Q3: Prepare Income Statement and Balance Sheet from the followingTrial BalanceSaadah Merchandized CompanyTrial Balance June 2021Debit CreditCash19000Machinery16000Opening Inventory30000Interest6000Salaries10000Furniture12000|Long term loans13200Accounts payable7000Сapital51000Service Revenue8000Sales20000Drawings1200Purchases9000Telephone Expenses 8000Total105200 105200Adjustment information:1] Depreciation on Machinery 20% per annum and on furniture 10% per annum|2] Closing Inventory for merchandise is RO 150003] Accrued (outstanding) telephone expense is RO 2504] Service revenue earned but not yet collected are RO 2000

Financial statements are prepared by the organization at the end of the accounting year. It includes…

Answered: Q3: Prepare Income Statement and…

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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Q4: Prepare Income Statement and Balance Sheet from the following Trial Balance of Aymjad Company Trial Balance on 30 September 2020 Debit Credit Owners capital 125,000 Drawings - owners 25.000 Purchases 160,000 Wages Opening inventories 30,000 25,000 Travelling expenses 35,000 Plant and machinery 55,000 Furniture 45,000 Acc. depreciation – Plant and Machinery 32,000 Acc. Depreciation - Furniture 18,000 Cash and cash equivalents 45,000 Accounts receivable 30,000 Accounts payable 33,000 Bank loan 50,000 Rent expenses 20,000 Marketable securities 60,000 Purchase returns 12,000 Sales returns 25,000 Miscellaneous expenses 22,000 Stationery expenses 28,000 45,000 Salary expenses Sales 360,000 Service revenue 15,000 Interest income 5,000 Total 650,000 650,000 1. Closing inventory was RO. 30,000 2. Stationary expenses of RO. 4,500 were outstanding. 3. Prepaid Service Revenue was RO. 7500 4. Depreciation rate for Plant & Machinery is 15% per annum and depreciation expenses for Furniture is RO.…
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Dec 31, 2019 SERVICE REVENUE Sales revenue, net Cost of goods sold $ 281,000 120,000 161,000 Gross profit OPERATING EXPENSES Selling expenses Wages expense - seling Fuel expense- selling Depreciation expense - selling Total selling expenses General and administrative expenses 15,000 20,000 45,000 80,000 Rent expense - administrative Office supplies expense - administrative 12,000 15,000 Total general and administrative expenses Total operating expenses Total incorme froDm operations 27,000 107,000 54,000 OTHER EXPENSES Interest expense 2,000 52,000 13,000 %24 Total income before tax Income tax expense Net incorne 39,000 Eamings Per Share (EPS) 0.65 What is Carson's Bakery gross profit margin? O 13.87% O 38.87% 33.54% O 57.29%
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Question The management of Flames Technologies Ltd (FTL) provided the following information relating to its operations for the year ended December 31, 2020: Sales $1,610,000 $50,000 Sales returns It began the 2020 year with inventory at cost, $248,000 and valued at retail, $441,600 During the year the company made purchases at cost, $964,000 and valued at retail $1,363,800; freight charges were $30,500. Purchase returns at cost were $30,200 and valued at retail at $49,600 The management of FTL also provided information pertaining to markups and markdowns as shown below: The company had additional markups of $93,200 Markup cancellations during the year amounted to $10,800 Markdowns during the year amounted to $39,200 Markdown cancellations during the year amounted to $10,500 Normal shortages due to theft amounted to $58,200 On 31 December 2020, a major fire destroyed all the company's inventory in its warehouse, and in order to make an insurance claim, the management team of FTL has…
Urgenntttt!!!! Calculate gross profit.
104-Principles of Management Acco y courses/ BUSS 104-2-20202 / TEST 2 SCHEDULED FOR 12TH APRIL 2021 IN CL The BCD Company had the following income statement on 31.12.2020 Deprecation 10000 Net income 190000 OMR The following accounts decreased during 2020: Accounts receivable 22000 inventory 15000 OMR. Rent payable 19000, Machinery 15000 OMR The following accounts increased during 2020:Notes receivable 14000 Accounts Payable 13000 long term Bonds payable 30000 OMR Calculate cash flows from operating activities Select one: O a. 245000 OMR O b. NONE OF THESE Oc. 217000 OMR O d. 249000 OMR Next page page s unit 4 Jump to.. nned in se Moor Rakhit Almaschani na uth
Peter Senen Corporation provided the following account balances as of September 30, 2020: Cash P112,000 Accumulated depreciation P 36,000 Accounts Receivable 64,000 Accounts payable 40,000 Finished Goods 48,000 Income tax payable 9,000 Work in process 36,000 Share Capital 500,000 Raw materials 52,000 Retained Earnings 207,000 Property and Equipment 480,000 The following transactions occurred during October: 1. Materials purchased on account, P150,000 2. Materials issued to production: direct materials- P90,000, Indirect materials- P10,000. 3. Payroll for the month of October 2020 consisted of the following (also paid during the month): Direct labor P62,000…
Operating and Nonoperating Items in Boston Scientific's Income Statement EXHIBIT 3.6 For Year Ended December 31, S mllllons 2018 2017 2016 $9,823 2,813 $9,048 2,593 $8,386 2,424 Net sales Cost of products sold Gross profit. Operating expenses Selllng, general and admlnlstratlve expenses. Research and development expenses Royalty expense Amortlzatlon expense Intanglble asset Impalrment charges. ContIngent conslderatlon expense (beneflt) Restructurlng charges. Litigatlon-related charges 7,010 6,455 5,962 3,569 3,294 3,099 1,113 997 920 70 68 79 599 565 545 35 11 (21) (80) 29 36 37 28 103 285 804 Operating expenses 5,504 5,170 5,515 Operating income Other expense (income) Interest expense 1,506 1,285 447 241 229 233 Other expense (income), net. (156) 124 37 1,422 (249) Income before income taxes 932 177 Income tax expense (benefit) . 828 (170) Net income $1,671 24 104 2$ 347 Calculate the profit margin ratio for 2016
Company X balance sheet at 31..03.200x Assets Intangible fixed assets Fixed assets Cash Total assets 6 000 45 000 6 500 57 500 Equity Trade liabilities Required: a) Open the accounts b) Records all accounting operation c) Prepare closing balance sheet Total equity & liabilities 54 000 3 500 57 500 Company e has the following business events in April 1. The company purchased 100 units of production commodity 0,50 per unit Company paid in cash and commodities were taken to the warehouse 2. The company paid trade liabilities using bank money transfer 500 3. Cash delivered from bank account to cash desk 800 4. Purchased with deferred payment a tangible fixed asset and took in into active use 1000 5. The company signed a bank loan agreement for settling a trade liability for the purchase of tangible fixed asset Money received on bank account 1000 6. A liability relating to the purchase of tangible fixed asset was paid 1000
From the following data, prepare a profit and loss a/c and a balance sheet as on 31-3-2023. Particulars Shs. Particulars Shs. Drawings 10,000 Capital 30, 000 Purchases 30,000 Purchase returns 1,000 Sales Returns 5,000 Sales 60, 000 Carriage in 2,000 Wages outstanding 2,000 Carriage out 3, 000 Rent received 1,000 Depreciation on Plant 4,000 Reserve for doubtful 1,000 debts Plant account 20,000 Interest (Cr) 5,000 Salaries & wages 3,000 Sundry creditors 6, 000 Bad debts 2,000 Loans 38,000 Premises 20, 000 Interest 5,000 Stock 1.4.95 25,000 Sundry debtors 15,000 1,44,000 1, 44,000 Adjustment: a) Stock on 31-3-23 was Shs.40,000. A fire broke -out in the godown and destroyed stock worth Shs.5, 000. Insurance company had accepted the claim in full. b) Provide for bad debts @ 10% and provide for discount on debtors @ 5% and on creditors @ 10% c) Depreciate buildings at the rate of 15% p.a. d) Rent outstanding amounted to Shs.1,000 e) Closing stock includes samples worth of Shs.2,000. f)…
Individual Assignment (20%) 1- Prepare a Manufacturing account for the year ended 31 December 2017 2- Prepare a Trading account for the year ended 31 December 2017 RM 1 January 2017, Stock of raw materials 31 December 2017, Stock of raw materials 1 January 2017, Work in progress 31 December 2017, Work in progress 800 1,050 350 420 Year to 31 December 2017: Wages : Direct : Indirect 3,960 2,550 Purchase of raw material 8,700 Fuel and power Direct expenses 990 140 Lubricants 300 Carriage inwards on raw materials Rent of factory 200 720 420 Depreciation of factory plant & machinery Internal transport expenses Insurance of factory buildings and plant General factory expenses 1 January 2017, Stock of finished goods 31 December 2017, Stock of finished goods Sales of finished goods 180 150 330 3,500 4,400 25,000

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