-
The following analysis of the cash transactions for the year was gathered from the incomplete records of N. Carroll, a merchant: Receipts: Received from Sundry debtors Additional investment of capital 300 000 45 000 Payments: Payments to Sundry creditors General expenses Wages Drawings 185 000 50 000 77 500 95 000 1 Jan. 31 Dec. Balances: Bank overdraft Debtors Creditors Stock Plant and machinery Furniture and fittings. 37 000 265 000 75 000 85 000 100 000 7 000 440...
-
Can I get the answer to this question from my accounting text
book Financial Accounting for Management, Ramchandran and Kakani
Edition 4? The solution elsewhere says the Total Assets is 8,00,000
but it seems wrong to me. Just need some help regarding completed
Balance Sheet. Thank you.
5. Big Toys Big Toys Ltd. provides you with the following information relating to the financial year ending on March 31, 2X11. Prepare its balance sheet in the vertical form as at March...
-
Question 1: (20 Marks) In addition to the below balance sheet and income statement you are given the following information about MFI Sano. Expected Inflation2.8%The market rate for commercial loans is12.0%The actual interest rate paid for subsidized loans is4.0%In-kind donations adjustments$400,000In-cash donations adjustments$250,000 The table below reports the income statement and balance sheet of MFI Sano for 2014 and 2015: Balance Sheet Dec. 2015Dec. 2014ASSETSCash28,00029,000Investments83,00095,000Total loan portfolio832,000625,000(Loan loss reserve)(55,000)(50,000)Total net loans outstanding777,000575,000Fixed assets32,80025,800(Accumulated depreciation)(10,500)(9,000)Net fixed assets22,30016,800TOTAL ASSETS910,300715,800 LIABILITIESForced savings95,000100,000Commercial loans18,90014,800Subsidized loans48,50029,500TOTAL LIABILITIES162,400144,300 EQUITYDonated equity...
-
Draw up Emmanuel balance sheet from the information as
at 31 December 2008
PLEASE TURN OVER Question 4 R32 20 Marks The financial year of The Better Trading Company ended on 30 November 2007. You have been asked to prepare a Total Debtors Account and a Total Créditors Account in order to produce End of year figures for Debtors and Creditors for the draft final accounts You are able to obtain the following information for the financial year from the...
-
List the errors you find in the following balance sheet. Prepare a corrected balance sheet. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2019 Assets Current assets: Cash ........ $ 18,500 Accounts payable. 31,300 Supplies .... 6,500 Prepaid insurance 16,600 Land......... 225,000 Total current assets $297,900 Property, plant, and equipment: Building........ $400,000 Equipment... 97,000 Total property, plant, and equipment. 635,400 Total assets.... $933,300 Liabilities Current liabilities: Accounts receivable.... Accumulated depreciation-building. Accumulated depreciation-equipment Net income $ 41,400 155,000...
-
The following transactions apply to Ocktoc Co. for 2014, its first year of operations 1. Received $41,500 cash from the issue of a short-term note with a 6 percent interest rate and a one-year maturity. The note was made on April 1, 2014 2. Received $117,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 7 percent. 3. Paid $72,500 cash for other operating expenses during the year 4. Paid the...
-
Practice Case 1: Rachana Boutique Rachana runs a boutique in the town. She started her business on January 1, 2013 with capital of Rs. 3, 00,000 totally financed from her own savings. She hired a showroom at a monthly rent of Rs. 8,000 and paid a security deposit of Rs. 50,000; which is refundable at time of the termination of the tenancy without interest. The rent will increase by 10% every year. Rent for a month is paid in the...
-
BOOK Calculator Multiple-Step Income Statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: Cash $92,000 Gerri Faber, Drawing 450,000 Sales $300,000 Accounts Receivable 8,925,000 Merchandise Inventory 5,620,000 Estimated Returns Inventory Office Supplies Prepaid Insurance 370,000 Cost of Merchandise Sold 5,000 Sales Salaries Expense 10,000 Advertising Expense 12,000 Depreciation Expense-Store Equipment 220,000 Miscellaneous Selling Expense 58,000 Office Salaries Expense 650,000 Rent Expense 850,000...
-
6-12 The current sections of Blues Traveler Co. balance sheets at December 31, 2007 and 2008, are presented below. BLUES TRAVELER Co. Comparative Balance Sheets (partial) December 31 2008 2007 Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities $105,000 110,000 171,000 27,000 $413,000 $ 99,000 85,000 186,000 32,000 $402,000 $ 15,000 88,000 $103,000 $ 5,000 92,000 $ 97,000 Blues Traveler's net income for 2008 was $163,000. Depreciation...
-
Northstar Corp.'s income statement and balance sheet are given below. a) Express this information as vertical trend percents. Please make sure your final answer(s) are in percentage form and are accurate to 2 decimal places. (For example: 12.34%) Northstar Corp Income Statement Vertical Trend Percentages (%) 2016 2015 2014 2016 2015 2014 Sales $1,428,000 $1,202,000 $1,059,000 Cost of goods sold. 974,000 858,000 773,000 Gross profit from sales 454,000 344,000 286,000 Operating expenses. 290,000 235.000 194.000 Income before tax 164,000 109,000...
QUESTION IS TO FIND CURRENT
YEAR BAL SHEET
The following analysis of the cash transactions for the year was gathered from the incomplete records of N. Carroll, a merchant: Receipts: Received from Sundry debtors Additional investment of capital 300 000 45 000 Payments: Payments to Sundry creditors General expenses Wages Drawings 185 000 50 000 77 500 95 000 1 Jan. 31 Dec. Balances: Bank overdraft Debtors Creditors Stock Plant and machinery Furniture and fittings. 37 000 265 000 75 000 85 000 100 000 7 000 440...
Can I get the answer to this question from my accounting text
book Financial Accounting for Management, Ramchandran and Kakani
Edition 4? The solution elsewhere says the Total Assets is 8,00,000
but it seems wrong to me. Just need some help regarding completed
Balance Sheet. Thank you.
5. Big Toys Big Toys Ltd. provides you with the following information relating to the financial year ending on March 31, 2X11. Prepare its balance sheet in the vertical form as at March...
Draw up Emmanuel balance sheet from the information as
at 31 December 2008
PLEASE TURN OVER Question 4 R32 20 Marks The financial year of The Better Trading Company ended on 30 November 2007. You have been asked to prepare a Total Debtors Account and a Total Créditors Account in order to produce End of year figures for Debtors and Creditors for the draft final accounts You are able to obtain the following information for the financial year from the...
List the errors you find in the following balance sheet. Prepare a corrected balance sheet. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2019 Assets Current assets: Cash ........ $ 18,500 Accounts payable. 31,300 Supplies .... 6,500 Prepaid insurance 16,600 Land......... 225,000 Total current assets $297,900 Property, plant, and equipment: Building........ $400,000 Equipment... 97,000 Total property, plant, and equipment. 635,400 Total assets.... $933,300 Liabilities Current liabilities: Accounts receivable.... Accumulated depreciation-building. Accumulated depreciation-equipment Net income $ 41,400 155,000...
The following transactions apply to Ocktoc Co. for 2014, its first year of operations 1. Received $41,500 cash from the issue of a short-term note with a 6 percent interest rate and a one-year maturity. The note was made on April 1, 2014 2. Received $117,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 7 percent. 3. Paid $72,500 cash for other operating expenses during the year 4. Paid the...
Practice Case 1: Rachana Boutique Rachana runs a boutique in the town. She started her business on January 1, 2013 with capital of Rs. 3, 00,000 totally financed from her own savings. She hired a showroom at a monthly rent of Rs. 8,000 and paid a security deposit of Rs. 50,000; which is refundable at time of the termination of the tenancy without interest. The rent will increase by 10% every year. Rent for a month is paid in the...
BOOK Calculator Multiple-Step Income Statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: Cash $92,000 Gerri Faber, Drawing 450,000 Sales $300,000 Accounts Receivable 8,925,000 Merchandise Inventory 5,620,000 Estimated Returns Inventory Office Supplies Prepaid Insurance 370,000 Cost of Merchandise Sold 5,000 Sales Salaries Expense 10,000 Advertising Expense 12,000 Depreciation Expense-Store Equipment 220,000 Miscellaneous Selling Expense 58,000 Office Salaries Expense 650,000 Rent Expense 850,000...
6-12 The current sections of Blues Traveler Co. balance sheets at December 31, 2007 and 2008, are presented below. BLUES TRAVELER Co. Comparative Balance Sheets (partial) December 31 2008 2007 Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities $105,000 110,000 171,000 27,000 $413,000 $ 99,000 85,000 186,000 32,000 $402,000 $ 15,000 88,000 $103,000 $ 5,000 92,000 $ 97,000 Blues Traveler's net income for 2008 was $163,000. Depreciation...
Northstar Corp.'s income statement and balance sheet are given below. a) Express this information as vertical trend percents. Please make sure your final answer(s) are in percentage form and are accurate to 2 decimal places. (For example: 12.34%) Northstar Corp Income Statement Vertical Trend Percentages (%) 2016 2015 2014 2016 2015 2014 Sales $1,428,000 $1,202,000 $1,059,000 Cost of goods sold. 974,000 858,000 773,000 Gross profit from sales 454,000 344,000 286,000 Operating expenses. 290,000 235.000 194.000 Income before tax 164,000 109,000...