ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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The data depicted in the table below were extracted from the annual financial reports of
WBE enterprises for the 2021 and 2022 financial years.
If all purchases are on credit, calculate the creditors payment period of WBE enterprises for
the 2022 financial year.
Sales (80% credit sales)
Cost of sales
Inventories
Accounts receivable
Accounts payable
Cash and cash equivalents
Other current liabilities
OA. 214 days
OB. 163 days
OC. 66 days
OD. 168 days
2022
R
480 000
264 000
270 000
204 000
177 000
45 750
82 500
2021
R
375 000
192 000
243 000
183 000
165 000
27 300
58 500
Use the information provided below to prepare the Statement of Financial Position of Lynwood Limited as at 31 August
2023. The notes to the financial statements are not required. Show all workings. INFORMATION The following balances
were obtained from the accounting records of Lynwood Limited after some of the adjustments and closing transfers were
completed on 31 August 2023, the end of the financial year. R Inventory 315 000 Accounts receivable 92 000 Loan: Lindor
Bank (19.5%) 200 000 Equipment (Cost) 1 980 000 Accumulated depreciation on equipment? Cash float 13 500 Accounts
payable 211 000 Provision for bad debts? Accrued income? Ordinary share capital 1 161 000 Retained income 540 000
Company tax payable 18 000 Bank (DR) 99 000 Accrued expenses? Dividends payable 161 000 The following adjustments
must be made: The account of a debtor who owed R2 000 must be written off. The provision for bad debts must be
adjusted to 5% of debtors. The rent income account reflected a total of R99…
Luxe Mobile Homes reported the following in its financial statements for the year ended December 31, 2024:
(Click the icon to view the financial statements)
Read the requirements.
Data table
Requirement 1. Compute the collections from customers.
Collections from customers are $ 24,444
Requirement 2. Compute payments for merchandise inventory.
Payments for merchandise inventory are $ 18,560
Requirement 3. Compute payments of other operating expenses.
Payments of other operating expenses are $ 4,324
Requirement 4. Compute acquisitions of property, plant, and equipment (no sales of property
Acquisitions of property, plant, and equipment are S 1,186
Requirement 5. Compute the amount of borrowing, with Luxe paying no long-term liabilities.
Borrowings, with Luxe paying no long-term liabilities, are
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Net Sales Revenue
Cost of Goods Sold
Depreciation Expense
Other Operating Expenses
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