The balance sheet of Alpha Ltd on 31/12/21 is the followingASSETSPlot of landBuildingDepreciationVehicleDepreciation.FurnitureDepreciationParticipationsTotal fixed assets.GoodsGoods in pledgeCustomersDownpayment to suppliersPrepaid expensesAvailable FundsCirculating AssetsTotal assets31/12/202140.000200.000-40.00080.000-75.00095.000-72.00085.000313.00060.00020.00030.00020.00020.000107.000257.000570.00031/12/2022LiabilitiesEquity (stock price 3€)Statutory ReservesPremium ReserveNew resultTotalForeign CapitalsLong term LoanBills payableSuppliersLoan with pledged goodsCustomers' downpaymentsExpenses payablesPrepaid revenuesTotalPredictionsTotal liabilities31/12/2021180.00060.00020.000-30.000230.000120.00040.00050.00014.00020.00030.00020.000294.00046.000570.000During the use of 2022, the following transactions took place.Sale of goods with value EUR 80,000 and cost EUR 35,000, 80% of them paid by cash and the rest with abill of exchange with added interest of EUR 1,200.The company bought goods with value EUR 40,000, 60% paid by cash, 13,500 with offesettingdownpayments of suppliers and with bills of exchange with value 3,000 EUROThe company bought a machine with value EUR 40,000, downpaid EUR 20,000 via bank currentaccount. The full payment will be deposited with the delivery of the machine which is expected the firstsemester of 2023.The company on 1/7/21 took a loan from the bank EUR 14,000 with pledged goods of value 20,000 EUROand annual interest rate 10%. The company paid the loan in full on 30/6/22 by using bank currentaccount.. Note that on 31/12/21 company paid only the interest which covered only the use of 2021.The company paid to the staff salaries EUR 36,000. The deductions and the company's contributionswhich are calculated with 10 and 15% respectively, are owed at the insurance funds of the employees.Accountant failed to include in the use of 2021, operating revenues of EUR 2,000 which have not beencollected.A supplier is willing not to get paid for EUR 30,000 which company owes to him in order to become ashareholder. The company issued 10,000 shares with price to the supplier EUR 4 per share. .The nominalvalue of the share is EUR 3. The increase of equity was succesful. The supplier paid the difference amountfrom the shares issue in premium reserve.On 1/10/2022, the company signed a contract for the provision of services from an accounting company.The contract covers the provision of accounting services for 10 months starting as of 1/10/22 with monthlyfee of EUR 1,000 EURO. The company paid the amount of EUR 5,000.The company realized procurement revenues of EURO 20,000.The company deleted high risk customers EUR 8,000, which has been included in predictions for theamount of EUR 10,000.The rest amount of EUR 2,000 was collected.The interest amount of the long term loan is calculated with interest rate of 20%. The depreciation of theassets is calculated with 10% rate, The building has insignificant residual value while the vehicle has EUR5,000 residual value.. The tax rate is 20%.Use the above info and create the balance sheet of 31/12/2022

Balance sheet is one of the financial statement that is prepared to know the financial position of…

The balance sheet of Alpha Ltd on 31/12/21 is the following ASSETS Plot of land Building Depreciation Vehicle Depreciation 31/12/2021 40.000 200.000 -40.000 80.000 -75.000 31/12/2022 Liabilities. Equity (stock price 3€) Statutory Reserves Premium Reserve New result Total 31/12/2021 180.000 60.000 20.000 -30.000 230.000

The balance sheet of Alpha Ltd on 31/12/21 is the following ASSETS Plot of land Building Depreciation Vehicle Depreciation 31/12/2021 40.000 200.000 -40.000 80.000 -75.000 31/12/2022 Liabilities. Equity (stock price 3€) Statutory Reserves Premium Reserve New result Total 31/12/2021 180.000 60.000 20.000 -30.000 230.000

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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