The final end of financial year 30th June, 2022 records extracted from the books of the firm Black & White Pty Ltd show the following figures:GST CollectionsGST OutlaysSalaries PayableRent ExpenseInterest ExpensePrepaid RentSalary Expense$1080$1890$540$5400$9720$1620$4320Prepaid Interest$1080During the closing process the total Debit to the Profit and Loss Summary account would be:a. $22680b. $ 2970c. $25650d. $19440e. $17820

Under closing process, all temporary accounts like all incomes and expenses accounts are closed with…

Answered: The final end of financial year 30th…

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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On November 1, 2025, Marin Inc. had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment 22 25 27 28 29 29 10 29 11 12 During November, the following summary transactions were completed. 15 Debit 19 $27,000 20 6,720 2,580 75,000 $111,300 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Nov. 8 Paid $10,650 for salaries due employees, of which $5,550 is for November and $5,100 is for October. Received $5,700 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $24,000, terms 2/10, n/30. Sold merchandise on account for $16,500, terms 2/10, n/30. The cost of the merchandise sold was $12,000. Received credit from Dimas Discount Supply for merchandise returned $900. Received collections in full, less discounts, from customers billed on sales of $16,500 on November 12. Paid Dimas Discount Supply in…
ACE Limited has the following results for the 15 months to 31 December 2021: £ Adjusted trading profit, before deduction of capital allowances 1,500,000 Capital allowances claimed: Year to 30 September 2021 312,650 3 months to 31 Dec 2021 40,210 Capital gains/loss Disposal 12 May 2021 (Gain) 15,586 Disposal 6 October 2021 (loss) (12,692) Building society interest: Received 31 December 2020 3,500 Received 31 December 2021 4,000 UK dividend received on 25 November 2021 10,000 Accrued building society interest was £2,000 on 30 September 2020, £4,000 on 30 September 2021 and £2,000 on 31 December 2021. Required: Compute the company’s total corporation tax liability for the 15-month period.
The following data were taken from the statement of realization and liquidation of Rise Heart Company for the quarter ended September 30, 2021. 000.0 Liabilities to be liquidated Supplementary credits Liabilities not liquidated Supplementary debits Assets acquired Liabilities assumed P1,825,000 845,000 1,000,000 620,500 880,500 770,000 8- 737,500 Assets to be realized lopiJ bas noitesilso wolad ew 875,000 1,595,000 Assets realized Liabilities liquidated The beginning balances of ordinary shares and retained earnings are P520,000 and P(148,000), respectively. The net income for the period is P104,500. How much is the ending cash balance? 000,.08 botsl
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Scenario: Payment for note payable 29.050 The 2020 comparative balance sheet and 2020 income statement of Maple Group Ltd, have Dividend paid Book value of equipment sold 90,950 just been prepare and presented to the owners by the company's Accountant. Upon close examination of the financial information received, it was discovered that some figures in the balance sheet were erroneously omitted due to an oversight by the accountant who is not available to fix the problem due to his unavoidable absence from work. In addition, the Requirements ouners were concemed about the movement in the company's cash and cash equivalent given that the balance sheet does not show or explain the reason or reasons why there was an 1. How can the owners use the cash flow information or what can the statement of cash flows helps the owners to do? Maple Group Ltd Income Statement increase or decrease in this area The company uses the indirect method to prepare the statement of cash flows and it is expected…
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Write & Insert Fields Preview Results Finish The following are extracts from the financial records of COF (Pty) Ltd for the year ended 30 June 2021: Extract from the statement of profit or loss and other comprehensive income for the year ended 30 June 2021 30 June 2021 R Revenue from sale of goods 920 000 Cost of sales Profit on sale of non-current assets Commission income 490 000 31 000 23 000 Audit fees 84 000 Depreciation Interest expense (finance cost) Income tax expense 72 000 20 000 87 000 Profit for the year (after tax) Extract from the statement of financial position as at 30 June 2021 BACHELOR OF COMMERCE YEAR1- ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE + REGENT BUSINESS SCHOOL (RBS) - JANUARY 2021 43 123 000 30 June 2021 30 June 2020 302 000 690 000 292 000 Inventories Trade receivables Trade payables Taxation payable Prepaid expenses Accrued expenses Required: 720 000 400 000 385 000 75 000 60 000 2 000 8 000 84 000 88 000 Prepare only the "Cash generated by operations"…
Required: Prepare closing entries TPR had one major creditor at the beginning of 2020_ One of the major banks loaned TPR $500,000 for ongoing operating costs. The outstanding portion of the loan was $400,000 at the beginning of the year. The bank requires TPR to maintain a current ratio of 1.8:1 or the loan may become immediately repayable. It also requires TPR to have a debt to total asset ratio of no greater than 55%. Information required for adjusting journal entries: 1. There is no interest accrual required for the mortgage loan on the building because payment was made on December 31. The loan for the balloon machine carries an interest rate of 5% and has been outstanding for 15 days. 2. Depreciation of $800 on the cash register machines and $15,000 on the other equipment has not yet been recorded. 3. A dividend of $2,000 was declared but has not been recorded. It will be paid in March 2021. 4. The monthly electricity bill of $2,000 was received in early January 2021. This bill…
Visual Inspection H Company's accounting records provided the following changes in account balances and other information for 2019: Net Changes for 2019 Debit Credit Cash $1,100 Accounts Receivable $1,100 Inventory 1,700 Buildings and Equipment 9,000 Accumulated Depreciation 2,800 Accounts Payable 600 Common Stock, no par 5,000 Retained Earnings 3,500 $12,400 $12,400 Additional information: Net income totaled $5,700. Dividends were declared and paid. Equipment was purchased for $9,000. No buildings and equipment were sold during the year. One hundred shares of common stock were sold for $50 per share. The ending cash balance was $4,000. Required: Using visual inspection, prepare a 2019 statement of cash flows for Gordon. Use a minus sign to indicate cash outflows, a decrease in cash or cash payments. H COMPANY Statement of Cash Flows For Year Ended December 31, 2019 Operating…
prepare journal entries of A - C
s

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