14:22LTE1.lVol)ASSIGNMENT I Question Paper.pdfPage 1 of 4FPBFC02 ASSIGNMENT 1-JULY 2021Question 5Mr. Alba (Pty) Ltd has the following list of information for year ended 31 December2009.RTrade and other receivablesTrade and other payablesRent received5 0004 0002 5008 000GoodwillBank overdraftEquipmentDepreciationProfit on sales of assetTrading inventoryLoan (6 months)1 0003 0008 0009 0006 0002 000Required: Use the information given above to determine the total Owners' Equity forthe period.[5]AssetsLiabilitiesPage 1 of 4FPBFC02 ASSIGNMENT 1-JULY 2021Question 6Quinton Limited is involved in the manufacturing of cleaning material. The followinginformation relates to the company's property plant and equipment. The company hasa financial year end of 31 December.II

Name: 14:22LTE1.lVol)ASSIGNMENT I Question Paper.pdfPage 1 of 4FPBFC02 ASSI
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: 14:22LTE1.lVol)ASSIGNMENT I Question Paper.pdfPage 1 of 4FPBFC02 ASSIGNMENT 1-JULY 2021Question 5Mr. Alba (Pty) Ltd has the following list of information for year ended 31 December2009.RTrade and other receivablesTrade and other payablesRent receive

Accounting equation states that the total assets are always equal to the sum of total liabilities…

Business

Accounting

Question 5 Mr. Alba (Pty) Ltd has the following list of information for year ended 31 December 2009. R Trade and other receivables Trade and other payables Rent received 5 000 4 000 2 500 Goodwill 8 000 Bank overdraft Equipment Depreciation Profit on sales of asset 1 000 3 000 8 000 9 000 6 000 Trading inventory Loan (6 months) 2 000 Required: Use the information given above to determine the total Owners' Equity for the period. (5)

Question 5 Mr. Alba (Pty) Ltd has the following list of information for year ended 31 December 2009. R Trade and other receivables Trade and other payables Rent received 5 000 4 000 2 500 Goodwill 8 000 Bank overdraft Equipment Depreciation Profit on sales of asset 1 000 3 000 8 000 9 000 6 000 Trading inventory Loan (6 months) 2 000 Required: Use the information given above to determine the total Owners' Equity for the period. (5)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

2 Skipped eBook Balance sheet: Cash Accounts receivable (net) Inventory Property & equipment (net) Other assets Total assets Current liabilities Long-term debt (interest rate: 10%) Capital stock ($10 par value) Additional paid-in capital Retained earnings Total liabilities and stockholders' equity Income statement: Sales revenue (1/3 on credit) Cost of goods sold. Operating expenses Net income Other data: Per share stock price at end of current year Average income tax rate Dividends declared and paid in current year Blue Water $ 42,800 47,000 90,000 167,000 85,800 S 432,600 S 90,000 77,600 160,600 30,800 73,600 $ 432,600 $ 420,000 (232,000) (164,600) S 23,400 S 23.8 30% $ 34,800 Prime Fish $ 19,200 36,400 50,800 422,600 323,000 $ 852,000 $76,000 63,600 530,000 107,800 74,600 $ 852,000 $ 784,000 (401,800) (312,800) $ 69,400 $ $ 157,000 33 30% Both companies are in the fish catching and manufacturing business. Both have been in business approximately 10 years, and each has had steady…
Question 5 The following is the trial balance for Tatt Trading as at 31 October 2021: CR RM DR RM 6,453 18,910 Bank Trade receivables Trade payables Inventory at 31 October 2020 Buildings at cost Equipment at cost Profits b/d Capital - Purchases Sales Carriage inwards Carriage outwards Salaries Rates and occupancy expenses Repair and maintenance Sundry expenses Provision for doubtful debts Accumulated depreciation at 31 October 2020: Buildings Equipment Drawings 22,520 40,360 70,000 45,000 27,000 70,000 102,360 165,486 2,070 1,890 18,310 4,735 3,522 1,896 500 22,000 16,000 8,000 323,506 323,506 Additional information: i. Inventory at 31 October 2021 amounted to RM55,000. ii. Repairs and maintenance owing RM222, sundry expenses owing RM196. ii. Salary accrued amount to RM1,310. iv. RM900 is provided for doubtful debts. Depreciation on cost: Buildings 2 per cent; Equipment 10 per cent. V. Required: Prepare the Statement of Comprehensive Income for the year and the Statement of Financial…
perience p....pptm ^ Type here to search w X # 3 E Coronado Company's condensed financial statements provide the following information. C Cash Accounts receivable (net) Short-term investments Inventory Prepaid expenses Total current assets Property, plant, and equipment (net) Total assets Current liabilities ACC341-2022-Ho....xlsx $ 4 Bonds payable R F % 5 O CORONADO COMPANY BALANCE SHEET T At O+ 6 V B ▶ music 2.jpeg n H & 7 Dec. 31, 2020 $52,100 197,700 80,800 442,700 3,000 $776,300 849,900 $1,626,200 237,700 401,800 U 20 8 J Dec. 31, 2019 $60,200 O 80,800 39,600 N M 360,200 $547,700 849,900 $1,397,600 6,900 155,700 ( 401,800 9 W K F11 ) O 0 888 P Home End C Rair Inse
QUESTION 12. Che balances on certain accounts of ANNEY LTD CO as at 1 April 2012 were as follows. (all fīgures in TZS) At the beginning of the year Rent and rates payable Accruals • Prepayments Rent receivable- prepayments 625,000 2200,000 1940,000 During the year, the business carried out the following transactions Paid rent by cheque Paid rates by cheque Received cheque for rent 5200,000 3050,000 960,000 At the end of the year, Rent and rates payable Accruals 2370,000 Prepayments 1880.000 Rent receivable- prepayments 6s0,000 Required: prepare a) Rent and rates account b) Rent receivable ci Show the amount to be transferred to the income statement -oםםב Dool
V Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable Accounts receivable Accrued liabilities Cash $34,989 66,770 6,185 17,598 39,822 89,571 98,246 70,130 Intangible assets Inventory Long-term investments Long-term liabilities Notes payable (short-term) Property, plant, and equipment Prepaid expenses Temporary investments Based on the data for Harding Company, what is the amount of working capital? Oa. $608,269 Ob. $149,965 Oc. $212,546 Od. $959,971 21,407 609,357 1,088 37,519
3. II 1. Show the impact (with amounts) of each of the following items on the horizontal C. equation. For the asset section, name the specific accounts impacted. i. Record Sales during the year on account of $205,000. ii. Show the impact of $190,000 cash collected during the year. ii. Establish an Allowance for Uncollectible Accounts at year-end. Study guide - Chapter 5 (with solutions).docx iv. In the following year, an account worth $6,000 is determined to be uncollectible, what is the entry? V. A receivable for $3,500 that was previously written off is collected. What is the 2 step entry? Cash + Stockholders' Equity Assets = Liabilities Revenues Expenses Net Income Flow 2. Te
27 The following balances were extracted from the books of AL Masa Cleaning Services at 31st December, 2020: Cash BD13900 Accounts Receivable BD2000 - Equipment BD6000 Prepaid Rent BD4000 Accounts Payable BD14000 - Beginning Capital BD16000 Investment during the year BD3200 Withdrawals BD800 Service Revenues BD8300 - Wages Expense BD600 - Utilities Expense BD2500 Supplies Expense BD1100 - Rent Expense BD3300 Fees Income BD2700- Furniture BD10000 Required: Compute ending capital on Dec 31 2020 and show solution steps. *
25 The following balances were extracted from the books of AL Masa Cleaning Services at 31st December, 2020: Cash BD13900 - Accounts Receivable - BD2000 Equipment BD6000 Prepaid Rent BD4000 - Accounts Payable BD14000 - Beginning Capital BD16000 Investment during the year BD3200 Withdrawals BD800 Service Revenues BD8300 - Wages Expense BD600 - Utilities Expense BD2500 Supplies Expense BD1100 - Rent Expense BD3300 Fees Income BD2700 - Furniture BD10000 - Use the previous information to question 25 to question 28: Required: Compute the amount and show solution steps of: 1- Total Revenues 2- Total Expenses *
Question 1 The following are financial statements of Crane Company. Crane CompanyIncome StatementFor the Year Ended December 31, 2022 Net sales $2,192,500 Cost of goods sold 1,010,500 Selling and administrative expenses 900,500 Interest expense 78,000 Income tax expense 62,500 Net income $ 141,000 Crane CompanyBalance SheetDecember 31, 2022 Assets Current assets Cash $ 55,100 Debt investments 89,000 Accounts receivable (net) 168,400 Inventory 236,500 Total current assets 549,000 Plant assets (net) 572,500 Total assets $ 1,121,500 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 152,000 Income taxes payable 31,000 Total current liabilities 183,000 Bonds payable 220,740 Total liabilities 403,740 Stockholders’ equity Common stock 345,000 Retained earnings 372,760…
28 The following balances were extracted from the books of AL Masa Cleaning Services at 31st December, 2020: Cash BD13900 Accounts - Receivable BD2000 Equipment BD6000 Accounts Prepaid Rent BD4000 - Payable BD14000 - Beginning Capital BD16000 Investment during the year BD3200 Withdrawals BD800 Service Revenues BD8300 - Wages Expense BD600 - Utilities Expense BD2500 Supplies Expense BD1100 - Rent Expense BD3300 Fees Income BD2700- Furniture BD10000. Required: compute the amount and show solution steps of: 1- Total current assets. 2- Total fixed assets. *
Use the following information to answer questions 4 and 5 Lavish Loans Pty Ltd Industry Average 1.5:1 2017 2018 Current Ratio 1:1 2.3: 1 Debt to equity ratio Expense ratio 2:1 1.3: 1 1.3:1 8% 14% 10% 4. What was Lavish Loans Pty Ltd.'s level of gearing in 2017? (а) 1: 1 (b) 1.3 : 1 (c) 2:1 (d) 2.3 : 1 5. Which strategy would be most beneficial to Lavish Loans Pty Ltd? (a) Using an overdraft to increase access to cash in the short term (b) Developing cost centres in order to help reduce expense levels (c) Issuing more shares to reduce the business's over reliance on debt (d) Engaging in sale and lease back in order to improve the current ratio