Homework Answers
Note: There is an error in the 20X8 balance sheet as the sum of the total current assets is $618600 and not $620600 as has been shown.
Taking all amounts as given, the cash balance on Dec. 31, 20X8 comes to $168800 not $166800 as given due to this difference in the total current assets. Kindly re-check.
| EZ Pte Ltd | ||
| Statement of Cash Flows | ||
| For the Year Ended December 31, 20X8 | ||
| Cash Flows from Operating Activities | ||
| Net income | 122100 | |
| Adjustments to reconcile net income to net cash provided by operations: | ||
| Depreciation expense | 84000 | |
| Gain on sale of equipment | -4400 | |
| Increase in Accounts Receivable | -76600 | |
| Decrease in Inventory | 125200 | |
| Increase in Interest receivable | -1200 | |
| Decrease in Accounts payable | -76800 | |
| Decrease in Income tax payable | -7000 | |
| Net cash provided by operating activities | 165300 | |
| Cash Flows from Investing Activities | ||
| Sale proceeds of equipment | 48600 | |
| Purchase of equipment | -30000 | |
| Net cash provided by investing activities | 18600 | |
| Cash Flows from Financing Activities | ||
| Issuance of Common stock | 41000 | |
| Payment of cash dividends | -183900 | |
| Net cash used by financing activities | -142900 | |
| Net increase (decrease) in cash | 41000 | |
| Cash balance at beginning of year | 127800 | |
| Cash balance at end of year | 168800 | |
Working:
Cost of equipment sold = ($994600 + $30000) - $938600 = $86000
Accumulated depreciation on equipment sold = ($159800 + $84000) - $202000 = $41800
Book value of equipment sold = Cost - Accumulated depreciation = $86000 - $41800 = $44200
Sale proceeds of equipment = Book value + Gain on sale = $44200 + $4400 = $48600
Cash dividends paid = Beginning retained earnings + Profit after tax - Ending retained earnings = $238400 + $122100 - $176600 = $183900
Add Answer to:
ACC201: Financial Accounting
Question 4 The Statements of Financial Position of EZ Pte Ltd as at...
ACC201: Financial Accounting The following comparative statements of financial position are for Kings Pte Ltd as...
ACC201: Financial Accounting
The following
comparative statements of financial position are for Kings Pte Ltd
as at 31 December 20X1 and 20X2. Also provided is the extract from
the income statement for the year ended 31 December 20X2.
Additional information:
The equipment which was sold for cash was originally bought at
a cost of $56,000. When sold, the accumulated depreciation of the
equipment was $28,000
During the year, the company bought another piece of equipment
paying the full amount in...
ACC201: Financial Accounting WIN Pte Ltd is a company incorporated in Singapore and uses the Singapore...
ACC201: Financial Accounting WIN Pte Ltd is a company incorporated in Singapore and uses the Singapore FRSs. Its financial year end is 31 December. It is in the retail business. The comparative statement of financial position and extract of income statement for WIN Pte Ltd are given as follow: WIN Pte Ltd Comparative statement of financial position 31 December, 20X3 and 20X2 20X3 20X2 $’000 $’000 Assets Current Assets: Cash 374 198 Accounts receivable 588 380 Inventory 680 542 Non-current...
Orange Ltd., a publicly traded company, has compiled their comparative Statement of Financial Position as follows...
Orange Ltd., a publicly traded company, has compiled their comparative Statement of Financial Position as follows for their December 31, 20X8 year-end. Orange Ltd Comparative Statement of Financial Position As at December 31, 20X8 20X8 20X7 Assets Current Assets Cash 42,485 22,000 Accounts receivable 163,794 181,000 Inventory 23,000 229,297 53,000 256,000 Non-current assets PP&E (net) 759,600 446,000 Patents 80,000 839,600 87,000 295,000 Total Assets 1,068,897 507,000 Liabilities and Equity Current liabilities Accounts payable...
Kopi Ltd and Teh Ltd are two companies competing in the same industry Below are the summarized financial statements of...
Kopi Ltd and Teh Ltd are two companies competing in the same industry Below are the summarized financial statements of the two companies for the year ended 31 December 20X7 Statement of financial position as at 31 December 20X7 Kopi Ltd Teh Ltd Assets Property, plant and equipment, net 522,000547,920 35,100 67,320 16,380 151,992238,500 Cash 61,200 Accounts receivable, net 103,320 12,960 Current notes receivable (trade) Merchandise inventory Prepaid expenses 9,000 12,510 976,410 Total assets 801,792 Liabilities and Equity Current liabilities...
Question 4 The following are comparative financial statements of Clementi Ltd: Clementi Ltd Comparative Income Statemen...
Question 4
The following are comparative financial statements of Clementi
Ltd:
Clementi Ltd Comparative Income Statements For the year ended 31
December
Sales
Cost of goods sold Gross profit Distribution expenses
Administrative expenses Total expenses
Profit before tax
Income tax expenses Net profit
832,500 340,000 283,500 212,500 549,000 127,500 154,350
46,920
76,002 29,920 230,352 76,840 318,648 50,660
61,200 10,370 257,448 40,290
20X7 20X6 20X5 $$$
417,000 153,900 263,100
76,200
34,200 110,400 152,700
23,505 129,195
20X7 20X6 $$$
Clementi Ltd
Comparative...
The comparative statements of financial position for the years 2017 and 2018 and a summarized income...
The comparative statements of financial position for the years 2017 and 2018 and a summarized income statement for the year ending 2018 of Genie Marketing Pte Ltd are shown below. Genie had no non-cash financing and investing transactions during 2018. During the year, there were no sales of land or machinery. Genie Marketing Pte Ltd Comparative Statements of Financial Position 31 December 2018 2017 $ 21,000 $ 18,700 46,500 43,100 84,300 89,900 10,000 35,100 146,200 123,700 (30,000) (45,300) $287,800 $255,400...
Condensed statement of financial position and income statement data for Elkhardt Ltd. are shown below: ELKHARDT...
Condensed statement of financial position and income statement
data for Elkhardt Ltd. are shown below:
ELKHARDT
LTD.
Statement of Financial Position
December 31
(in thousands)
2018
2017
2016
Assets
Current assets
Cash
$29
$79
$199
Accounts receivable
898
706
502
Inventory
1,198
798
498
Total current assets
2,125
1,583
1,199
Property, plant, and equipment (net)
4,124
3,777
3,168
Total assets
$6,249
$5,360
$4,367
Liabilities and
Shareholders’ Equity
Liabilities
Current
liabilities
$600
$547
$502
Non-current
liabilities
3,044
2,307
1,505
Total liabilities...
Use the financial statements provided below to answer Question 4. Happy Manufacturing Ltd Statement of Financial...
Use the financial statements provided below to answer Question 4. Happy Manufacturing Ltd Statement of Financial Position as at 30 June 2019 Current Assets 2019 Cash at bank 52,800 Accounts receivable 41,600 Inventory 24,000 Pre-Paid rent 750 Total Current Assets 119,150 Non-Current Assets PPE 50,000 Accumulated depreciation: PPE - 16,000 Total Non-current Assets 34,000 Total ASSETS $ 153,150 $ 2018 33,000 34,000 15,000 500 82,500 50,000 -8,000 42,000 124,500 24,000 8,000 32,000 Liabilities Accounts payable 21,000 Salaries & Wages payable...
Exercise 11.17 (East View Ltd) (g) Times interest earned ratio ST11.17 he comparative financial statements of...
Exercise 11.17 (East View Ltd)
(g) Times interest earned ratio ST11.17 he comparative financial statements of East View Ltd for the year ended 31 December are as follows East View Ltd Comparative income statement for the year ended 31 December 2016 2015 (RM) (RM) 260,000 300,000 Net sales (all credit sales) Less: Costs and expenses Cost of goods sold Selling and administration expenses Interest expenses 177,000 207,500 60,400 57,400 3,000 7,000 3,600 9,000 280,500 19,500 Income tax expenses Total costs...
Condensed statement of financial position and income statement data for Elkhardt Ltd. are shown below: ELKHARDT...
Condensed statement of financial position and income statement
data for Elkhardt Ltd. are shown below:
ELKHARDT
LTD.
Statement of Financial Position
December 31
(in thousands)
2018
2017
2016
Assets
Current assets
Cash
$29
$79
$199
Accounts receivable
898
706
502
Inventory
1,198
798
498
Total current assets
2,125
1,583
1,199
Property, plant, and equipment (net)
4,124
3,777
3,168
Total assets
$6,249
$5,360
$4,367
Liabilities and
Shareholders’ Equity
Liabilities
Current
liabilities
$600
$547
$502
Non-current
liabilities
3,044
2,307
1,505
Total liabilities...
ACC201: Financial Accounting
The following
comparative statements of financial position are for Kings Pte Ltd
as at 31 December 20X1 and 20X2. Also provided is the extract from
the income statement for the year ended 31 December 20X2.
Additional information:
The equipment which was sold for cash was originally bought at
a cost of $56,000. When sold, the accumulated depreciation of the
equipment was $28,000
During the year, the company bought another piece of equipment
paying the full amount in...
Kopi Ltd and Teh Ltd are two companies competing in the same industry Below are the summarized financial statements of the two companies for the year ended 31 December 20X7 Statement of financial position as at 31 December 20X7 Kopi Ltd Teh Ltd Assets Property, plant and equipment, net 522,000547,920 35,100 67,320 16,380 151,992238,500 Cash 61,200 Accounts receivable, net 103,320 12,960 Current notes receivable (trade) Merchandise inventory Prepaid expenses 9,000 12,510 976,410 Total assets 801,792 Liabilities and Equity Current liabilities...
Question 4
The following are comparative financial statements of Clementi
Ltd:
Clementi Ltd Comparative Income Statements For the year ended 31
December
Sales
Cost of goods sold Gross profit Distribution expenses
Administrative expenses Total expenses
Profit before tax
Income tax expenses Net profit
832,500 340,000 283,500 212,500 549,000 127,500 154,350
46,920
76,002 29,920 230,352 76,840 318,648 50,660
61,200 10,370 257,448 40,290
20X7 20X6 20X5 $$$
417,000 153,900 263,100
76,200
34,200 110,400 152,700
23,505 129,195
20X7 20X6 $$$
Clementi Ltd
Comparative...
The comparative statements of financial position for the years 2017 and 2018 and a summarized income statement for the year ending 2018 of Genie Marketing Pte Ltd are shown below. Genie had no non-cash financing and investing transactions during 2018. During the year, there were no sales of land or machinery. Genie Marketing Pte Ltd Comparative Statements of Financial Position 31 December 2018 2017 $ 21,000 $ 18,700 46,500 43,100 84,300 89,900 10,000 35,100 146,200 123,700 (30,000) (45,300) $287,800 $255,400...
Condensed statement of financial position and income statement
data for Elkhardt Ltd. are shown below:
ELKHARDT
LTD.
Statement of Financial Position
December 31
(in thousands)
2018
2017
2016
Assets
Current assets
Cash
$29
$79
$199
Accounts receivable
898
706
502
Inventory
1,198
798
498
Total current assets
2,125
1,583
1,199
Property, plant, and equipment (net)
4,124
3,777
3,168
Total assets
$6,249
$5,360
$4,367
Liabilities and
Shareholders’ Equity
Liabilities
Current
liabilities
$600
$547
$502
Non-current
liabilities
3,044
2,307
1,505
Total liabilities...
Use the financial statements provided below to answer Question 4. Happy Manufacturing Ltd Statement of Financial Position as at 30 June 2019 Current Assets 2019 Cash at bank 52,800 Accounts receivable 41,600 Inventory 24,000 Pre-Paid rent 750 Total Current Assets 119,150 Non-Current Assets PPE 50,000 Accumulated depreciation: PPE - 16,000 Total Non-current Assets 34,000 Total ASSETS $ 153,150 $ 2018 33,000 34,000 15,000 500 82,500 50,000 -8,000 42,000 124,500 24,000 8,000 32,000 Liabilities Accounts payable 21,000 Salaries & Wages payable...
Exercise 11.17 (East View Ltd)
(g) Times interest earned ratio ST11.17 he comparative financial statements of East View Ltd for the year ended 31 December are as follows East View Ltd Comparative income statement for the year ended 31 December 2016 2015 (RM) (RM) 260,000 300,000 Net sales (all credit sales) Less: Costs and expenses Cost of goods sold Selling and administration expenses Interest expenses 177,000 207,500 60,400 57,400 3,000 7,000 3,600 9,000 280,500 19,500 Income tax expenses Total costs...
Condensed statement of financial position and income statement
data for Elkhardt Ltd. are shown below:
ELKHARDT
LTD.
Statement of Financial Position
December 31
(in thousands)
2018
2017
2016
Assets
Current assets
Cash
$29
$79
$199
Accounts receivable
898
706
502
Inventory
1,198
798
498
Total current assets
2,125
1,583
1,199
Property, plant, and equipment (net)
4,124
3,777
3,168
Total assets
$6,249
$5,360
$4,367
Liabilities and
Shareholders’ Equity
Liabilities
Current
liabilities
$600
$547
$502
Non-current
liabilities
3,044
2,307
1,505
Total liabilities...
Most questions answered within 3 hours.
-
find the critical value associated with a right sided hypothesis of
the mean using a sample...
asked 1 hour ago -
Which of the following statements is true with respect to a
simple linear regression model?
a....
asked 2 hours ago -
The energy required to remove an electron from a surface of a
solid element is called...
asked 3 hours ago -
How would you train your employees to avoid risks of using
mobile devices?
asked 3 hours ago -
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 4 hours ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 5 hours ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 6 hours ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 7 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 7 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 8 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 10 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 10 hours ago