Prepare the statement of Profit and Loss for the month ended 29 February 2020. Nour Ceramics is a sole proprietorship business. The business purchase and sell high quality tilesfor luxury homes. The inspiration of the tiles' collections is between contemporary and naturaldesign. The beginning balance and business transactions relate to the business in the month ofFebruary 2020. Beginning balance (1 February 2020):Fixture and FittingsBankRM 20,000 (dt)RM 53,000 (dt)RM 21,000 (dt)RM 12,500 (dt)Accounts Payable (Golden Horse) RM 17,000 (ct)RM 89,500 (ct)InventoriesAccounts Receivable (ICEA)CapitalFebruary 20201Received RM7,500 cheque from Accounts Receivable ICEA.3Paid to Accounts Payable Golden Horse RM 7,000 by cheque.7Sold tiles amounted to RM5,300 to ICEA, on credit. The cost of the tiles, RM4,077.12Purchased tiles amounted to RM 4,000 from Golden Horse, on credit.13Returned tiles amounted to RM 700 to Golden Horse due to wrong specification.15Sold tiles amounted to RM7,000 on credit to Tropical Garden with the term 2/10, n/30. Thecost of the tiles, RM5,38520Received payment from Tropical Garden by cheque. Credit terms applied.Ending inventory amount was RM14,838

Financial statement includes Profit and Loss account and Balance sheet. Profit and loss statements…

Answered: Profit and Loss

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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Insert a pie chart with a 2-D visual effect for 2018 using all expense items in a new worksheet called, “Comparing Expenses”. Include all relevant labels, titles (not shown) and legends while changing the default colors. Thom-Pierre Consultants (TPC) Tax Rate COMPARITIVE INCOME STATEMENT 30% for years ended 31 December 2018 2019 Revenues and gains *Sales revenue *Interest revenue *Investment Income *Other revenue Total revenue and gains Expenses and losses **Cost of goods sold 460,000 **Selling and admin administrative 195,000 ***Computer (operating) **Depreciation 55,000 **Interest expense 25,200 Total expenses and losses Income before taxes Income tax expense (30%) Net Income
Calculate Wiper's debt ratio and debt/equity ratio at December 31, 2020 and 2019.
Joseph Bright lists the following transactions for the period ended 30 September 2017. Classify EACH item as follows: i. Write either capital or revenue in the expenditure type column to indicate the type of expenditure involved or EACH item. ii. Insert a-check mark (√) in the appropriate column to indicate whether the item is reported-in the Statement of profit or loss or in the Statement of financial position. The first one is done as an example. Description CLASSIFICATION OF EXPENDITURE Expenditure Type Statement where item should be reported Statement of Profit Statement of Example Wages of the computer operators 1 Cost of customizing software for use in business 2 Installing thief detection equipment 3 Cost of paper used for printing receipts during the year 4 Cost of toner used by the computer printer 5 Cost of adding extra memory to the compute or loss Revenue financial position
b) Construct Statement of Financial Position as at 31 December 2020.
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Prepare a statement of profit and loss allocation, capital account, current account, and extract of statement of financial position at that date from the following for the year ending December 31, 2020: i) A net gain of RM30,350 ii) Capitalized interest to be assessed: Halim paid RM900, Wong RM2,000, and Pang RM1,500. iii) Drawings for Wong, Pang, and Halim will each be subject to RM240 in interest. iv) Salary credits to be given: RM2,000 for Pang; RM3,500 for Halim. v) Wong will receive 50% of the profit, Pang 30%, and Halim 20%. vi) Current account b/f: Halim RM717, Pang RM946, and Wong RM1,860 vii) Capital account between Wong, Pang, and Halim: RM40,000; RM30,000; and RM18,000 viii) Drawings: Halim RM6,900; Wong RM 9,200; Pang RM 7,100
Smile JungkookCompany reported the following balances at the end of each year: 2020 2019 InventoryP2,600,000 P2,900,000 , Accounts Payable 750,000 500,000 The entity paid suppliers P4,900,000 during the year ended December 31, 2020.What should be the amount to be reported for cost of goods sold in 2020?
QUESTION (b) Calculate the working capital cycle for both years. Year ended 31st December 2019 2018 Inventory - raw materials 108/751 х 365 53 days 145/971 х 365 55 days Inventory - work in progress 75/751 x 365 37 days 90/971 x 365 34 days Inventory - finished goods 86/751 x 365 42 days 125/971 x 365 47 days Receivables 171.2/868 x 365 72 days 255/999 х 365 93 days Payables 85/511 x 365 (61 days) 102.3/700 x 365 (53 days) Total working capital cycle 143 days 176 days
1. How much is the gross profit for the year ended December 31, 2021? 2. How much is the gain on sale of delivery equipment for the year ended December 31, 2021? 3. How much is the operating expenses (EXCLUDING DEPRECIATION) incurred for the year ended December 31, 2021? 4. How much is the depreciation expense for the year ended December 31, 2021? 5. How much is the net income before income tax for the year ended December 31, 2021?
(Profitability Ratio)What is the Return on Asset Ratio in 2020?
True or False? You can construct a sources and use statement for 2021 if you have a company's year-end balance sheets for 2021 and 2022
For the year ending December 31, 2018 Lomi Inc has calculated that total depreciation expense will amount to P60,000, and that 2018 year-end bonuses to employees total P150,000. In Lomi’s interim statement of comprehensive income for the six months ended June 30, 2018, the total amount of expense relating to these two items should be reported as?

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