Prepare Statement of Comprehensive Income and Statement of Financial Position as at 31 Dec 2021.

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 6MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense...
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Additional information:
Inventory as at 31 December 2021 was RM447,200.
Provision for company tax was RM429,520.
Depreciation 20% on cost per annum based on monthly pro rata basis to all non-
current assets.
Share capital: RM7,800,000 ordinary shares and RM520,000 4% preference
shares.
• Ordinary share dividend proposed to be 6%.
Long term borrowing interest where half year interest still owing.
Required:
Prepare Statement of Comprehensive Income and Statement of Financial Position as at
31 Dec 2021.
Transcribed Image Text:Additional information: Inventory as at 31 December 2021 was RM447,200. Provision for company tax was RM429,520. Depreciation 20% on cost per annum based on monthly pro rata basis to all non- current assets. Share capital: RM7,800,000 ordinary shares and RM520,000 4% preference shares. • Ordinary share dividend proposed to be 6%. Long term borrowing interest where half year interest still owing. Required: Prepare Statement of Comprehensive Income and Statement of Financial Position as at 31 Dec 2021.
Zombie Berhad has the following trial balance at 31 December 2021:
RM
RM
Revenue
7,602,504
730,600
208,000
Purchases
Retums inwards
Plant at cost
Machinery at cost
10,712,000
4,940,000
Office equipment at cost
4,680,000
Accumulated depreciation-- Plant
936,000
988,000
-- Machinery
-- Office equipment
520,000
Accounts payable
Long-term borrowing
629,200
1,040,000
Accounts receivable
2,191,072
218,400
358,904
Inventory
Cash and bank
Administration expenses
520,000
26,000
Long tem borrowing interests
Salaries and wages
252,720
Marketing expenses
Discount allowed
208,000
72,800
Share capital
Retained profits as at 1 Jan 2021
8,320,000
4,602,208
General Reserve
480,584
25,118.496
...5/-
Total
25.118.496
Transcribed Image Text:Zombie Berhad has the following trial balance at 31 December 2021: RM RM Revenue 7,602,504 730,600 208,000 Purchases Retums inwards Plant at cost Machinery at cost 10,712,000 4,940,000 Office equipment at cost 4,680,000 Accumulated depreciation-- Plant 936,000 988,000 -- Machinery -- Office equipment 520,000 Accounts payable Long-term borrowing 629,200 1,040,000 Accounts receivable 2,191,072 218,400 358,904 Inventory Cash and bank Administration expenses 520,000 26,000 Long tem borrowing interests Salaries and wages 252,720 Marketing expenses Discount allowed 208,000 72,800 Share capital Retained profits as at 1 Jan 2021 8,320,000 4,602,208 General Reserve 480,584 25,118.496 ...5/- Total 25.118.496
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