The revens and ot Paraie Travel Service for the year ended May 31, 20ve, tolowFees eanedsa00 000Office expense300.000Miscelaneous expense15.000450.000ade sabeEveret MeCauley invested an asstonal S40.00 in the busineas in exchange tor common stock, ard $10,000 or dividends wewre paid during the year. Conmon stuck had a batance of S60.000 and retained eaminga had a balantaof s300.000 an of ure 1, 20YS.RequiredPrepare a statement of atockholdera'equty lor the year ended May 31, 20YE. Reler to the sats of Labels and Amount Descretions tor ihe exactwording of he answer choces for teet entres. Be sure to complete the statement heading fa ner koss is incured or dividende weve paid ertermar amount as a negatve number usinga menus sgn. Enaves of o caeroj are not reguned and wit be cleared i entered

Statement of Stockholder's Equity is part of financial statement that provides reports on changes in…

The revenes andw of Paratise Travel Service for he year ended May 31, 20Y8, tolow Fees eamed s00 000 Ofice experse 300.000 Miscetareous epense 15.000 Wages expene 450.000 Everet MeCauley invested an asstonal S40 00 in the business in excharge tor common stock, ard $10,000 or dividerds were paid during the year. Conmon stock had a balance of S0.000 and retained eaminga had a balana f s00.00 an of aune 1, 2oYs Required Prepare a statement of stocholders'eguty lov the year ended May 31, 20Y8. Reler to the lats of Labels and Amount Desorptons tor ihe exact wording of he answer choces or et entres. Be sure to complete the statement heading ifa net loss is incured or dividends weve paid enter hat amount a a negatve number usga minus sgn Eres of o (zeroj are not required and wi be cleared ifentered

The revenes andw of Paratise Travel Service for he year ended May 31, 20Y8, tolow Fees eamed s00 000 Ofice experse 300.000 Miscetareous epense 15.000 Wages expene 450.000 Everet MeCauley invested an asstonal S40 00 in the business in excharge tor common stock, ard $10,000 or dividerds were paid during the year. Conmon stock had a balance of S0.000 and retained eaminga had a balana f s00.00 an of aune 1, 2oYs Required Prepare a statement of stocholders'eguty lov the year ended May 31, 20Y8. Reler to the lats of Labels and Amount Desorptons tor ihe exact wording of he answer choces or et entres. Be sure to complete the statement heading ifa net loss is incured or dividends weve paid enter hat amount a a negatve number usga minus sgn Eres of o (zeroj are not required and wi be cleared ifentered

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 Ist January, 1990, the balances of M/s Khan Bros. are as follows; Assets Liabilities & Owner's equity Rs. 25000 Creditors 40000 Cash 17000 Capital 94000 Debtors of goods 22000 Stock of goods 70.000 134000 Building 134000 Transactions during the month of January; Jan: 1. Purchased goods for cash Rs. 4,000 subject to a trade discount of 10% 5. Sold goods for cash Rs. 12,000 Costing Rs. 10,500 7. Cash paid to creditors Rs. 25,000 9. Sold goods for cash Rs.5,000 and as credit basis Rs.3,000 costing Rs.6,000. 11. Goods returned by a customer Rs. 2,000 costing Rs. 1,900 15. Cash received from debtors Rs. 14,000 18. Cash paid for furniture purchased for owner's domestic use Rs. 1,000 22. Depreciation on building Rs. 1,400. 29. Paid telephone bill Rs. 600 30. Paid salaries Rs. 3,000. Req. Show the effects of above transactions on the accounfing equation. Ans: [Rs. 106400].
Following s theinfornaotion Conteiact. sueloting da amount $ Contsact paiice. Raw moterials wages Sub-(ontsiact plant matesials tsians ļ 0uued to othor 6,00,000 120,000 Li60,000 5,000 20,000 2.000 Cont'siact. 4oneral expenses At the end01 the , Cash rereived fm the Contsiactee wos $250.O00 being 80%% of wa Contified, yalue | the year was $ 18,000. plant do be depsieciated at 20%. DHepaue (onteiact account. 7.600 year, to motorials unused at he ond Contsiact.
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Jefferson Services Company records the collection of $500 cash for previously accrued revenues and then makes an accrual of $325 for another revenue. The impact of these two entries on total net income and working capital is an increase of: Select one: O a. Net Income $325, Working Capital $175 O b. Net Income $825, Working Capital $325 Oc Net Income $325, Working Capital $500 Od. Net Income $325, Working Capital $325 Oe. Net Income $s00, Working Capital $175
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ote: Total Aet-Cuat linbiwbe Accumulated fundo tthistoation: The recepts and gagmetsalleunte of Liar c for the you Balane If Sub saptindn knded 2lst Delamt 1999 Wee ce Inserrance Rate l,000 ting 3,650 L, 700 600 Glavenalerpanes 6itor Reut fnnitume Sought lana /d 27,250 Sonatins 8,500 8,150 7,80 2,St0 27250 The fillowing nformetim Rates were 3600 2,F00 popaid Geneal Raputes prepaid Doo Raut Buing Subsaptim in Qureas 100 75 Foo 600 The foced assets funituns Cnd fifting Premies bepreciate thu Asets as at Ist jan 999 were; at1,500 A5,00 by o pepare; Youre veequired to Statemat of affats - m Come and"copenditwe allounts 2 Balane sheetas at 3lst Delember 1999,
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selected intoomation The Following is Foom Meney Company's Cooperative balance Sheets At decombeo 31 2020 Rs.155,000 2019 es 260,000 fuaniture Accumulate d depseceation (74,400) 421y 400) The income state ment Yeports deptecti expense For the yegsnituse costng Jusniture costing seld Fos its the 170om the sale of Rs 36 000 Rs 105,000 book cash of Also was Value, furniture. Yee cuied Conpute
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