Homework Answers
Current assets = Stock + Debtors + Advances + Prepaid expenses + Cash in hand = $220,000 + $110,000 + $10,000 + $8,000 + $52,000 = $400,000
Current liabilities = Bank overdraft + Creditors + Outstanding expenses = $100,000 + $80,000 + $20,000 = $200,000
a) Current ratio = Current assets / Current liabilities = $400,000 / $200,000 = 2
b) Quick ratio = ( Current assets - Stock - Prepaid expenses ) / ( Current liabilities - Bank overdraft ) = ( $400,000 - $220,000 - $8,000 ) / ( $200,000 - $100,000 ) = $172,000 / $100,000 = 1.72
Add Answer to:
Statement of Financial Position of Xeon Limited is given as follows: Xeon Limited Statement of Financial...
The comparative statement of financial position of Riverbed Corporation as at December 31, 2020, follows: RIVERBED...
The comparative statement of financial position of Riverbed Corporation as at December 31, 2020, follows: RIVERBED CORPORATION Statement of Financial Position December 31 December 31 Assets Cash Accounts receivable 2019 } 3,600 87,300 2020 $ 52,000 91,000 27,500 (10,500) $ 160,000 22,900 (10,900) 102,900 $ Equipment Less: Accumulated depreciation Total Liabilities and Shareholders' Equity Accounts payable Common shares Retained earnings Total $ 20,000 100,000 40,000 $ 160,000 $ 10,000 75,800 17,100 $ 102,900 Net income of $36,300 was reported and...
(Intel) inside CORE I5 Windows 7 1.10 Trade and other payables in the Statement of Financial Position as at 2...
(Intel) inside CORE I5 Windows 7 1.10 Trade and other payables in the Statement of Financial Position as at 28 February 2019 amounts to R97 000 R67 000 R96 000 none of the above The net profit for the year is R222 000 R18 000 R53 800 none of the above Questions 1.9 and 1.10 are based on the following information; The following balances, amongst others, appeared in the Post-Closing Trial Balance of Bally Stores on 28 February 2019, the...
Example1 Blair Limited -Statement of Financial Position as at 31 December 2008 2008 2007 ASSETS Non-current...
Example1 Blair Limited -Statement of Financial Position as at 31 December 2008 2008 2007 ASSETS Non-current assets Current assets Inventories Receivables Cash 545,000 410,000 90,000 83,000 45,000 81,000 75,000 64,000 218,000 763,000 220,000 630,000 EQUITY AND LIABILITIES Capital and reserves: $1 ordinary shares Share Premium Account Accumulated profits 150,000 20,000 476,000 646,000 100,000 431,000 531,000 Current liabilities: Trade payables Corporation tax payable 97,000 20,000 69,000 30,000 117,000 763,000 99,000 630,000 Statement of Profit or Loss for the year ended 31...
Question 2 The statement of financial position of Shamrock Limited follows for the current year, 2020:...
Question 2 The statement of financial position of Shamrock Limited follows for the current year, 2020: SHAMROCK LIMITED Statement of Financial Position December 31, 2020 Current assets $119,700 Current liabilities Investments 77,400 Long-term liabilities Property, plant, and equipment 190,800 Shareholders' equity Intangible assets 28,800 Other assets 34,200 $450,900 $87,300 153,000 210,600 $450,900 The following additional information is available: 1. Current Assets include the following: bank account with an overdraft balance of $13,500; inventory with a FIFO cost of $78,300 and...
The draft statement of financial position of Linfield Limited for the year ended 31 December 2016 are as below:...
The draft statement of financial position of Linfield Limited for the year ended 31 December 2016 are as below: Statement of financial position as at 31 December 2016 (with comparative figures) 2016 2015 Non-current assets Property, plant and equipment 35,750 281,000 Investment properties 7,000 7,500 Intangibles assets 6,000 6,200 49,250 294,200 Current assets Inventories 3,980 4,545 Trade receivables 7,410 9,075 Short-term investments 500 Cash and bank 7,555 13,650 26,105 20,610 14,810 375,355 Total assets Equity and reserves Share capital 54,500...
Insta Limited Statement of Comprehensive Income For the year ended June 30, 2017 Amount Particulars in...
Insta Limited Statement of Comprehensive Income For the year ended June 30, 2017 Amount Particulars in Rupees) Sales 843,500 Opening Inventory Purchases Factory Expenses Closing Stock Cost of Goods Sold 55,000 465,000 143,000 (79,500) (583,500) Gross Profit 260,000 Office Expenses Selling Expenses Distribution Expenses Provision for Doubtful Debts Depreciation Interest of Debentures 50,000) (30,000) (20,000) (4,000) (16,000) (14,000) Other Income Gain on disposal of vehicle Interest on Investment 20,000 40,000 Net Profit 186,000 Required: Based on the information given, compute...
5.4 (LO 3, 4, Preparation Corrected statement UI Financial Position) Bruno Corp. has decided to expand...
5.4 (LO 3, 4, Preparation Corrected statement UI Financial Position) Bruno Corp. has decided to expand its 589 operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion: Bruno Corp. Statement of Financial Position For the Year Ended December 31, 2020 Current assets Cash (net of bank overdraft of $30,000) $260,000 Accounts receivable (net) 340,000 Inventory at the lower of cost and net realizable value 401,000 FV-NI investments (at cost-fair value...
3. The summarized financial statements of Baraka enterprises ltd are As follows Income statement for the...
3. The summarized financial statements of Baraka enterprises ltd are As follows Income statement for the yare ended 30 September 2003 2004 Sh ‘000’ sh’000’ Sales 20,000 28,000 Cost of sales (15,000) (21,000) Gross profit 5,000 7,000 Administrative expenses 3,800 4,600 Debenture interest - (400) Net profit 1,200 2,000 Balance sheet as at 30 September Sh’000’ sh’000’ Non-current assets Plant, properties and equipment (NBV) 11,000 14,000 Current assets Inventories 2,000 3,000 Trade and other receivables 2,500 2,800 Balance at bank...
Style Limited (Adapted from Dyson p 245, 10.9) | 2018 £ 000 000 2017 £ 000...
Style Limited (Adapted from Dyson p 245, 10.9) | 2018 £ 000 000 2017 £ 000 2017 £000 £000 000 000 1,900 1,500 420 685 Income Statement Sales (all credit) Cost of Goods Sold Opening stock Purchases (all credit) 80 100 2018 £ 000 Statement of Financial Position Fixed Assets (NBV) Current Assets Inventory 250 Trade debtors 850 Bank 1,100 Less : Current Liabilities Bank overdraft Trade creditors 995 100 1,400 1,500 200 375 1,075 Less closing stock 100 Gross...
QUESTION 2 (25 MARKS) The following items were disclosed in the Statement of Financial Position of Adanees Berhad as at 31 October 2015 Adaness Berhad Statement of Financial Position as at 31 Octo...
QUESTION 2 (25 MARKS) The following items were disclosed in the Statement of Financial Position of Adanees Berhad as at 31 October 2015 Adaness Berhad Statement of Financial Position as at 31 October 2015 RM 200,000 Authorised Capital 200,000 5% Redeemable preference shares of RM 1 00 each 300,000 Ordinary shares of RM2.00 each 600,000 800,000 Issued Shares Capital 200,000 300,000 000 5% Redeemable preference shares of RM 1 .00 each 200, 150,000 Ordinary shares of RM2.00 each Reserves 116,000...
The comparative statement of financial position of Riverbed Corporation as at December 31, 2020, follows: RIVERBED CORPORATION Statement of Financial Position December 31 December 31 Assets Cash Accounts receivable 2019 } 3,600 87,300 2020 $ 52,000 91,000 27,500 (10,500) $ 160,000 22,900 (10,900) 102,900 $ Equipment Less: Accumulated depreciation Total Liabilities and Shareholders' Equity Accounts payable Common shares Retained earnings Total $ 20,000 100,000 40,000 $ 160,000 $ 10,000 75,800 17,100 $ 102,900 Net income of $36,300 was reported and...
(Intel) inside CORE I5 Windows 7 1.10 Trade and other payables in the Statement of Financial Position as at 28 February 2019 amounts to R97 000 R67 000 R96 000 none of the above The net profit for the year is R222 000 R18 000 R53 800 none of the above Questions 1.9 and 1.10 are based on the following information; The following balances, amongst others, appeared in the Post-Closing Trial Balance of Bally Stores on 28 February 2019, the...
Example1 Blair Limited -Statement of Financial Position as at 31 December 2008 2008 2007 ASSETS Non-current assets Current assets Inventories Receivables Cash 545,000 410,000 90,000 83,000 45,000 81,000 75,000 64,000 218,000 763,000 220,000 630,000 EQUITY AND LIABILITIES Capital and reserves: $1 ordinary shares Share Premium Account Accumulated profits 150,000 20,000 476,000 646,000 100,000 431,000 531,000 Current liabilities: Trade payables Corporation tax payable 97,000 20,000 69,000 30,000 117,000 763,000 99,000 630,000 Statement of Profit or Loss for the year ended 31...
Question 2 The statement of financial position of Shamrock Limited follows for the current year, 2020: SHAMROCK LIMITED Statement of Financial Position December 31, 2020 Current assets $119,700 Current liabilities Investments 77,400 Long-term liabilities Property, plant, and equipment 190,800 Shareholders' equity Intangible assets 28,800 Other assets 34,200 $450,900 $87,300 153,000 210,600 $450,900 The following additional information is available: 1. Current Assets include the following: bank account with an overdraft balance of $13,500; inventory with a FIFO cost of $78,300 and...
The draft statement of financial position of Linfield Limited for the year ended 31 December 2016 are as below: Statement of financial position as at 31 December 2016 (with comparative figures) 2016 2015 Non-current assets Property, plant and equipment 35,750 281,000 Investment properties 7,000 7,500 Intangibles assets 6,000 6,200 49,250 294,200 Current assets Inventories 3,980 4,545 Trade receivables 7,410 9,075 Short-term investments 500 Cash and bank 7,555 13,650 26,105 20,610 14,810 375,355 Total assets Equity and reserves Share capital 54,500...
Insta Limited Statement of Comprehensive Income For the year ended June 30, 2017 Amount Particulars in Rupees) Sales 843,500 Opening Inventory Purchases Factory Expenses Closing Stock Cost of Goods Sold 55,000 465,000 143,000 (79,500) (583,500) Gross Profit 260,000 Office Expenses Selling Expenses Distribution Expenses Provision for Doubtful Debts Depreciation Interest of Debentures 50,000) (30,000) (20,000) (4,000) (16,000) (14,000) Other Income Gain on disposal of vehicle Interest on Investment 20,000 40,000 Net Profit 186,000 Required: Based on the information given, compute...
5.4 (LO 3, 4, Preparation Corrected statement UI Financial Position) Bruno Corp. has decided to expand its 589 operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion: Bruno Corp. Statement of Financial Position For the Year Ended December 31, 2020 Current assets Cash (net of bank overdraft of $30,000) $260,000 Accounts receivable (net) 340,000 Inventory at the lower of cost and net realizable value 401,000 FV-NI investments (at cost-fair value...
Style Limited (Adapted from Dyson p 245, 10.9) | 2018 £ 000 000 2017 £ 000 2017 £000 £000 000 000 1,900 1,500 420 685 Income Statement Sales (all credit) Cost of Goods Sold Opening stock Purchases (all credit) 80 100 2018 £ 000 Statement of Financial Position Fixed Assets (NBV) Current Assets Inventory 250 Trade debtors 850 Bank 1,100 Less : Current Liabilities Bank overdraft Trade creditors 995 100 1,400 1,500 200 375 1,075 Less closing stock 100 Gross...
QUESTION 2 (25 MARKS) The following items were disclosed in the Statement of Financial Position of Adanees Berhad as at 31 October 2015 Adaness Berhad Statement of Financial Position as at 31 October 2015 RM 200,000 Authorised Capital 200,000 5% Redeemable preference shares of RM 1 00 each 300,000 Ordinary shares of RM2.00 each 600,000 800,000 Issued Shares Capital 200,000 300,000 000 5% Redeemable preference shares of RM 1 .00 each 200, 150,000 Ordinary shares of RM2.00 each Reserves 116,000...
Most questions answered within 3 hours.
-
if we subtract 1000 from 0001 is there overflow? (binary)
asked 3 minutes ago -
Hello, I need help with the function below, The language I am
using is Ocaml
open...
asked 5 minutes ago -
Explain how the presence of glucose represses the gal structural
genes?
asked 12 minutes ago -
For the reaction CaI2+2AgNO3⟶2AgI+Ca(NO3)2 how many grams of
silver iodide, AgI, are produced from 56.5 g...
asked 24 minutes ago -
Write an equation for hydrolysis via acid catalysis.
Using ethyl acetate, ethyl benzoate, ethyl formate or...
asked 32 minutes ago -
Only one graph is needed.
(a) Draw a Supply Curve and the Demand Curve for the...
asked 35 minutes ago -
Fill in the blanks and please show how you arrived at numerical
answers
. The...
asked 35 minutes ago -
91. If the half – life of a sample of radioactive
material is 60 days, what...
asked 42 minutes ago -
White light (380nm-750nm) strikes a diffraction grating (420
lines/mm) at normal incidence. What is the highest-order...
asked 52 minutes ago -
1) Explain what is meant by a good being "excludable."?
2) Explain what is meant by...
asked 51 minutes ago -
I need help with this question:
Describe in detail at least two factors that stimulated American...
asked 58 minutes ago -
Calculate the Boyle temperature for helium assuming it follows
the Berthelot equation of state.
asked 59 minutes ago