Q1. How much current assets have to be reported in the company’s statement of financial position as at December 31, 2015?
Q2. What about NON-current assets?
THANK YOU.
Homework Answers
1.
| Current Assets | ||
| Prepaid Insurance | $ 5,250 | =9000/12*7 |
| Rent Receivable | $ 5,000 | =6000/6*5 |
| Total Current Assets | $ 10,250 |
2.
| Non Current Assets | ||
| Notes Receivable | $ 10,000 | |
| Interest Receivable | $ 20 | =12000*2%*1/12 |
| Total Non Current Assets | $ 10,020 |
Add Answer to:
Q1. How much current assets have to be reported in the company’s
statement of financial position...
HIROOLE LTD. Statement of Financial Position December 31 (in thousands) 2018 2017 2016 Assets Current assets...
HIROOLE LTD. Statement of Financial Position December 31 (in thousands) 2018 2017 2016 Assets Current assets Cash $30 $81 $200 Accounts receivable 907 698 504 Inventory 1,190 794 497 Total current assets 2,127 1,573 1,201 Property, plant, and equipment (net) 4,105 3,831 3,230 Total assets $6,232 $5,404 $4,431 Liabilities and Shareholders' Equity Liabilities Current liabilities $596 $553 $499 Non-current liabilities 3,047 2,303 1,508 Total liabilities 3,643 2,856 2,007 Shareholders' equity Common shares 999999999 Retained earnings 1,590 1,549 1,425 Total shareholders'...
(b) The company's statement of financial position as of December 31, 2015 Be sure to give...
(b) The company's statement of financial position as of December 31, 2015 Be sure to give account titles and amounts, and briefly justify your presentation. 56 P12-5 (Goodwill, Impairment) On July 31, 2015, Mexico Company paid $3,000,000 to acquire all of the common stock of Conchita Incorporated, which became a division (cash-generating unit) of Mexico. Conchita reported the following statement of financial position at the time of the acquisition. Non-current assets Current assets $2,700,000 800,000 $3,500,000 Equity Non-current liabilities Current...
What is the cash flow from assets for the year? Consider the following abbreviated financial statements...
What is the cash flow from assets for the year? Consider the following abbreviated financial statements for Cabo Wabo, Inc.: CABO WABO, INC. Partial Balance Sheets as of December 31, 2015 and 2016 2015 2016 2015 2016 Assets Liabilities and Owners’ Equity Current assets $ 2,753 $ 2,890 Current liabilities $ 1,107 $ 1,658 Net fixed assets 12,509 13,060 Long-term debt 6,596 7,818 CABO WABO, INC. 2016 Income Statement Sales $ 40,090 Costs 20,082 Depreciation 3,444 Interest paid 657
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...
ection in statement of financial position Question 2 Test Bank: Q1 J19 Below are the non...
ection in statement of financial position Question 2 Test Bank: Q1 J19 Below are the non current assets purchased by Teguh Bersatu Sdn Bhd in the current year (1 July 2014 until 30 June 2015) and all payments are made by cheque. Assets Date of purchase 1 July 2014 1 October 2014 1 January 2015 Cost Machineries RM55,000 RM13,000 RM4,000 Furniture and fittings Furniture and fittings Additional information: Depreciation policy for non current assets is month to month basis and...
The following is taken from the Colaw SA statement of financial position: Colaw Sa Statement of Financial Position (Partial) December 31, 2020 Non-current liabilities Bonds payable (face value $3,000,000), 7% Due January 1, 2031 $3,200,000 Current Lia
The following is taken from the Colaw SA statement of financial position: Colaw Sa Statement of Financial Position (Partial) ...
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...
Jordan Company’s annual accounting year ends on December 31. It is now December 31, 2018, and...
Jordan Company’s annual accounting year ends on December 31. It
is now December 31, 2018, and all of the 2018 entries have been
made except for the following:
The company owes interest of $900 on a bank loan. The interest
will be paid when the loan is repaid on September 30, 2019. No
interest has been recorded.
On September 1, 2018, Jordan collected six months’ rent of
$7,800 on storage space. At that date, Jordan debited Cash and
credited Deferred...
At 31 December 2016, Jasa Maju Sdn. Bhd. reported the following as non-current assets. Cost Decumulared...
At 31 December 2016, Jasa Maju Sdn. Bhd. reported the following as non-current assets. Cost Decumulared Accumulated Depreciation RM Land RM Ner Realizable Value RM 210,000 Buildings 280,500 56,100 224,400 Equipment Total non-current assets 84,000 36,000 32.400 466.800 Equipment consists of Equipment A (cost RM6,000, purchased on 1 January 2012), Equipment B (cost RM50,000, purchased on 1 January 2015) and Equipment 3 (cost RM28,000, purchased on 1 January 2015). During 2017, the following selected transactions occurred: July 1 Purchased new...
Prepare a Classfied Statement of Financial Position for Lava Pizza at January 31, 2019. Jan The...
Prepare a Classfied Statement of Financial Position for Lava
Pizza at January 31, 2019.
Jan The owners, Brad & Jennifer, each put up $250,000 cash as an initial investment into the company. 2 Purchased a pizza oven for $22,000. 3 Purchased inventory from Sysco Company on account for $21,000. 4 Hired five employees to begin work on Feb 15; the salaries for each employee will be set at $12/hour and they are each expected to work 20 hours per week....
HIROOLE LTD. Statement of Financial Position December 31 (in thousands) 2018 2017 2016 Assets Current assets Cash $30 $81 $200 Accounts receivable 907 698 504 Inventory 1,190 794 497 Total current assets 2,127 1,573 1,201 Property, plant, and equipment (net) 4,105 3,831 3,230 Total assets $6,232 $5,404 $4,431 Liabilities and Shareholders' Equity Liabilities Current liabilities $596 $553 $499 Non-current liabilities 3,047 2,303 1,508 Total liabilities 3,643 2,856 2,007 Shareholders' equity Common shares 999999999 Retained earnings 1,590 1,549 1,425 Total shareholders'...
(b) The company's statement of financial position as of December 31, 2015 Be sure to give account titles and amounts, and briefly justify your presentation. 56 P12-5 (Goodwill, Impairment) On July 31, 2015, Mexico Company paid $3,000,000 to acquire all of the common stock of Conchita Incorporated, which became a division (cash-generating unit) of Mexico. Conchita reported the following statement of financial position at the time of the acquisition. Non-current assets Current assets $2,700,000 800,000 $3,500,000 Equity Non-current liabilities Current...
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...
ection in statement of financial position Question 2 Test Bank: Q1 J19 Below are the non current assets purchased by Teguh Bersatu Sdn Bhd in the current year (1 July 2014 until 30 June 2015) and all payments are made by cheque. Assets Date of purchase 1 July 2014 1 October 2014 1 January 2015 Cost Machineries RM55,000 RM13,000 RM4,000 Furniture and fittings Furniture and fittings Additional information: Depreciation policy for non current assets is month to month basis and...
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...
Jordan Company’s annual accounting year ends on December 31. It
is now December 31, 2018, and all of the 2018 entries have been
made except for the following:
The company owes interest of $900 on a bank loan. The interest
will be paid when the loan is repaid on September 30, 2019. No
interest has been recorded.
On September 1, 2018, Jordan collected six months’ rent of
$7,800 on storage space. At that date, Jordan debited Cash and
credited Deferred...
At 31 December 2016, Jasa Maju Sdn. Bhd. reported the following as non-current assets. Cost Decumulared Accumulated Depreciation RM Land RM Ner Realizable Value RM 210,000 Buildings 280,500 56,100 224,400 Equipment Total non-current assets 84,000 36,000 32.400 466.800 Equipment consists of Equipment A (cost RM6,000, purchased on 1 January 2012), Equipment B (cost RM50,000, purchased on 1 January 2015) and Equipment 3 (cost RM28,000, purchased on 1 January 2015). During 2017, the following selected transactions occurred: July 1 Purchased new...
Prepare a Classfied Statement of Financial Position for Lava
Pizza at January 31, 2019.
Jan The owners, Brad & Jennifer, each put up $250,000 cash as an initial investment into the company. 2 Purchased a pizza oven for $22,000. 3 Purchased inventory from Sysco Company on account for $21,000. 4 Hired five employees to begin work on Feb 15; the salaries for each employee will be set at $12/hour and they are each expected to work 20 hours per week....
Most questions answered within 3 hours.
-
A car moving at 87 km/h has tires of 76 cm diameter. If the
vehicle comes...
asked 13 minutes ago -
Most of the galaxies in the universe are observed to be moving
away from Earth. Suppose...
asked 16 minutes ago -
Paired research designs, also sometimes referred to as repeated
measures designs, are associated with some common...
asked 15 minutes ago -
You working as a clinical engineer dealing with
autoclaves, xrays and life care machines, in what...
asked 17 minutes ago -
Explain in detail (not just enumerate) each of Koch’s
postulates to determine the etiology of a...
asked 30 minutes ago -
Assume ABC Company has asked you to not only prepare their 2017
year-end Balance Sheet but...
asked 27 minutes ago -
You have just had a new set of tires put on your car, and now
the...
asked 33 minutes ago -
Please answer ASAP 2) Choose a point at random from the unit
square [0, 1] ×...
asked 47 minutes ago -
Draw the Lewis structures and determine which of these
molecules has a central atom that unavoidably...
asked 48 minutes ago -
Do we typically carry antibodies against the RH antigen in our
blood plasma?
asked 50 minutes ago -
What are the differences between an antibiotic, a semisynthetic,
and a synthetic as types of antimicrobials?
asked 46 minutes ago -
One mole of oxygen gas is at a pressure of 5.90 atm and a
temperature of...
asked 54 minutes ago