What is the long term liabilties of the business?   £ Delivery Van 14,000 Inventory 12,560 Trade Payables 21,050 Office furniture 8,642 Trade Receivables 43,800 Bank balance 11,722 5 years business loan 50,000 Accumulated depreciation 7,000 Rent due 1,200 Provision for doubtful debts 1,500 Petty cash 150

Q: The following figures were extracted from the books of E Wallis as at 30 June 2019: What is the…

A: Current assets: Current assets are all those assets which are expected to be sold or used as a…

Q: The following is the trial balance of Thompson Corporation at December 31, 2020. THOMPSON…

A: Single-step income statement:It is an income statement format in which single subtotal of all…

Q: Recording Revenue, Receivables, and Bad Debt Expense On January 1, 2019, Import Properties Inc.…

A: Journal entry is a record of financial transaction in the books of accounts maintained by an…

Q: ● ● PROBLEM 5-11 The following balances have been excerpted from Potassium's Statement of Financial…

A: The statement of financial position records the ending balances on the permanent accounts of assets,…

Q: Anjali is a sole trader. She does not maintain a full set of accounting records. At 1 October 2019…

A: For calculating the closing bank balance the cash at bank ledger has to be prepared.

Q: You are required to prepare a trial balance for Alina, a sole proprietorship as at 31st December…

A: Since you have posted multiple questions, we will provide the solution only to the first question as…

Q: 4. On the 1 January 2019 Sue Sepik commenced in business. During the year ended 31 December 2019 the…

A: Profit and Loss Account When a company prepares a statement for identifying the value of profits…

Q: The following accounts balances and other financial information are drawn from the records of the…

A: Liability: It implies to the amount that is outstanding and due to be paid by the business to the…

Q: Amelia, a sole proprietor of Amelia Camera Gear, extracted the following balances from the books of…

A: Financial statements are those reports and statements which are prepared at the end of accounting…

Q: The following figures were extracted from the books of E Wallis as at 30 June 2019: What is the…

A: The following computations are done for E Wallis for the year 2019.

Q: At 31 December 2021, Golden Music Company has the following account balances before recording any…

A: The Bank Reconciliation is prepared in order to analyse the difference between balance as per bank…

Q: Department J had no work in process at the beginning of the period, 18,000 units were completed…

A: Total cost refers to the overall expense incurred by a business to produce a specific quantity of…

Q: he following figures were extracted from the books of E Wallis as at 30 June 2019: what is the…

A: Particulars Amount Inventory 12,560 Trade Receivables 43,800 Provision for doubtful debts…

Q: Required information [The following information applies to the questions displayed below) The…

A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Q: Illustration. The balance sheet of Mateo Roa on Oct. 1, 2021, before accepting Martin Penaco as his…

A: The conversion of sole proprietorship business into partnership business is done by transferring all…

Q: he following data were taken from Alvarado Company’s balance sheet: OBJ. 6 Dec. 31, 2019 Total…

A: Debt to equity ratio is a financial ratio measuring the relationship of total outside liabilities to…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is