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Provide statement of financial position

Provide statement of financial position

FINANCIAL ACCOUNTING
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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Provide statement of financial position

justea iriai Baiance cember 31 2021 2020 Credit 5.850,000.00 Debit Credit 5,500,000.00 Debit 5% Preference share capital, P100 par Accounts payable 819,500.00 807,300.00 Accounts receivable 2,154,200.00 1,958,300.00 Accumulated depreciation - Building Accumulated depreciation - Cooking equipment Accumulated Depreciation - Office equipment Accumulated depreciation - Store equipment Allowance for bad debts Building Cash Cooking equipment Cost of goods sold Depreciation expense - building Depreciation expense - office equipment Depreciation expense - store equipment 102,000.00 50.000.00 1,000,000.00 500,000.00 420.000.00 240,000.00 39,170.00 840,000.00 480,000.00 43,080.00 2,600,000.00 101.210.00 2,500,000.00 22,744,988.00 52,000.00 420,000.00 240.000.00 2,500,000.00 616,410.00 2,500,000.00 20,707,790.00 50,000.00 420,000.00 240,000.00 ? Dividends payable Doubtful accounts 3,910.00 1,374,912.00 39,170.00 1,354,320.00 1.139,800.00 0.00 Finished goods inventory Freight-out 1,253,700.00 0.00 Income tax expense Income tax payable Insurance expense of goods sold in transit Interest expense Interest income Land Loss due to fire Notes payable, due on December 31, 2026 Office equipment Office supplies Office supplies expense 0.00 0.00 227.960.00 60.000.00 250,740.00 96,000.00 100,000.00 20,000.00 1,500,000.00 1,600,000.00 500,000.00 0.00 800,000.00 500,000.00 2,100,000.00 10,450.00 125,370.00 2,100,000.00 9,500.00 113,980.00 2021 2020 Ordinary share capital, P5 par Prepaid insurance Raw materials inventory 10,300,000.00 8.100,000.00 37,990.00 940,500.00 41,790.00 954,800.00 Rental income 240,000.00 210,000.00 Retained Eamings Salaries and wages of admin employees Salaries and wages of sales agents (3,851,150.00) 0.00 1,709,700.00 1,139,800.00 1,880,550.00 1,253,700.00 Salaries payable Sales Sales discounts Sales returns and allowances Share Premium - Ordinary 130,600.00 118,700.00 25,850,000.00 23,500,000.00 258,500.00 235.000.00 517,000.00 470,000.00 1,545,000.00 1,241,700.00 825,000.00 Share Premium - Preference 877,500.00 Store equipment Store supplies Store supplies expense Subscribed ordinary share capital Subscribed preference share capital Subscription receivable - Ordinary Subscription receivable - Preference 1,200,000.00 1,200,000.00 19,000.00 227,950.00 20,900.00 250,750.00 2.060.000.00 1,620,000.00 1,100,000.00 1,170,000.00 1,648,000,00 1,296,000.00 Treasury Shares at cost, ordinary Treasury Shares at cost, preference Work in process inventory 702,000.00 226,600.00 128,700.00 660,000.00 129,600.00 60,500.00 1,128,600.00 1,145,760.00 Totals 48,356,530.00 48,356,530.00 44,791,870.00 44,791,870.00 ditional information: 1. Inventories as of January 1 2021 2020 Raw materials inventory Work in process inventory Finished goods inventory 940,500.00 1,128,600.00 1,354,320.00 450,000.00 742.180.00 1,112,280.00 2. Cost of Goods Sold related expenses 2021 9,548,000.00 477,400.00 190,960.00 2020 9,405,000.00 470,250.00 188,100.00 5,518,000.00 Purchases Freight-in Purchase returns and allowances Direct Labor Factory Overhead (including the depreciation expense for the cooking equipment) 5,892,100.00 7,070,500.00 6,621,600.00 3. Preference shares are cumulative and non-participating. Dividends were declared last December 25, 2020, and was distributed to shareholders last January 20, 2021 Dividends were declared last December 28, 2021, and for distribution to shareholders on February 1, 2022. 800,000.00 1,000,000.00
Transcribed Image Text:justea iriai Baiance cember 31 2021 2020 Credit 5.850,000.00 Debit Credit 5,500,000.00 Debit 5% Preference share capital, P100 par Accounts payable 819,500.00 807,300.00 Accounts receivable 2,154,200.00 1,958,300.00 Accumulated depreciation - Building Accumulated depreciation - Cooking equipment Accumulated Depreciation - Office equipment Accumulated depreciation - Store equipment Allowance for bad debts Building Cash Cooking equipment Cost of goods sold Depreciation expense - building Depreciation expense - office equipment Depreciation expense - store equipment 102,000.00 50.000.00 1,000,000.00 500,000.00 420.000.00 240,000.00 39,170.00 840,000.00 480,000.00 43,080.00 2,600,000.00 101.210.00 2,500,000.00 22,744,988.00 52,000.00 420,000.00 240.000.00 2,500,000.00 616,410.00 2,500,000.00 20,707,790.00 50,000.00 420,000.00 240,000.00 ? Dividends payable Doubtful accounts 3,910.00 1,374,912.00 39,170.00 1,354,320.00 1.139,800.00 0.00 Finished goods inventory Freight-out 1,253,700.00 0.00 Income tax expense Income tax payable Insurance expense of goods sold in transit Interest expense Interest income Land Loss due to fire Notes payable, due on December 31, 2026 Office equipment Office supplies Office supplies expense 0.00 0.00 227.960.00 60.000.00 250,740.00 96,000.00 100,000.00 20,000.00 1,500,000.00 1,600,000.00 500,000.00 0.00 800,000.00 500,000.00 2,100,000.00 10,450.00 125,370.00 2,100,000.00 9,500.00 113,980.00 2021 2020 Ordinary share capital, P5 par Prepaid insurance Raw materials inventory 10,300,000.00 8.100,000.00 37,990.00 940,500.00 41,790.00 954,800.00 Rental income 240,000.00 210,000.00 Retained Eamings Salaries and wages of admin employees Salaries and wages of sales agents (3,851,150.00) 0.00 1,709,700.00 1,139,800.00 1,880,550.00 1,253,700.00 Salaries payable Sales Sales discounts Sales returns and allowances Share Premium - Ordinary 130,600.00 118,700.00 25,850,000.00 23,500,000.00 258,500.00 235.000.00 517,000.00 470,000.00 1,545,000.00 1,241,700.00 825,000.00 Share Premium - Preference 877,500.00 Store equipment Store supplies Store supplies expense Subscribed ordinary share capital Subscribed preference share capital Subscription receivable - Ordinary Subscription receivable - Preference 1,200,000.00 1,200,000.00 19,000.00 227,950.00 20,900.00 250,750.00 2.060.000.00 1,620,000.00 1,100,000.00 1,170,000.00 1,648,000,00 1,296,000.00 Treasury Shares at cost, ordinary Treasury Shares at cost, preference Work in process inventory 702,000.00 226,600.00 128,700.00 660,000.00 129,600.00 60,500.00 1,128,600.00 1,145,760.00 Totals 48,356,530.00 48,356,530.00 44,791,870.00 44,791,870.00 ditional information: 1. Inventories as of January 1 2021 2020 Raw materials inventory Work in process inventory Finished goods inventory 940,500.00 1,128,600.00 1,354,320.00 450,000.00 742.180.00 1,112,280.00 2. Cost of Goods Sold related expenses 2021 9,548,000.00 477,400.00 190,960.00 2020 9,405,000.00 470,250.00 188,100.00 5,518,000.00 Purchases Freight-in Purchase returns and allowances Direct Labor Factory Overhead (including the depreciation expense for the cooking equipment) 5,892,100.00 7,070,500.00 6,621,600.00 3. Preference shares are cumulative and non-participating. Dividends were declared last December 25, 2020, and was distributed to shareholders last January 20, 2021 Dividends were declared last December 28, 2021, and for distribution to shareholders on February 1, 2022. 800,000.00 1,000,000.00
BUSINESS NAME Statement of Financial Position As of ASSETS Note Current Assets Cash & cash equivalents Trade & other receivables X1 X2 Inventories X3 Prepayments Total Current Assets X4 X5=SUM (X1:X4) Non-current Assets Property, plant & equipment Account title X6 X7 Account title X8 х9-SUM (X6 X8) Total Non-current Assets TOTAL ASSETS X10=X5+X9_ LIABILITIES & EQUITY LIABILITIES Current Liabilities Trade & other payables X11 Account title X12 X13 X14=SUM Account title Total Current Liabilities (X11:X13) Non-current Liabilities Account title X15 Account title X16 X17-SUM (X15:X16) Total Non-current Liabilities Total Liabilities X18=X14+X17 EQUITY X19 TOTAL LIABILITIES & EQUITY X20=X18+X19 xxxx
Transcribed Image Text:BUSINESS NAME Statement of Financial Position As of ASSETS Note Current Assets Cash & cash equivalents Trade & other receivables X1 X2 Inventories X3 Prepayments Total Current Assets X4 X5=SUM (X1:X4) Non-current Assets Property, plant & equipment Account title X6 X7 Account title X8 х9-SUM (X6 X8) Total Non-current Assets TOTAL ASSETS X10=X5+X9_ LIABILITIES & EQUITY LIABILITIES Current Liabilities Trade & other payables X11 Account title X12 X13 X14=SUM Account title Total Current Liabilities (X11:X13) Non-current Liabilities Account title X15 Account title X16 X17-SUM (X15:X16) Total Non-current Liabilities Total Liabilities X18=X14+X17 EQUITY X19 TOTAL LIABILITIES & EQUITY X20=X18+X19 xxxx
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