Question 5Zombie Berhad has the following trial balance at 31 December 2021:RevenuePurchasesReturns inwardsPlant at costMachinery at costOffice equipment at costAccumulated depreciation-- PlantAccounts payableLong-term borrowingAccounts receivableInventory-- Machinery- Office equipmentCash and bankAdministration expensesLong term borrowing interestsSalaries and wagesMarketing expensesDiscount allowedShare capitalRetained profits as at 1 Jan 2021General ReserveTotalRM730,600208,00010,712,0004,940,0004,680,0002,191,072218,400358,904520,00026,000252,720208,00072,80025,118,496RM7,602,504936,000988,000520,000629,2001,040,000• Ordinary share dividend proposed to be 6%.Long term borrowing interest where half year interest still owing.8,320,0004,602,208480,58425,118,496..5/-Additional information:• Inventory as at 31 December 2021 was RM447,200.• Provision for company tax was RM429,520.• Depreciation 20% on cost per annum based on monthly pro rata basis to all non-current assets.• Share capital: RM7,800,000 ordinary shares and RM520,000 4% preferenceshares.Required:Prepare Statement of Comprehensive Income and Statement of Financial Position as at31 Dec 2021.

Financial statements (FS) are those which are prepared usually at the end of the period or fiscal…

Zombie Berhad has the following trial balance at 31 December 2021: Revenue Purchases Returns inwards Plant at cost Machinery at cost Office equipment at cost Accumulated depreciation-- Plant Accounts payable Long-term borrowing Accounts receivable Inventory Cash and bank Administration -- Machinery --Office equipment RM 730,600 208,000 10,712,000 4,940,000 4,680,000 2,191,072 218,400 358,904 500.000 RM 7,602,504 936,000 988,000 520,000 629,200 1,040,000

Zombie Berhad has the following trial balance at 31 December 2021: Revenue Purchases Returns inwards Plant at cost Machinery at cost Office equipment at cost Accumulated depreciation-- Plant Accounts payable Long-term borrowing Accounts receivable Inventory Cash and bank Administration -- Machinery --Office equipment RM 730,600 208,000 10,712,000 4,940,000 4,680,000 2,191,072 218,400 358,904 500.000 RM 7,602,504 936,000 988,000 520,000 629,200 1,040,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Accounts payable per general ledger control amounted to P5,440,000, net of P240,000 debit balances in suppliers' accounts. The unpaid voucher file included the following items that not had been recorded as of December 31, 2021: a) A Company - P242,000 merchandise shipped on December 31, 2021, FOB destination, received on January 10, 2022 b) B, Inc. - P192,000 merchandise shipped on December 26, 2021, FOB shipping point; received on January 16, 2022 c) C Super Services - P156,000 janitorial services for the three-month period ending January 31, 2022 d) MERALCO-P67,200 electric bill covering the period December 16, 2021 to January 15, 2022. On December 28, 2021, a supplier authorized Sonic to return goods billed at P160,000 and shipped on December 20, 2021. The goods were returned by Sonic on December, 28, 2021, but the P160,000 credit memo was not received until January 6, 2022. What is the total current liabilities?
Cash Accounts receivable Raw materiala inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Coat of goods sold Factory overhead General and administrative expenses Totals Debit Credit $ 71,000 40,000 25,000 0 12,000 4,000 $ 10,000 13,000 112,000 24,000 40,000 40,000 94,000 171,000 $ 328,000 $ 328,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materiala requisition 111 Materials requisition 121 Labor time ticket 521 Labor time ticket 53: Labor time ticket 541 $ 4,800 direct materials to Job 402 $ 7,400 direct materials to Job 404 $ 2,100 indirect materiala $ 6,000 direct labor to Job 402 $ 14,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. Problem 19-3A (Algo) Parts 4 and 5 4. Prepare an income…
The accounts payable balance at the beginning of the year was $98,000. The company purchased $445,000 worth of goods on account, and the ending balance of the payables account was $135,000. What were the total payments on account? Multiple Choice $548,000 $463,000 $408.000 $478.000
Financial Reporting and Analysis Jul22 Y1 S2 Balances on 28 February 2021 Balance sheet section Vehicles at cost Equipment at cost Inventory Provision for bad debts Nominal accounts section Bad debts telephone Adjustment R 90 000 R 50 000 R 100 000 2 000 O A. R103 500 OB. R93 500 O C. R76 500 O D. R13 500 R R 500 1 500 Annual depreciation on equipment vehicles is calculated at 15% p.a. The carrying value of vehicles at the end of the year is:
HAURA DESIGN COMPANY TRIAL BALANCE AS AT 30 JUNE 2020 Accounts Debit Credit RM RM Cash 21,050 Accounts Receivable 6,300 5,000 Inventory Accounts Payable 18,000 Vehicles 80,000 Accumulated Depreciation -Vehicles Humaira Capital Humaira Drawings Freight In Freight Out 32,000 51,800 1,150 800 1,600 Purchase Insurance 500 Sales Return and Allowances 2,100 Purchase Return and Allowances 2,000 Sales Discount 500 Purchase Discount 1400 Sales 70,200 Purchases 35,000 Insurance Expense 600 Interest Revenue 1,100 Salaries Expense 6,000 Rental Revenue 800 Depreciation Expense-Vehicle Bad Debt Expense Prepaid Insurance Salaries Payable Unearned Rental Revenue 16,000 400 1,200 500 400 178,200 178,200 Additional Informations : 1. Inventory as at June 30, 2020 is RM6,300. 2. Net income = RM 13,300 Required : 1. Prepare a Statement of Owner's Equity for the year ended June 30, 2020. 2. Prepare a Statement of Financial Position as at June 30, 2020.
Using the following information. a. Beginning cash balance on March 1, $81,000. b. Cash receipts from sales, $305.000. c. Cash payments for direct materials, $130.000. d. Cash payments for direct labor. $79,000. e. Cash payments for overhead, $38.00. f. Cash payments for sales commissions, $7000 g. Cash payments for interest, $130 (1% of beginning loan balance of $13,000) h. Cash repayment of loan, $13.000. Prepare a cash budget for March for Gado Company. GADO COMPANY Cash Budget March Total cash available Less: Cash payments for Total cash payments $4 Loan activity Loan balance, end of month %24 K Prev earch
Give the entry in January 2026, when the 37,500-gallon shipment is received, assuming that the situation given in (b2) above existed at December 31, 2025, and that the market price in January 2026 was $3.35 per gallon. Prepare the journal entry for when the materials are received in January 2026. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 2026 Inventory Estimated Liability on Purchase Commitments Accounts Payable Debit 125625 13125 Credit 138750
PROBLEM U: The following information came from the books and records of the Home Office and its branch. The balances as of December 31, 2020 are as follows: Branch 170,000 Home office 300,000 Sales Shipments to branch Shipments from home office Purchases Operating expenses Inventory, December 31, 2019 Allowance for overvaluation of branch inventory 48,000 60,000 36,000 42,000 32,000 120,000 80,000 50,000 17,200 There were no shipment in transit between the Home office and the branch. Both shipment accounts are properly recorded. The closing inventory of the branch at billed price is P16,800, P6,000 of which were acquired from outside suppliers. The closing inventory of the home office is P18,000. The home office applies a uniform percentage markup on the shipments of inventory to the branch from year to year. 25. How much is the overvaluation in branch's ending inventory as of December 31, 2020? A. С. 15,040 17,200 В. 2,160 D. 26. How much is the net income (loss) of the branch for…
During August 2024, Lima Company recorded the following: Requirements • Sales of $133,300 ($122,000 on account; $11,300 for cash). Ignore Cost of 1. Journalize Lima's transactions during August 2024, assuming Lima uses the direct write-off method. Goods Sold. • Collections on account, $106,400. 2. Journalize Lima's transactions during August 2024, assuming Lima uses the allowance method. • Write-offs of uncollectible receivables, $990. • Recovery of receivable previously written off, $800. Requirement 1. Journalize Lima's transactions during August 2024, assuming Lima uses the direct write-off method. Sales of $133,300 ($122,000 on account, $11,300 for cash). Ignore Cost of Goods Sold. (Record debits first, then credits. Select the explanation on the last line of the journal entratable. Prepare a single compound journal entry.) Accounts and Explanation Debit Credit Date Aug
Required information The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the rear ended December 31: Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit Office Expense Sales Returns and Allowances Salaries and Wages Expense $ 171,000 19,530 252,000 44,400 19,600 7,410 42,600 the gross profit percentage in the current year improve, or decline, relative to 39% gross profit percentage in the prior year? > Improve > Decline
Required information [The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: $ 175,000 20,700 260,000 46,000 20,000 7,650 44, Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit Office Expense Sales Returns and Allowances Salaries and Wages Expense Required: 1. Prepare a multistep income statement for external reporting purposes.
The general ledger of Zippers-Are-Us at January 1, 2021 includes the following account balances: Cash Accounts Receivable Inventory Prepaid Insurance Prepaid Rent Furniture and Fixtures Accounts Payable Deferred Revenue Accumulated Depreciation Common Stock Retained Earnings Totals 1. 2. 3. 4. 5. 6. 7. Accounts 8. 9. 30,000 14,750 $58,800 The following is a summary of the transactions for the month of January: Sold inventory that had a cost of $1,800 for cash Collect on accounts receivable January 22 January 22 January 25 10. January 28 January 4 January 6. January 9 January 11 January 18 January 21 11. January 30 12. January 31 ● • Debits $28,400 8,400 12,200 800 1,000 8,000 $58,800 Credits $7,200 6,050 800 Paid accounts payable Paid salaries Purchased inventory on account Sold inventory with a cost of $3,600 for $2,000 cash and $6,000 on account Purchased supplies on account Purchased copy machine on account Issue common stock in exchange for cash Signed a note payable in the amount…