Prepare the Statement of Financial Position as at 29 February 2024.INFORMATIONThe following information was obtained from the accounting records of Kingsway Suppliers on 29 February2024, the end of the financial year.KINGSWAY SUPPLIERSPRE-ADJUSTMENT TRIAL BALANCE AS AT 29 FEBRUARY 2024Debit (R)Credit (R)Balance Sheet accounts sectionCapital798 850Drawings150 000Vehicles at cost990 000Equipment at cost460 000Accumulated depreciation on vehicles190 000Accumulated depreciation on equipment138 000Fixed deposit: Fin Bank (12% p.a.)40 000Trading inventory312 500Debtors control166 500Provision for bad debts4500Bank241 000Petty cash2500Creditors control78 500Long-term loan: Fin Bank (18% p.a.)350 000Nominal accounts sectionSalesCost of salesSales returnsSalaries and wages3 600 0001 550 00045 000700 000Discount receivedDiscount allowedRent expenseMotor expensesAdvertisingTelephoneElectricity and waterBank chargesInsuranceInterest on mortgage loanInterest on fixed deposit3 0002000180 00058 50048 00042 00052 50024 00031 00047 2502400Consumable stores22 5005 165 2505 165 250

Approach towards the statement of financial position preparation1. Classification of AccountsThe…

Answered: Prepare the Statement of Financial…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 7PEA: Assume the following data for Lusk Inc. before its year-end adjustments: Journalize the adjusting...

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Assume the following data for Oshkosh Company before its year-end adjustments: Journalize the adjusting entries for the following: a. Estimated customer refunds and allowances b. Estimated customer returns
The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000
Blossom Company provides the following information for the month ended October 31, 2022: sales on credit $280,100, cash sales $100,100, sales discounts $5,100, and sales returns and allowances $10,100.Prepare the sales section of the income statement based on this information. BLOSSOM COMPANYIncome Statement (Partial)choose the accounting period For the Year Ended October 31, 2022For the Month Ended October 31, 2022October 31, 2022 select an opening section name DrawingsExpensesNet Income / (Loss)SalesTotal ExpensesTotal RevenuesNet SalesOwner's Capital, October 1Owner's Capital, October 31Cost of Goods SoldGross Profit select an item $enter a dollar amount select between addition and deduction AddLess: select an item $enter a dollar amount select an…
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After analyzing the transactions, prepare a vertical analysis schedule for the company for 2021 and 2020 using service revenue as the base amount. Round percentages to two decimal places. Here is the operating data for Yalis Cleaning, Inc.: 2021 2020Service revenue $523,000 $476,000Operating expenses 385,500 319,800Income tax expense 34,375 39,050Net income $103,125 $117,150
Directions: Below is the summarized financial information of Redz Company. Compute the following. Write your answers on a separate sheet of paper. 1. Average Inventory Average Receivable Average Payable Inventory Turnover Ratio Days of Inventories Receivables Turnover Ratio Days of Receivable Payables Turnover Ratio 2. 3. 4. 3. 6. 785 7. 8. 9. Days of Payable 10. Operating Cycle Beginnine. Php 2.000,000.00 Php 1,150.000.00 Php 300.000,00 Php 10,000,0000,00 Php 6,5 00.000.00 Ending Php 3.100,000.00 Php 2.000,000.00 Php 18 00.000.00 Accounts Inventory Accournts Receivable Accouits Paynble Net Sales Cost of CGoods9 Sold
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Sundown Company is preparing the 2020 year-end financial statements. Prior to any adjustments, inventory is valued at P7,600,000.· Goods costing P250,000 were received from a vendor on January 5, 2021. The related invoice was received and recorded on January 12, 2021. The goods were shipped December 31, 202 FOB shipping point.· Goods costing P850,000 were shipped on December 31, 2020 to a customer FOB shipping point. The goods were included in ending inventory for 2020 even though the sale was recorded in 2020.· A P350,000 shipment of goods to a customer on December 31, 2020 FOB destination was not included in the year-end inventory. The goods cost P260,000 and were delivered to the customer on January 15, 2021. The sale was properly recorded in 2021.· An invoice for goods costing P350,000 was received and recorded as purchase on December 31, 2020. The related goods shipped FAS were in transit on December 31, 2020 and received on January 5, 2021 and were…
The adjusted trial balance of Pharoah Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2020: Sales Revenue $816,800, Freight-Out $16,700, Sales Returns and Allowances $27,100, and Sales Discounts $20,400.
Here is the operating data for Yalis Cleaning, Inc.: After analyzing the transactions, prepare a vertical analysis schedule for the company for 2021 and 2020 using service revenue as the base amount. Round percentages to two decimal places.
Question: Prepare a statement of profit or loss and other comprehensive income for the year ended 31 December 2021 Below is the list of nominal ledger balances of Tonson Plc at 31 December 2021. Tonson’s financial year end is at 31 December. Nominal ledger closing balances at 31 December 2021 The following information is relevant. 1. Closing inventory at 31 December 2021 is £45,000 On further investigation of the suspense account in the trial balance above, it was discovered that: An expense of £8,250 for legal services had been posted to the suspense account and a cash receipt of £15,750 had been posted to the suspense account. This represented the disposal proceeds from selling equipment, which had been purchased on 1 March 2017 at a cost of £48,000. Tonson depreciates non-current assets as follows: buildings at 1 per cent on a straight-line basis plant and equipment at 10 per cent on a straight-line basis motor vehicles at 20 per cent on a reducing balance basis.…
Prepare a Balance Sheet using the following information for the Ginger Company as of March 31, 2019. When listing accounts for each category, you are to insert them in the order in which they are listed here. If used, type in the account names exactly as written here. Account Normal Balances Accounts Payable $1,730 Cash $11,050 Ginger Ale, Capital March 1 $17,300 Inventory $8,230 Wages Payable $2,150 Sales $13,600 Product Expenses $8,200 Ginger Ale, Capital March 31 $22,700 Equipment $7,300 PLEASE NOTE: When you fill in the dollar amounts, you must include a $ and commas as needed (i.e., $1,234). Assets: Total Assets Liabilities: Total Liabilities Owner's Equity: Total Liabilities and Owner's Equity

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