}199pp.1MUDOUVII V.XYZ Ltd pays its employees monthly in arrears. The monthly salaries are $236,820. At the end of the 2020, all salaries had been paid except half of the December 2020 salary.Required:Show entries for the year ended 31st December 2020:1. To record the outstanding December salary.2. As they would appear in the Statement of Profit and Loss.3. As they would appear in the Statement of Financial Position.+Question 7:Big Trust is a non-governmental organization that gives charity to orphans in Ontario. The members of the Trust make subscriptions to fund the organization. There are tenmembers who are required to make subscriptions of $140,500 each per annum. All subscriptions for the year 2020 were received. Three members contributed a total of$240,640 in excess for that year. They agreed that the excess subscriptions can be carried forward to the following year.Required:1. What is the accounting name given to theses excess subscriptions?2. Shall the excess subscriptions be recorded as assets or liabilities of Big Trust? Explain.3. Provide the end of the year accounting treatment for the excess subscriptions as they would appear in:o The income statemento The statement of financial position*Submission statusF1Submission2P-F2A+#3No attemptF3£X$4F4:0F5%5aQ Search+F66018F7? &7[F8* 008LOFLOF92ГР(9F103DUOF11)O 1/4F12-1/2InsertinsPriscImor Ect= 3/4DeleteSupprENGUS>11Num Lk

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XYZ Ltd pays its employees monthly in arrears. The monthly salaries are $236,820. At the end of the 2020, all salaries had been paid except half of the December 2020 salary Required: Show entries for the year ended 31st December 2020: 1. To record the outstanding December salary. 2. As they would appear in the Statement of Profit and Loss. 3. As they would appear in the Statement of Financial Position.

XYZ Ltd pays its employees monthly in arrears. The monthly salaries are $236,820. At the end of the 2020, all salaries had been paid except half of the December 2020 salary Required: Show entries for the year ended 31st December 2020: 1. To record the outstanding December salary. 2. As they would appear in the Statement of Profit and Loss. 3. As they would appear in the Statement of Financial Position.

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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Concept explainers

Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.

Question

}
199
pp.
1
MUDOUVII V.
XYZ Ltd pays its employees monthly in arrears. The monthly salaries are $236,820. At the end of the 2020, all salaries had been paid except half of the December 2020 salary.
Required:
Show entries for the year ended 31st December 2020:
1. To record the outstanding December salary.
2. As they would appear in the Statement of Profit and Loss.
3. As they would appear in the Statement of Financial Position.
+
Question 7:
Big Trust is a non-governmental organization that gives charity to orphans in Ontario. The members of the Trust make subscriptions to fund the organization. There are ten
members who are required to make subscriptions of $140,500 each per annum. All subscriptions for the year 2020 were received. Three members contributed a total of
$240,640 in excess for that year. They agreed that the excess subscriptions can be carried forward to the following year.
Required:
1. What is the accounting name given to theses excess subscriptions?
2. Shall the excess subscriptions be recorded as assets or liabilities of Big Trust? Explain.
3. Provide the end of the year accounting treatment for the excess subscriptions as they would appear in:
o The income statement
o The statement of financial position
*
Submission status
F1
Submission
2
P-
F2
A+
#3
No attempt
F3
£
X
$
4
F4
:0
F5
%
5
a
Q Search
+
F6
6
018
F7
? &
7
[
F8
* 00
8
LOFL
O
F9
2
ГР
(
9
F10
3
DUO
F11
)
O 1/4
F12
-
1/2
Insert
ins
Prisc
Imor Ect
= 3/4
Delete
Suppr
ENG
US
>11
Num Lk

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