Homework Answers
Statement of Changes in Owners Equity for the Year ending 30th June, 2019
Capital at the Beginning -
Add:- Additional Contribution 175,540.00 ( As Closing Capital Balance is given it is assumed
it is contributed during the Year)
Add: Net Income 75,460.00 (Given)
251,000.00
Less:- Drawings 2,300.00
Capital at the end 248,700.00
Classified balance for the Year ending 30th June, 2019
ASSETS
Current Assets
Cash at Bank 27,650.00
Accounts Receivable 38,760.00
Prepaid Rent 1,400.00
Prepaid Insurance 2,210.00
Inventory 38,600.00
Supplies 820.00
Total Current Assets 109,440.00
Fixed Assets
Computer 6,300.00
Furniture 16,800.00
Building 136,000.00
Equipment 52,300.00
Motor Vehicles 32,500.00
Accumulated Depreciation (64,840.00)
Total Fixed Assets 179,060.00
TOTAL ASSETS 288,500.00
Current Liabilities
Accounts Payable 12,560.00
Unearned Income 3,210.00
Electricity payable 820.00
Interest payable 540.00
Telephone Payable 180.00
Allowance for Doubtful debt 1,190.00
Total current Assets 18,500.00
Long Term Liabilities
Loan Payable 21,300.00
21,300.00
Shareholders Equity
Capital (As calculated above) 248,700.00
248,700.00
TOTAL LIABILITIES 288,500.00
Add Answer to:
Question 3- Financial Reporting The following information has been provided to you for the year ending...
Question 3 - Financial Reporting The following information has been provided to you for the year...
Question 3 - Financial Reporting The following information has been provided to you for the year ending 30th June 2019, Account Name Debit Credit 27,650 820 32,500 1,600 540 16,800 38,760 136,000 2,300 6,300 21,300 8,940 52,300 Cash at Bank Electricity Payable Motor Vehicle Accumulated Depreciation - Computer Interest Payable Furniture Accounts Receivable Building Drawings Computer Loan Payable Accumulated Depreciation - Motor Vehicle Equipment Accounts Payable Accumulated Depreciation - Furniture Prepaid Rent Profit Supplies Capital (30/6/19) Unearned Income Allowance for...
Question 5: Financial statements (13 marks) Longford Ltd has provided the following information at the end...
Question 5: Financial statements (13 marks) Longford Ltd has provided the following information at the end of May 2020 LONGFORD LTD Trial Balance 31 May 2020 Cr Dr. $ 2.000 3,900 1,500 800 18,000 Cash Accounts Receivable Prepaid Rent Supplies Motor vehicle Accumulated Depreciation-Motor vehicle Accounts Payable Interest Payable Salaries Payable Revenue Received in Advance Loan Payable (payable in 2025) Share capital (31 May 2020) Retained earnings (1 May 2020) Dividends paid Service Revenue Salaries Expense Electricity Expense Rent Expense...
Question 2 - Financial Reporting Escape from LA is a business selling electrical goods owned and...
Question 2 - Financial Reporting Escape from LA is a business selling electrical goods owned and operated by Kurt Russell. The following adjusted trial balance has been prepared at year's end. Please see next page for requirements for this question. Credit (5) 17 800 337 800 ESCAPE FROM LA-TRIAL BALANCE AS AT 30 JUNE 2019 Debit (5) Cash 32 600 Accounts Receivable 26 900 Doubtful Debts Expense 1 700 Inventory (1 July 2018) 43 100 Rent Expense 1 800 Interest...
Question#6-Financial Statements-asmarks) Using the following information prepare a Classified Balance Sheet for Baird Services for the...
Question#6-Financial Statements-asmarks) Using the following information prepare a Classified Balance Sheet for Baird Services for the year ending December 31, 2016. The accounts are in random order and have normal balances. lances are after adjustments. Use the next page for your answer. Accumulated amortization- building Salaries payable Service Revenue Accounts payable Land Accounts receivable Amortization expense- building $152 18 244 38 Office expenses Mortgage payable (due 31/12/2019) 112 Accumulated amortization -furniture & fixtures 60 248 24 60 40 8 16...
Question 2 - Financial Reporting Escape from LA is a business selling electrical goods owned and...
Question 2 - Financial Reporting Escape from LA is a business selling electrical goods owned and operated by Kurt Russell. The following adjusted trial balance has been prepared at year's end. Please see next page for requirements for this question. Credit (5 970 17 800 XXXX__117700 337 800 ESCAPE FROM LA - TRIAL BALANCE AS AT 30 JUNE 2019 Debit (5) Cash 32 600 Accounts Receivable 26 900 V Doubtful Debts Expense TE 1 700 V Inventory (1 July 2018)...
You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30,...
You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30, 2019. The company uses the periodic system for inventory management. All sales revenue is recorded on credit, no cash sales are made by the company. There are four (4) parts to this question including PART A: General Journal entries, PART B: Classified Income Statement, PART C: Equity ledger account closing balance calculation and PART D: Classified Balance sheet. e WHITELEY LTD Unadjusted Trial Balance...
You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30,...
You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30, 2019. The company uses the periodic system for inventory management. All sales revenue is recorded on credit, no cash sales are made by the company. There are four (4) parts to this question including PART A: General Journal entries, PART B: Classified Income Statement, PART C: Equity ledger account closing balance calculation and PART D: Classified Balance sheet. e WHITELEY LTD Unadjusted Trial Balance...
Question 3 20 pts . The following is the ending balances of accounts at June 30,...
Question 3 20 pts . The following is the ending balances of accounts at June 30, 2019 for Excel Company. Account Title Debits Credits Cash $ 99,000 Short-term investments 81,000 Accounts receivable 296,000 Prepaid expenses 48,000 Land 91,000 Buildings 336,000 Accumulated depreciation-buildings $ 168,000 Equipment 273,000 Accumulated depreciation- equipment 128,000 Accounts payable 181,000 Accrued expenses 53,000 Notes payable 116,000 Mortgage payable 270,000 Common stock 180,000 Retained earnings 128,000 Totals $ 1,224,000 $ 1,224,000 Additional information: 1. The short-term investments account...
You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30,...
You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30, 2019. The company uses the periodic system for inventory management. All sales revenue is recorded on credit, no cash sales are made by the company. There are four (4) parts to this question including PART A: General Journal entries, PART B: Classified Income Statement, PART C: Equity ledger account closing balance calculation and PART D: Classified Balance sheet. WHITELEY LTD Unadjusted Trial Balance as...
Please do the T-account, and journal entry for the following question SeBASS has total sales for the year of $2,115,000...
Please do the T-account, and journal entry for the following question SeBASS has total sales for the year of $2,115,000. Included in the total sales figure are $317,250 of cash sales. During the year, the firm received $1,130,000 of payments on account. During the year, the firm determined that accounts totaling $4,900 were uncollectible. Moreover, a $1,000 receivable written off during the year was subsequently collected. The $1,000 is not included in cash collections in “A.” above. SeBASS uses the...
Question 3 - Financial Reporting The following information has been provided to you for the year ending 30th June 2019, Account Name Debit Credit 27,650 820 32,500 1,600 540 16,800 38,760 136,000 2,300 6,300 21,300 8,940 52,300 Cash at Bank Electricity Payable Motor Vehicle Accumulated Depreciation - Computer Interest Payable Furniture Accounts Receivable Building Drawings Computer Loan Payable Accumulated Depreciation - Motor Vehicle Equipment Accounts Payable Accumulated Depreciation - Furniture Prepaid Rent Profit Supplies Capital (30/6/19) Unearned Income Allowance for...
Question 5: Financial statements (13 marks) Longford Ltd has provided the following information at the end of May 2020 LONGFORD LTD Trial Balance 31 May 2020 Cr Dr. $ 2.000 3,900 1,500 800 18,000 Cash Accounts Receivable Prepaid Rent Supplies Motor vehicle Accumulated Depreciation-Motor vehicle Accounts Payable Interest Payable Salaries Payable Revenue Received in Advance Loan Payable (payable in 2025) Share capital (31 May 2020) Retained earnings (1 May 2020) Dividends paid Service Revenue Salaries Expense Electricity Expense Rent Expense...
Question 2 - Financial Reporting Escape from LA is a business selling electrical goods owned and operated by Kurt Russell. The following adjusted trial balance has been prepared at year's end. Please see next page for requirements for this question. Credit (5) 17 800 337 800 ESCAPE FROM LA-TRIAL BALANCE AS AT 30 JUNE 2019 Debit (5) Cash 32 600 Accounts Receivable 26 900 Doubtful Debts Expense 1 700 Inventory (1 July 2018) 43 100 Rent Expense 1 800 Interest...
Question#6-Financial Statements-asmarks) Using the following information prepare a Classified Balance Sheet for Baird Services for the year ending December 31, 2016. The accounts are in random order and have normal balances. lances are after adjustments. Use the next page for your answer. Accumulated amortization- building Salaries payable Service Revenue Accounts payable Land Accounts receivable Amortization expense- building $152 18 244 38 Office expenses Mortgage payable (due 31/12/2019) 112 Accumulated amortization -furniture & fixtures 60 248 24 60 40 8 16...
Question 2 - Financial Reporting Escape from LA is a business selling electrical goods owned and operated by Kurt Russell. The following adjusted trial balance has been prepared at year's end. Please see next page for requirements for this question. Credit (5 970 17 800 XXXX__117700 337 800 ESCAPE FROM LA - TRIAL BALANCE AS AT 30 JUNE 2019 Debit (5) Cash 32 600 Accounts Receivable 26 900 V Doubtful Debts Expense TE 1 700 V Inventory (1 July 2018)...
You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30, 2019. The company uses the periodic system for inventory management. All sales revenue is recorded on credit, no cash sales are made by the company. There are four (4) parts to this question including PART A: General Journal entries, PART B: Classified Income Statement, PART C: Equity ledger account closing balance calculation and PART D: Classified Balance sheet. e WHITELEY LTD Unadjusted Trial Balance...
You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30, 2019. The company uses the periodic system for inventory management. All sales revenue is recorded on credit, no cash sales are made by the company. There are four (4) parts to this question including PART A: General Journal entries, PART B: Classified Income Statement, PART C: Equity ledger account closing balance calculation and PART D: Classified Balance sheet. e WHITELEY LTD Unadjusted Trial Balance...
Question 3 20 pts . The following is the ending balances of accounts at June 30, 2019 for Excel Company. Account Title Debits Credits Cash $ 99,000 Short-term investments 81,000 Accounts receivable 296,000 Prepaid expenses 48,000 Land 91,000 Buildings 336,000 Accumulated depreciation-buildings $ 168,000 Equipment 273,000 Accumulated depreciation- equipment 128,000 Accounts payable 181,000 Accrued expenses 53,000 Notes payable 116,000 Mortgage payable 270,000 Common stock 180,000 Retained earnings 128,000 Totals $ 1,224,000 $ 1,224,000 Additional information: 1. The short-term investments account...
You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30, 2019. The company uses the periodic system for inventory management. All sales revenue is recorded on credit, no cash sales are made by the company. There are four (4) parts to this question including PART A: General Journal entries, PART B: Classified Income Statement, PART C: Equity ledger account closing balance calculation and PART D: Classified Balance sheet. WHITELEY LTD Unadjusted Trial Balance as...
Most questions answered within 3 hours.
-
How do ECM Solutions assist in embedding a culture of continuous
improvement in an organization? (Project...
asked 9 minutes ago -
Directions
These directions introduce the idea of Essential Questions.
Since this may be a new concept...
asked 11 minutes ago -
1.b. Fiscal policy is said to suffer from ‘crowding out’.
Explain what this means and why...
asked 29 minutes ago -
The equation for the reaction of nitrogen and oxygen to form
nitrogen oxide is written as...
asked 33 minutes ago -
A scientist reproducing some photoelectric effect experiments
shines a light on a metal electrode, but doesn't...
asked 36 minutes ago -
In a study designed to test the effectiveness of magnets for
treating back pain, 35 patients...
asked 56 minutes ago -
Here are summary statistics for randomly selected weights of
newborn girls:
nequals=193,
x overbarxequals=30.5
hg,
sequals=7.3...
asked 45 minutes ago -
Exercise #3:
Create the “MathTest” class. It will have two class variables:
1) a question and...
asked 48 minutes ago -
In epidemiology, how do you calculate the overall incidence of
cure within two groups? What formula...
asked 52 minutes ago -
A 1 liter solution contains 0.357 M ammonium chloride and 0.268
M ammonia. Addition of 0.295...
asked 53 minutes ago -
What are the advantages and disadvantages of using virtual
reality simulations in health care education?
asked 58 minutes ago -
Given input { 66, 28, 43, 29, 44, 69, 19 } and a hash function
h(x)...
asked 1 hour ago