Prepare balance sheet as on 31 dec. 2021 The following information was extracted from the books of KP Mark Enterprise on 31 December2021:Debit (RM)SalesCapitalPurchasesInventory 1 January 2021Carriage outwardsRent receivedCarriage inwardsReturns inwardsReturns outwardsDiscount allowedSalaries and wagesRent and RatesGeneral expensesLifting equipmentDiscounts receivedAccounts ReceivableInsuranceBuildingLoan from BensonAccounts PayableCash at bankCash in handDrawingsAdditional information:(i)(iv)Rent accrued amounted to RM1,210.Insurance prepaid amounted to RM2,430.Building is depreciated at 15% on cost.640,58012,5001,8001,3801,4301,90092,60055,420620210,70064,85012,430110,00034,1004,00029,1101,273,420Credit (RM)450,000696,730Required: Show all your working.(a) Prepare the Income Statement for the year ended 31 December 2021, and131 Dagambar 201(5)Rela23,4001,1101,20080,00020,9801,273,420Other non-current assets are depreciated at 20% per annum, using reducing balance.Closing Inventory fully counted on 31 December amounted to RM381,900.

Income statement is one of the financial statement which shows all incomes and all expenses of the…

Answered: Required: Show all your working. (a)…

Business

Accounting

Required: Show all your working. (a) Prepare the Income Statement for the year ended 31 December 2021, and

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: FINANCIAL POSITION: RATIO 2021 2020 2019 Current ratio CR= CR= CR = (CR)= 723,796/12,281,092…

A: A fall in the current ratio typically indicates inventory management issues, inadequate or weak…

Q: Nature of van Dijks 2018/2019 earnings

A: Bob van Dijk -Former CEO of Naspers.

Q: a. Compute basic earnings per share for 2019. b. Compute diluted earnings per share for 2019. c.…

A: a. Calculate Basic earnings per share for 2019.

Q: Identify the accounting concepts/policies adopted in the preparation of balance sheet of the…

A: Introduction Accounting concepts and policies are specific principles, conventions, rules and…

Q: The following Cato Corporation transactions are for bonds that were purchased as a trading…

A: A statement of financial position is a representation of an individual's personal or corporation's…

Q: How much is the goodwill on the consolidated balance sheet on December 31, 2021?

A: The requirement is to compute goodwill on the consolidated balance sheet on December 31, 2021. The…

Q: The stockholders' equity section of Cheyenne Corp. at December 31, 2019, included the following: 5%…

A: Dividend is a amount distributed by the organization from the profit earned. The company declares…

Q: Calculate Debt/(Debt + Equity) and Liabilities/Assets for Dec 2018 and 2019. Dec 31 2018…

A: Financial ratios are the quantitative measures used by analysts to determine the financial…

Q: Accounts payable Accounts receivable Accumulated depreciation - equipment Allowance for…

A: Balance Sheet - Balance Sheet is the financial statement that includes Assets, Liabilities and…

Q: Income Statement

A: Retained earnings refers to that portion of the profit or earnings of a company which is retained or…

Q: Transactions Alex and Hagi decided to open a home cleaning service company, H@L .,. The following…

A: Financial Statement - It is formal records of the financial performance / activities the company /…

Q: Complete this question by entering your answers in the tabs below. Reg A and B Req C Req D Req E to…

A: Debt ratio = total liabilities/total assets Debt equity ratio = total liabilities/total equity

Q: Amount reported in 2019 OTHER COMPREHENSIVE INCOM section if Statement of comprehensive Income? 2.…

A: Other comprehensive income is the income which has been calculated by the company from the…

Q: February 1, 2020 February 2, 2019 (S and shares in millions except par value) ASSETS Current assets:…

A: Total assets = Current assets + Non current assets Total liabilities = Current liabilities + Non…

Q: 4. Calculate Earnings Per Share for the year ending December 31, 2019.

A: Earnings per share is computed by dividing the income available to equity stockholders by the number…

Q: prepare the balance sheet and p& l for 2022

A: RevenueRevenue ItemAmount (in INR)Gross margin on sale of sugar canes36,73,08,000Dividends received…

Q: Calculate the following ratios a. Liquid ratio.

A: Liquid ratio : The ratio which is calculated for ascertaining or determining the liquidity…

Q: Using the following company W information, prepare a retained earnings statement. *Retained…

A: Retained earnings are accumulated profits of a company not distributed as dividends.

Q: Pronghorn Industries changed from the double-declining-balance to the straight-line method in 2021…

A: Depreciation: It is often defined as a gradual reduction in the cost of fixed assets that are used…

Q: Good day, how do we calculate the missing amounts when doing a comparative balance sheet?…

A: Comparative analysis is used to compare the data of current year with the previous one to know about…

Q: 2019 Current assets €4,610 Noncurrent assets 8,389 Total liabilities 7,039 Total assets 12,999…

A: A financial statement that helps the company to determine the liabilities, assets, equity at a…

Q: At May 31, 2022, the accounts of Sandhill Company show the following. 1. 2. 3. 4. May 1…

A: Preparation of partial Balance sheet of sandhill company are as follows

Q: On January 1, 2022, the ledger of Swifty Company contains these liability accounts. Accounts Payable…

A: Current Liabilities - Current Liabilities are the liabilities which are due for less than 12 month.…

Q: Prepare journal entries to record the transactions. 3. Present the shareholders's equity on…

Q: 30.09.2020 31.08.2020 30.06.2020 Sales Revenue 100.000 85.000 60.000 Salaries Expense 12.000 Rent…

A: Formula: Net income = Revenues - Expenses.

Q: MacroApps Corporation's disclosure notes for the year ending June 30, 2020, included the following…

A: ESPPs can be an important component of an employee's pay package since they give the employee the…

Q: 3,274,000 58,126,000 196,719,000 354,959,000

A: Given as,

Q: t one: a. $27,300 b. $39,900 c. $144,900 d. $132,300 e. $247,350

A: Current liabilites is company obligations that are short term and are due within a year.

Q: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3…

A: To find the amounts reported for accumulated depreciation for the periods ended February 1, 2020,…

Q: Calculate the liquidity ratios and current ratios?

A: Liquidity ratios include quick ratio, current ratio, and cash ratio. The Quick ratio is the…

Q: Required: Items 1 through 5 represent activities that will be reported in Del Conte's statement of…

A: Cash flow statement is a financial statement that records all the cash transactions, cash inflows…

Q: Total capital as of December 31, 2019

A: Total capital at end is computed by adding all the assets and then deducting current and non-current…

Q: Adjusting Balance Sheet and Income Statement for LIFO to FIFO In its December 2019 10-K, Phillips 66…

A: Common Size Analysis -A technique used by financial managers to examine financial accounts is common…

Q: The summarized balance sheet of WIPRO Itd forthe year ended 31/03/2020 and 31/03/2021 are given…

A: Financial Statement - Financial statements contain information about an entity's financial activity…

Q: 2021 2020 2019 2018 2017 Sales Cost of goods sold Accounts receivable $ 479,191 246,837 23,289 $…

A: Reference: 12.2 Calculating Trend Percentages | Managerial Accounting. (n.d.).…

Q: Review the Republic Financial Holdings Limited 2022 annual report. What recommendations can be made…

A: based on general accounting best practices and the information you provided about the report…

Q: 6.Please answer all the tables in their entirely

A: if any queries please inform meThank you Explanation: section ASection B Section C…

Q: X Company collected P12350 in interest during 2019 X showed P1,850 in interest on its December 31,…

A: Accrual Basis of Accounting: A technique of accounting known as accrual accounting involves…

Q: Perform a horizontal analysis for the balance sheet entry "Cash" given below. That is, find the…

A: In Horizontal Analysis, the comparison is made between different periods of the business entity. In…

Q: Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place,…

A: Vertical analysis is the analysis wherein each line item of the financial statement is compared to…

Q: nstructions: (Assume all transactions during the year were for cash.) a. Prepare the journal entry…

A: Journal entries refers to the systematic documentation of the financial transactions of the company…

Q: X Company collected P12,350 in interest during 2019. X showed P1,850 in interest on its December 31,…

A: Note: X Company collected P12,350 in interest during 2021 (2019 is not correct). P1,850 in interest…

Q: Which among the following reports bears correct date/period?

A: Statement of financial position is the summary of assets and liabilities as at a particular date.…

Question

Prepare balance sheet as on 31 dec. 2021

The following information was extracted from the books of KP Mark Enterprise on 31 December
2021:
Debit (RM)
Sales
Capital
Purchases
Inventory 1 January 2021
Carriage outwards
Rent received
Carriage inwards
Returns inwards
Returns outwards
Discount allowed
Salaries and wages
Rent and Rates
General expenses
Lifting equipment
Discounts received
Accounts Receivable
Insurance
Building
Loan from Benson
Accounts Payable
Cash at bank
Cash in hand
Drawings
Additional information:
(i)
(iv)
Rent accrued amounted to RM1,210.
Insurance prepaid amounted to RM2,430.
Building is depreciated at 15% on cost.
640,580
12,500
1,800
1,380
1,430
1,900
92,600
55,420
620
210,700
64,850
12,430
110,000
34,100
4,000
29,110
1,273,420
Credit (RM)
450,000
696,730
Required: Show all your working.
(a) Prepare the Income Statement for the year ended 31 December 2021, and
131 Dagambar 201
(5)
Rela
23,400
1,110
1,200
80,000
20,980
1,273,420
Other non-current assets are depreciated at 20% per annum, using reducing balance.
Closing Inventory fully counted on 31 December amounted to RM381,900.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

First time adoption of international financial reporting standards

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Maples group Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Increase/(Decrease Assets Cash and cash equivalent 64,990 61,895 ? Accounts receivable 95,100 88,500 ? Inventories 72,500 79,855 ? Fixed Assets, net ? ? ? Total Assets 442,590 395,800 46,790 Liabilities Accounts payable 45,000 58,350 ? Accrued liabilities ? ? ? Long –term notes payable 99,500 128,550 ? Stockholder’ Equity: Common Stock 143,050 105,110 37,940 Retained earnings 43,540 24,290 19,250 Total liabilities and stockholders’ equity 442, 590 395, 800…
Prepare the statement of financial position as at 31 december 2020
What is the adjusting journal entry on December 31, 2019? Debit Unrealized Holding Gain/Loss (P&L), P200,000; Credit Retained Earnings, P200,000 Debit Financial Asset FVPL, P500,000; Credit Retained Earnings, P500,000 Debit Retained Earnings, P100,000; Credit Financial Asset FVPL, P100,000 Debit Retained Earnings, P300,000; Credit Unrealized Gain (P&L), P300,000 Debit Retained Earnings, P200,000; Credit Unrealized Holding Gain/Loss (P&L), P200,000 None of the choices
Identifying and Computing Net Operating Assets (NOA) and Net Nonoperating Obligations (NNO)Following are the balance sheets and statement of earnings for Home Depot Inc. for fiscal year ended February 3, 2019, which the company labels fiscal year 2018. THE HOME DEPOT INC. Consolidated Balance Sheets February 3, January 28, $ millions, except par value 2019 2018 Assets Current assets Cash and cash equivalents $1,778 $3,595 Receivables, net 1,936 1,952 Merchandise inventories 13,925 12,748 Other current assets 890 638 Total current assets 18,529 18,933 Net property and equipment 22,375 22,075 Goodwill 2,252 2,275 Other assets 847 1,246 Total assets $44,003 $44,529 THE HOME DEPOT INC. Consolidated Balance Sheets February 3, January 28, $ millions, except par value 2019 2018 Liabilities and Stockholders’ Equity Current liabilities Short-term debt $1,339 $1,559 Accounts payable 7,755 7,244 Accrued salaries and…
What is the Analysis for year 2018 - 2020?
Following are selected balance sheet accounts of Sheffield Bros. Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Selected balance sheet accounts Assets Accounts receivable Property, plant, and equipment Accumulated depreciation-plant assets Liabilities and stockholders' equity. Bonds payable Dividends payable Common stock, $1 par Additional paid-in capital Retained earnings Depreciation Gain on sale of equipment Net income Additional information: 1. 2. 3. (a) (b) (c) (d) 2020 $34,000 Proceeds from the sale of equipment. Cash dividends paid. 278,500 (176,300 ) (168,400) 2020 Redemption of bonds payable. $49,000 8,000 22,100 9,100 104,600 Selected income statement information for the year ended December 31, 2020: Sales revenue $154,400 38,100 2019 14,700 $24,100 30,900 249,400 2019 $45,900 5,100 18,900 3,000…
E10-8 (Algo) Recording and Reporting a Bond Issued at a Discount (with Discount Account) LO10-4 Denzel Corporation is planning to issue bonds with a face value of $670,000 and a coupon rate of 7.5 percent. The bonds mature in 6 years and pay interest semiannually every June 30 and December 31. All of the bonds were sold on January 1 of this year. Denzel uses the effective interest amortization method and also uses a discount account. Assume an annual market rate of interest of 8.5 percent (FV of $1. PV of $1. EVA of $1, and PVA of $1) Note: Use appropriate factor(s) from the tables provided. Required: 1. and 2. Prepare the journal entries to record the issuance of the bonds and interest payment on June 30 of this year. 3. What bonds payable amount will Denzel report on its June 30 balance sheet?
K.
Using horizontal analysis , calculate the percentage of the base- year amount, using 2019 as the base year. please answer do not image.
Subject:Accounting
8. Using the following Balance Sheet summary information, for the two years presented calculate: A. working capital B. current ratio 12/31/2018 12/31/2019 Current assets $101,600 33,650 $97,350 32,800 Current liabilities
What is the balance of the retained earnings account as of 31 December 2019?