June 2021 BACHELOR OF COMMERCE YEAR1- ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE + REGENT BUSINESS SCHOOL (RBS) - JANUARY 2021 43 123 000 30 June 2021 30 June 2020 302 000 690 000 292 000 Inventories Trade receivables Trade payables Taxation payable Prepaid expenses Accrued expenses Required: 720 000 400 000 385 000 75 000 60 000 2 000 8 000 84 000 88 000 Prepare only the "Cash generated by operations"…
2. The following Statement of Financial Position was extracted from the books of Gagah Perkasa Sdn Bhd at 31 December 2018 and 2019. Gagah Perkasa Sdn Bhd Statement of Financial Position as at 31 December 2018 2019 RM RM RM RM Non-current Assets Buildings Fixtures less Depreciation Van less Depreciation 50,000 1,800 3,920 55,720 50,000 2,000 7,400 59,400 Current Assets Inventory Trade accounts receivables 5,600 6,400 900 12,400 8,200 Bank Cash 220 200 13,120 68.840 20,800 80.200 TOTAL ASSETS Financed by: Capital account : Balance as at 1 January Add : Net Profit Cash introduced 37,040 35,200 52,540 21,160 10.000 83,700 (21.600) 72,240 (19.700) Less : Drawings 52,540 62,100 Non-current Liabilities Loan (repayable in 10 years' time) 10,000 15,000 Current Liabilities Account payable Bank overdraft TOTAL LIABILITIES TOTAL LIABILITIES AND CAPITAL 6,300 3,006 16.300 68.840 94 18.100 80.200 Additional information at 31 December 2019: • Fixtures bought in 2019 cost RM400. • Van bought in 2019…
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