QUESTION 2 The Greene Corp. produced the following data accompanying its financial data for 2022; a. Equipment costing 10,000 with a book value of 8,000 was sold for 15,000 b. Motor vehicle costing 40,000 with depreciation of 16,000 was sold at a loss of 5,500 c. The building was revalued during the year. d. No dividend was paid during the year. BALANCE SHEET AS AT DECEMBER 31, 2021 $ COST Non-Current Assest Goodwill Building Equipment Motor Vehicle Current Liabilities Stock Short Term Investment Debtors Bank Cash EQUITY & LIABILITIES Capital & Reserves Share Capital ($1 Ord Shares) Share Premium Reval Reserve General Reserves Retained Earnings Non-Current Liabilities 10% Debenture Current Liabilities Creditors Interest Tax Payable Accounts Payable $ DEPN 70,000 300,000 300,000 250,000 25,000 225,000 150,000 15,000 135,000 700,000 40,000 730,000 22,000 40,000 8,000 0 12,000 $ NBV 17,000 10,000 14,000 10,000 82,000 812,000 275,000 22,500 0 25,500 140,500 463,500 297,500 51,000 812,000 2022 $ COST $ DEPN 35,000 375,000 375,000 310,000 38,500 271,500 180,000 27,000 153,000 865,000 65,500 834,500 35,000 25,000 $ NBV 15,000 22,500 6,000 103,500 938,000 275,000 22,500 50,000 25,500 80.750 453,750 22,000 26,500 0 25,000 410,750 73,500 938,000
QUESTION 2 The Greene Corp. produced the following data accompanying its financial data for 2022; a. Equipment costing 10,000 with a book value of 8,000 was sold for 15,000 b. Motor vehicle costing 40,000 with depreciation of 16,000 was sold at a loss of 5,500 c. The building was revalued during the year. d. No dividend was paid during the year. BALANCE SHEET AS AT DECEMBER 31, 2021 $ COST Non-Current Assest Goodwill Building Equipment Motor Vehicle Current Liabilities Stock Short Term Investment Debtors Bank Cash EQUITY & LIABILITIES Capital & Reserves Share Capital ($1 Ord Shares) Share Premium Reval Reserve General Reserves Retained Earnings Non-Current Liabilities 10% Debenture Current Liabilities Creditors Interest Tax Payable Accounts Payable $ DEPN 70,000 300,000 300,000 250,000 25,000 225,000 150,000 15,000 135,000 700,000 40,000 730,000 22,000 40,000 8,000 0 12,000 $ NBV 17,000 10,000 14,000 10,000 82,000 812,000 275,000 22,500 0 25,500 140,500 463,500 297,500 51,000 812,000 2022 $ COST $ DEPN 35,000 375,000 375,000 310,000 38,500 271,500 180,000 27,000 153,000 865,000 65,500 834,500 35,000 25,000 $ NBV 15,000 22,500 6,000 103,500 938,000 275,000 22,500 50,000 25,500 80.750 453,750 22,000 26,500 0 25,000 410,750 73,500 938,000
Chapter1: Financial Statements And Business Decisions
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