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- Just Required 3Question 2 The following trial balance was extracted from the books of Beta Chemist Company LTD as at 31st December 2022 Ordinary share capital Sales Opening stock 1/1/22 Audit fee Purchases Debenture interest Carriage inward Returns outwards Land Creditors Electricity expense Insurance expenses Return inwards 10% Debentures Debtors 12% preference share capital Furniture Directors fee Lorry Cash at hand Additional information 1. 2. 3. 4. 5. 6. Dr Shs 1. 2. 8,000 11,000 79,000 3,500 3,000 80,000 5,500 7,000 2,000 18,000 34,000 5,000 31,000 16,000 303,000 Value of the closing stock Shs 4,500 Prepaid audit fee shs.2,500 Cr Shs 58,000 162,000 4,000 14,000 35,000 30,000 303,000 Provide for corporation tax at a rate of 16% of the net profit Directors proposed to pay dividends to the preference share holders. Directors proposed to pay dividend to ordinary share holders at a rate of 15%. Accrued insurance expense shs 3,200 Required using the vertical format prepare: Trading and profit and loss…13 Dividends paid to local shareholders are recorded in the invisible trade of current transactions a. True b. False
- Multiple Choice Question Paul's Programming Services paid $1,000 in cash dividends to its shareholders. Show how to use T-accounts to record this trans answer below. O Debit Dividends; credit Cash. O Debit Cash; credit Dividends. O Credit Accounts Receivable; debit Cash. O Credit Dividends; debit Retained earnings.q3 The Issue of shares by the company to the shareholders for the first time is called as what? a. Public issue b. Offer for sale c. Private Placement d. Rights Issues q4 Which of the following Institutions are compensated via commission after the transaction has been successfully completed for buying or selling securities? a. Investment Company b. Brokerages c. Insurance Companies d. Savings and Loans AssociationQUESTION 13 Assets Liabilities Reserves $200 Deposits $800 Loans $ 700 Debt S100 Securities S 100 Capital $100 Refer to the same T-account. By how much do the assets need to cepreciate for the bank to go insolvent? a.more than 5%% b.more than 1OPE c.more than 8%6 d more tinan 26
- QUESTION 18. A,B,C were three partners sharing profit and losses in the ratio of 3:2:1 Statement of financial position as at 31st December 2011 TZS “000" TZS "000" Bank balance 2,700 | Creditors 17,300 Stock 8,400 Bills payable 3,400 Debtors 7,000 Reserve fund 6,300 Provision for bad debt (350) 6,650 | Capitals Bills receivable 2,400 | A 8,000 Motor vehicle 6250 B 5,000 Land and buildings 17,300 | C 3.000 16,000 Patents 4,300 A'S Loan 5,000 Total 48,000 Total 48,000 It was decided to admit “ D" as partner for one sixth share in the future profit on the condition that he brings TZS 6,000,000 by way of capital and TZS 10,000,000 by the way of loan at 5 percent interest for a period of 5 years. Before admission the following adjustments are to be made;- 1. Goodwill to be credited to the old partners on the basic of their share of profits by raising goodwill account equal to twice the average of the profits of the three years which were TZS 10,200,000 TZS 12,300,0000 TZS 14,400,000…Question 13 of 20 Select the best answer for the question. 13. Which of the following transactions would not affect a company's net income? O A. The payment of employees's salaries OB. Services provided for clients on account OC. Interest earned on invested money OD. A cash withdrawal by the owner O Mark for review (Will be highlighted on the review page) Previous Question D Type here to search W 3 F2 E F3 $ Next Question: R F4 O 21 76) G F5 7 40 14 TEAT F6 F7 8 Fr 910 Problems ed Ok • wm ances Financial data for Joel de Paris, Incorporated, for last year follow: Joel de Paris, Incorporated Balance Sheet Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) Total assets Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity Total liabilities and stockholders' equity Joel de Paris, Incorporated Income Statement NO Sales Operating expenses Net operating income Interest and taxes: Interest expense Tax expense Net Income $ 122,000 205,000 #3 $ 4,260,000 3,627,000 640,200 327,000 $ 313,200 4 *5 eztomheducation.com Beginning Balance % $ 138,000 342,000 570,000 870,000 410,000 246,000 $ 2,576,000 The company paid dividends of $218,200 last year. The "Investment in Buisson, S.A," on the balance sheet represents an investment in the stock of another company. The company's minimum required rate of return of 15% Send Required: 1. Compute the company's average…
- QUESTION 10 The cash invested in the busìness by the owner is known as? a. Shares b.Capital c. Loan d. ProfitQuestion 15?eBook Question Content Area Reporting Stockholders' Equity Items on Statement of Cash Flows On the basis of the following stockholders' equity accounts, indicate the items, exclusive of net income, to be reported on the statement of cash flows. There were no unpaid dividends at either the beginning or the end of the year. ACCOUNT Common Stock, $15 par ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance, 40,000 shares 600,000 Apr. 2 10,000 shares issued for cash 150,000 750,000 June 30 2,000-share stock dividend 30,000 780,000 ACCOUNT Paid-In Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 160,000 Apr. 2 10,000 shares issued for cash 240,000 400,000 June 30 Stock dividend 22,500 422,500 ACCOUNT Retained Earnings ACCOUNT NO. Balance Date Item Debit…
