Q4: Prepare Income Statement and Balance Sheet from the following Trial Balance of Amiad Company Trial Balance on 30 September 2020 Debit Credit Owners capital 125,000 Drawings - owners. 25.000 Purchases 160,000 30,000 Wages Opening inventories Travelling expenses 25,000 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 Salary expenses 45,000 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. 2000 per annum.

Q4: Prepare Income Statement and Balance Sheet from the following Trial Balance of Amiad Company Trial Balance on 30 September 2020 Debit Credit Owners capital 125,000 Drawings - owners. 25.000 Purchases 160,000 30,000 Wages Opening inventories Travelling expenses 25,000 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 Salary expenses 45,000 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. 2000 per annum.

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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The following information was extracted from the records of Lodh Ltd for the year ended 30 June 2021. Lodh LTD Statement of financial position (extract) As at 30 June 2021 Relevant Assets Accounts Receivable $50,000 Allowance for doubtful debts (4,000) $46,000 Prepaid rent 42,000 Plant 200,000 Accumulated depreciation – Plant (25% on cost) (50,000) 150,000 DTA beginning balance 1,000 … Relevant Liabilities Interest Payable 2,000 Provision for long service leave 10,000 Unearned revenue 20,000 DTL beginning balance 5,000 … Additional information · The tax depreciation for plant is considered at 30% of $200,000 (original cost) at 30 June 2021. · Long service leave has not been taken by any employee during the year. · There…
Balance Sheet December 31, 2021 Current Assets: Cash 46,200 Accounts Receivable (net) 260,000 Raw materials inventory (4,500 yards) 11,250 Finished goods inventory (1,500 units) 32,250 Total current assets 349,700 Plant and equipment: Buildings and equipment 900,000 Accumulated depreciation (292,000) Plant and equipment, net 608,000 Total Assets 957,700 Liabilities and Stockholders' Equity Current liabilities: 158,000 Accounts Payable Stockholders' equity: Common stock 419,800 Retained earnings 379,900 Total stockholders; equty 799,700 Total liabilities and stockholder's equity 957,700 Additional Information The company's chief financial officer (CFO), in consultation with various managers across the organization has developed the following set of assumptions to help create the 2022 budget: 1 The budgeted unit sales are 12,000 units, 37,000 units, 15,000 units and 25,000 units for quarters 1-4, respectively. Notice that the company experiences peak sales in the second and fourth…
The following trial balance relates to Queenie as at 30 September 2019: RM'000RM'000 Revenue (note (i)) 312,890 Cost of sales 148,900 Distribution costs 42,125 Administrative expenses (note (ii))34,680 Loan note interest and dividend paid (notes (ii) and (iii)) 19,500 Investment income3200 Equity shares of 25 cents each 50,000 5% loan note (note (ii)) 30,000 Retained earnings at 1 October 20187,300 Plant and equipment at cost (note (iv)) 90,000 Accumulated depreciation at 1 October 2018: plant and equipment 32,400 Equity financial asset investments (note (v))40,000 Inventory at 30 September 201930,040 Trade receivables 42,900 Bank10,845 Current tax (note (vi)) 1,100 Deferred tax (note (vi)) 900 Trade payables23,400 460090460090 The following notes are relevant: (i) On 1 October 2018, Queenie sold one of its products for RM12 million (included in revenue in the trial balance). As part of the sale agreement, Queenie is committed to the ongoing servicing of this product until 30…
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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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…
Sales Revenue $983,000 Cost of Goods Sold 489,000 Operating Expenses 243,000 Use this information to construct an income statement for the year 2019.
Spring 2021 Final Exam(2) Saved to this PC - егences Mailings Review View Help AaBbCcD AaBbCcDc AaBbC AaBbCcC A aB 三。 I Normal T No Spac. Heading 1 Неading 2 Title Paragraph Styles 6-Dyson Manufacturing Company had the following financial statement results for last year. Net sales were $1.2 million with net income of $90,000. Total assets at year-end amounted to $900,000. a. Calculate Dyson's asset turnover ratio and its profit margin. b. What is Dyson's rate of return on assets. 7-Marriot Corporation has two bond issues outstanding, each with a par value of $1,000. Information about each is listed below. Suppose market interest rates rise 2 percentage point across the yield curve. What will be the change in price for each of the bonds? Does this tell us anything about the relationship between coupon rate and interest rate risk? Bond A: 10 years to maturity, 0 percent coupon, market interest rate is 10 percent. Bond B: 10 years to maturity, 10 percent coupon, market interest rate is 10…