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QUESTION 2 Prepare the statement of financial position of Oscar Traders as at 31 January 2020....
Prepare a classified statement of financial position. Assume that $10,880 of the bank loan payable will...
Prepare a classified statement of financial position. Assume
that $10,880 of the bank loan payable will be paid in 2019.
(List Property, plant and equipment in order of land,
buildings and equipment. List Current Assets in order of
liquidity.)
Buildings $84.640 Accounts receivable 10.080 Prepaid insurance 3,744 Cash 9,472 Equipment 65,920 Land 48,960 Office expense 464 Income tax expense 160 Depreciation expense 4,240 Interest expense 2,080 Common shares Retained earnings (January 1, 2018) Accumulated depreciation-building 49.600 32,000 36,480 Accounts payable...
Prepare a classified statement of financial position. Assume that $19,720 of the bank loan payable will...
Prepare a classified statement of financial position. Assume that $19,720 of the bank loan payable will be paid in 2019. (List Property, plant and equipment in order of land, buildings and equipment. List Current Assets in order of liquidity.) 'PINA COLADA CORP. Statement of Financial Position Assets These items are taken from the financial statements of Pina Colada Corp. at December 31, 2018. Buildings $153,410 Accounts receivable 18,270 Prepaid insurance 6,786 Cash 17,168 Equipment 119,480 Land 88,740 Office expense 841...
QUESTION 5 STATEMENT OF FINANCIAL POSITION The trial balance, adjustments and additional information provided below were...
QUESTION 5 STATEMENT OF FINANCIAL POSITION The trial balance, adjustments and additional information provided below were extracted from the accounting records of Klicks Traders on 29 February 2016, the end of the financial year. REQUIRED Use the trial balance and additional information to prepare the Statement of Financial Position of Klicks Traders as at 29 February 2016. The Statement of Comprehensive Income and notes to the financial statements are not required. Credit (R) 240 950 138 000 54 000 6...
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...
a. Prepare the statement of financial position of Herbie as at 31 July 2018. b. Prepare...
a. Prepare the statement of financial position of Herbie as at
31 July 2018.
b. Prepare the note for property, plant and equipment of Herbie
for the year ended 31 July 2018 (The total column can be
omitted)
Please note:
The statements must comply with the requirements of International
Financial Reporting Standards (IFRS) appropriate to the business of
the entity
All calculations must be shown.
Notes on accounting policy are not required
The following is the general ledger balances of...
Prepare a classified statement of financial position. Assume that 10,880 of the bank loa payable will...
Prepare a classified statement of financial position. Assume
that 10,880 of the bank loa payable will be paid in 2019.
These items are taken from the financial statements of Blue Spruce Corp, at December 31, 2018. Buildings $84,640 Accounts receivable 10,080 Prepaid insurance 3,744 Cash 9.472 Equipment 65,920 Land 48,960 464 Office expense Income tax expense Depreciation expense 160 4,240 Interest expense 2,080 Common shares 49,600 32,000 Retained earnings (January 1, 2018) Accumulated depreciation-building 36,480 Accounts payable 6,720 Income taxes...
Problem 5-4 a The statement of financial position of Culver Corporation as at December 31, 2020,...
Problem 5-4 a The statement of financial position of Culver Corporation as at December 31, 2020, is as follows: CULVER CORPORATION Statement of Financial Position December 31, 2020 Assets Goodwill (Note 1) $52,500 Buildings (Note 2) 1,230,000 Inventory 234,075 Investments—trading (Note 3) 75,000 Land 712,500 Accounts receivable 127,500 Investments in shares (FV-OCI) (Note 4) 65,250 Cash 131,925 Assets allocated to trustee for plant expansion Cash 90,000 Treasury notes, at cost and fair value 103,500 $2,822,250 Equities Notes payable (Note 4)...
The following trial balance and additional information were extracted from the accounting records of Lancet Traders...
The following trial balance and additional information were extracted from the accounting records of Lancet Traders on 28 February 2018, the end of the financial year. REQUIRED Prepare the Statement of Comprehensive Income of Lancet Traders for the year ended 28 February 2018 from the information provided below. Use the following format: Sales Cost of sales Gross profit Other operating income Gross operating income Operating expenses Operating profit Interest income Interest expense Net profit for the year INFORMATION LANCET TRADERS...
Question 3 - Balance Sheet You are presented with the following statement of financial position which...
Question 3 - Balance Sheet You are presented with the following statement of financial position which is in an incorrect draft. Assuming the accounts and amounts are correct, prepare the statement of financial position again, making the necessary corrections. $ $ 9,000 11,000 26,000 46,000 15,000 20,000 18,000 53,000 99,000 Current assets Cash at bank Accounts payable Plant and machinery Non-current assets Inventory Asset revaluation increment Motor vehicles Total assets Current liabilities Accounts receivable Prepayments Non-current liabilities Bank overdraft Land...
E12.7 Prepare horizontal and vertical analyses. LO2, 3 The statement of financial position for Bondi Ltd is presented b...
E12.7 Prepare horizontal and vertical analyses. LO2, 3 The statement of financial position for Bondi Ltd is presented below. BONDI LTD Statement of financial position as at 30 June 2020 2019 2020 ASSETS Current assets $ 88 000 $ 80 000 Property, plant and equipment (net) 81 000 90000 Intangibles 31 000 40 000 $200 000 $210 000 Total assets LIABILITIES AND EQUITY 52000 $48000 Current liabilities Non-current liabilities 135 000 150 000 Equity 13 000 12 000 Total liabilities...
Prepare a classified statement of financial position. Assume
that $10,880 of the bank loan payable will be paid in 2019.
(List Property, plant and equipment in order of land,
buildings and equipment. List Current Assets in order of
liquidity.)
Buildings $84.640 Accounts receivable 10.080 Prepaid insurance 3,744 Cash 9,472 Equipment 65,920 Land 48,960 Office expense 464 Income tax expense 160 Depreciation expense 4,240 Interest expense 2,080 Common shares Retained earnings (January 1, 2018) Accumulated depreciation-building 49.600 32,000 36,480 Accounts payable...
Prepare a classified statement of financial position. Assume that $19,720 of the bank loan payable will be paid in 2019. (List Property, plant and equipment in order of land, buildings and equipment. List Current Assets in order of liquidity.) 'PINA COLADA CORP. Statement of Financial Position Assets These items are taken from the financial statements of Pina Colada Corp. at December 31, 2018. Buildings $153,410 Accounts receivable 18,270 Prepaid insurance 6,786 Cash 17,168 Equipment 119,480 Land 88,740 Office expense 841...
QUESTION 5 STATEMENT OF FINANCIAL POSITION The trial balance, adjustments and additional information provided below were extracted from the accounting records of Klicks Traders on 29 February 2016, the end of the financial year. REQUIRED Use the trial balance and additional information to prepare the Statement of Financial Position of Klicks Traders as at 29 February 2016. The Statement of Comprehensive Income and notes to the financial statements are not required. Credit (R) 240 950 138 000 54 000 6...
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...
a. Prepare the statement of financial position of Herbie as at
31 July 2018.
b. Prepare the note for property, plant and equipment of Herbie
for the year ended 31 July 2018 (The total column can be
omitted)
Please note:
The statements must comply with the requirements of International
Financial Reporting Standards (IFRS) appropriate to the business of
the entity
All calculations must be shown.
Notes on accounting policy are not required
The following is the general ledger balances of...
Prepare a classified statement of financial position. Assume
that 10,880 of the bank loa payable will be paid in 2019.
These items are taken from the financial statements of Blue Spruce Corp, at December 31, 2018. Buildings $84,640 Accounts receivable 10,080 Prepaid insurance 3,744 Cash 9.472 Equipment 65,920 Land 48,960 464 Office expense Income tax expense Depreciation expense 160 4,240 Interest expense 2,080 Common shares 49,600 32,000 Retained earnings (January 1, 2018) Accumulated depreciation-building 36,480 Accounts payable 6,720 Income taxes...
The following trial balance and additional information were extracted from the accounting records of Lancet Traders on 28 February 2018, the end of the financial year. REQUIRED Prepare the Statement of Comprehensive Income of Lancet Traders for the year ended 28 February 2018 from the information provided below. Use the following format: Sales Cost of sales Gross profit Other operating income Gross operating income Operating expenses Operating profit Interest income Interest expense Net profit for the year INFORMATION LANCET TRADERS...
Question 3 - Balance Sheet You are presented with the following statement of financial position which is in an incorrect draft. Assuming the accounts and amounts are correct, prepare the statement of financial position again, making the necessary corrections. $ $ 9,000 11,000 26,000 46,000 15,000 20,000 18,000 53,000 99,000 Current assets Cash at bank Accounts payable Plant and machinery Non-current assets Inventory Asset revaluation increment Motor vehicles Total assets Current liabilities Accounts receivable Prepayments Non-current liabilities Bank overdraft Land...
E12.7 Prepare horizontal and vertical analyses. LO2, 3 The statement of financial position for Bondi Ltd is presented below. BONDI LTD Statement of financial position as at 30 June 2020 2019 2020 ASSETS Current assets $ 88 000 $ 80 000 Property, plant and equipment (net) 81 000 90000 Intangibles 31 000 40 000 $200 000 $210 000 Total assets LIABILITIES AND EQUITY 52000 $48000 Current liabilities Non-current liabilities 135 000 150 000 Equity 13 000 12 000 Total liabilities...
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