Homework Answers
Answer(1): Statement of Financial position- It is the balance sheet that tells financial, liquidity and solvency position of a company. It reports assets, liabilities and shareholder's equity for a particular financial year. There are some formats, specified for balance sheet but it always work on accounting equation which is:
Assets = Liabilities + Shareholder's Equity
Statement of financial statement is not the part of the double accounting system, it is the part of financial reporting of business. There is a relationship between double entry system and statement of financial accounts as the balance sheet is made with the help of ledgers and ledger is made with the help of double entry system. It is not necessary that all the double entry items should reflect in balance sheet.
Answer(2): (a): Firstly the ethical issue is how to report the amount that is given because the negative consequences of product of the company. This huge amount can affect the company's balance sheet if it is reported all in one time, balance sheet will be misleading for stakeholders. Company should write off the percentage of this amount every year so that accurate financial position of the company can be known. This heavy payment may also affect company's cash flow.
Answer(b): If BAT does not tell the truth, it will not be good for company because at the time of audit, auditor will ask about this amount and also tell its impact on the financial statements. Company may face some financial issues if not telling the truth.
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Question 2 Sha: "Do you know something about the Statement Of Financial Position (SOFP)?" Don: "What's...
Question 2. (25) The Statement of Finançial Position is based on the following equation AssetsLiabilitiesEquity +...
Question 2. (25) The Statement of Finançial Position is based on the following equation AssetsLiabilitiesEquity + The above-mentioned equation can be expanded as follows non-current lablities +current habilities +Equity Non-current assets current assets The Accountant of RARE Ltd provides you with the following tral balance as at 1 March 2017 Description Balance Property, Plant and Equipment R450,000 Share Capital R500,000 Inventory Trade Payables R98,000 R75.000 Motor Vehicles- Cost R100,000 Motor Vehicles Accumulated depreciation R80,000 Trade Recervables R143,000 Bank Overdraft R41,000...
Could you help me to complete the classified statement of Financial Position? Attention that you need to use FIFO_perpetual inventory system, thank you. ASSIGNMENT GROUP 2: Information to process Jun...
Could you help me to complete the classified statement of
Financial Position? Attention that you need to use
FIFO_perpetual inventory system, thank you.
ASSIGNMENT GROUP 2: Information to process June Transaction The opening balances for the stock ledger cards (all amounts are GST exclusive): 15 packs of quince seeds ($2.00 each) 40 packets of sunflower seeds ($1.80 each) 15 packets of pumpkin seeds ($3.30 each) Hollis Seeds purchased 15 packs of quince seeds for $2.42 per pack; and 5 packs...
please help me do all question , i need it by 5 PM 2. Given the...
please help me do all question , i need it by 5 PM
2. Given the following, what is the amount of Capital? Assets: Premises $20,000; Inventory $8,500; Cash $100. Liabilities: Accounts payable $3,000; Loan from A.Adams $4,000 $21,100 b. $21,600 c. $32,400 3. d. $21,400 A debit balance of $100 in a cash account shows that: 2. There was $100 cash in hand b. Cash has been overspent by $100 $100 was the total of cash paid out d....
University Principles of Accounting: Comprehensive Question Comprehensive Question Info needed for part A-H: The general ledger...
University Principles of Accounting: Comprehensive Question Comprehensive Question Info needed for part A-H: The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Accounts Debit Credit Cash 52,500 Accounts Receivable 36,700 Land 121,800 Accounts Payable 16,400 Notes Payable (due in two years) 41,000 Common Stock 111,000 Retained Earnings 42,600 TOTALS $211,000 $211,000 The following is a summary of the transactions for the year: Transaction #, Month, Day, Summary 1. January 12 Provide services to customers...
Please answer question E only. i attach prior work for reference. Thank you so much Problem...
Please answer question E only. i attach prior work for
reference. Thank you so much
Problem 4-02A a-e (Part Level Submission) The adjusted trial balance columns of the worksheet for Ayayai Company are as follows. . 130 157 Ayayai Company Worksheet For the Year Ended December 31, 2019 Adjusted Trial Balance Account No. Account Titles Dr. Cr. 101 Cash 5,000 112 Accounts Receivable 10,500 126 Supplies 1,200 Prepaid Insurance 1,800 Equipment 26,500 158 Accumulated Depreciation-Equipment 5,000 200 Notes Payable 12,000...
Accounting Extra Credit Problem Adjusting Entries, Closing Entries, Reversing Entries, and Effectspn Individual Accounts, Income Statement,...
Accounting Extra Credit Problem Adjusting Entries, Closing Entries, Reversing Entries, and Effectspn Individual Accounts, Income Statement, and Balance Sheet Note: Miracle Garden Supply uses a seriedis inventory system The workbook includes a partial worksheet consisting of: (1) An Unadjusted Trial Balance (2) Year-end Adjustments (3) An Adjusted Trial Balance The year-end adjusting journal entries (AJES) have already been recorded; each AJE is identified by a lower case letter in parenthesis (for example, (a), (b)(c) (d), etc.). When the requirement asks...
Need help with comprehensive project (PLEASE MAKE SURE CHECK TOTALS ARE CORRECT) TIA!!! T- Accounts Adjusted...
Need help with comprehensive project (PLEASE MAKE SURE CHECK
TOTALS ARE CORRECT) TIA!!!
T- Accounts
Adjusted Trial Balance
Income Statement
Statement of Retained Earnings
Balance Sheet
Closing Entries
Post-closing trial balance
Read ALL instructions before getting started! ABC Corporation is a new company that buys and sells office supplies. Business began on January 1, 2016. Given on the first two tabs are ABC's 12/31/16 Unadjusted Trial Balance and a list of needed adjustments. 1. Make all 12 adjustments on the...
The question I need help/answer with is the 3rd photo. The first two photos just aid...
The question I need help/answer with is the 3rd photo. The
first two photos just aid the 3rd
Comprehensive Properties All work must be completed using this Excel spreadsheet Al journal entries francial statements, et must be prepared in dean, proper form. Reference your textbook and past courses for examples or templates to model Uue the current year for din purpose This project is W ed 120 points. The grading rubricis valable on the last sheet labeled "Grading brie Wformation...
1) 2) 3) 4) 5) 3 BBM205/03 Answer ALL questions below. Question 1 Below was the...
1)
2)
3)
4)
5)
3 BBM205/03 Answer ALL questions below. Question 1 Below was the transactions worksheet of Selna Enterprise on April 1, 2020. + ASSETS Cash + + Account Receivables 3,600 Prepaid expenses 1,000 Supplies on hand 350 EQUITY Share capital 7,350 Retained earnings LIABILITY Account payable 4,400 2,000 The following transactions occurred during April: April 1 Collected RM2,000 cash in satisfaction of an amount owed by a customer. April 3 Billed RM3,000 to customers for chairs rented...
Sent Need the answers for that whole question paper True or false questions (25) has any...
Sent
Need the answers for that whole question paper
True or false questions
(25) has any effect SECTION TRUE OR FALSE QUESTION (40 Marks) The following questions indicate if it's True or False. Each question carries 2 Marks 1. Accounting Principle is general law or rule followed in the preparation of financial statements 2. Usefulness, objectivity and feasibility are the three basic norms generally found in accounting principles 3. The Cash book record only the cash payments 4. If a...
Question 2. (25) The Statement of Finançial Position is based on the following equation AssetsLiabilitiesEquity + The above-mentioned equation can be expanded as follows non-current lablities +current habilities +Equity Non-current assets current assets The Accountant of RARE Ltd provides you with the following tral balance as at 1 March 2017 Description Balance Property, Plant and Equipment R450,000 Share Capital R500,000 Inventory Trade Payables R98,000 R75.000 Motor Vehicles- Cost R100,000 Motor Vehicles Accumulated depreciation R80,000 Trade Recervables R143,000 Bank Overdraft R41,000...
Could you help me to complete the classified statement of
Financial Position? Attention that you need to use
FIFO_perpetual inventory system, thank you.
ASSIGNMENT GROUP 2: Information to process June Transaction The opening balances for the stock ledger cards (all amounts are GST exclusive): 15 packs of quince seeds ($2.00 each) 40 packets of sunflower seeds ($1.80 each) 15 packets of pumpkin seeds ($3.30 each) Hollis Seeds purchased 15 packs of quince seeds for $2.42 per pack; and 5 packs...
please help me do all question , i need it by 5 PM
2. Given the following, what is the amount of Capital? Assets: Premises $20,000; Inventory $8,500; Cash $100. Liabilities: Accounts payable $3,000; Loan from A.Adams $4,000 $21,100 b. $21,600 c. $32,400 3. d. $21,400 A debit balance of $100 in a cash account shows that: 2. There was $100 cash in hand b. Cash has been overspent by $100 $100 was the total of cash paid out d....
Please answer question E only. i attach prior work for
reference. Thank you so much
Problem 4-02A a-e (Part Level Submission) The adjusted trial balance columns of the worksheet for Ayayai Company are as follows. . 130 157 Ayayai Company Worksheet For the Year Ended December 31, 2019 Adjusted Trial Balance Account No. Account Titles Dr. Cr. 101 Cash 5,000 112 Accounts Receivable 10,500 126 Supplies 1,200 Prepaid Insurance 1,800 Equipment 26,500 158 Accumulated Depreciation-Equipment 5,000 200 Notes Payable 12,000...
Accounting Extra Credit Problem Adjusting Entries, Closing Entries, Reversing Entries, and Effectspn Individual Accounts, Income Statement, and Balance Sheet Note: Miracle Garden Supply uses a seriedis inventory system The workbook includes a partial worksheet consisting of: (1) An Unadjusted Trial Balance (2) Year-end Adjustments (3) An Adjusted Trial Balance The year-end adjusting journal entries (AJES) have already been recorded; each AJE is identified by a lower case letter in parenthesis (for example, (a), (b)(c) (d), etc.). When the requirement asks...
Need help with comprehensive project (PLEASE MAKE SURE CHECK
TOTALS ARE CORRECT) TIA!!!
T- Accounts
Adjusted Trial Balance
Income Statement
Statement of Retained Earnings
Balance Sheet
Closing Entries
Post-closing trial balance
Read ALL instructions before getting started! ABC Corporation is a new company that buys and sells office supplies. Business began on January 1, 2016. Given on the first two tabs are ABC's 12/31/16 Unadjusted Trial Balance and a list of needed adjustments. 1. Make all 12 adjustments on the...
The question I need help/answer with is the 3rd photo. The
first two photos just aid the 3rd
Comprehensive Properties All work must be completed using this Excel spreadsheet Al journal entries francial statements, et must be prepared in dean, proper form. Reference your textbook and past courses for examples or templates to model Uue the current year for din purpose This project is W ed 120 points. The grading rubricis valable on the last sheet labeled "Grading brie Wformation...
1)
2)
3)
4)
5)
3 BBM205/03 Answer ALL questions below. Question 1 Below was the transactions worksheet of Selna Enterprise on April 1, 2020. + ASSETS Cash + + Account Receivables 3,600 Prepaid expenses 1,000 Supplies on hand 350 EQUITY Share capital 7,350 Retained earnings LIABILITY Account payable 4,400 2,000 The following transactions occurred during April: April 1 Collected RM2,000 cash in satisfaction of an amount owed by a customer. April 3 Billed RM3,000 to customers for chairs rented...
Sent
Need the answers for that whole question paper
True or false questions
(25) has any effect SECTION TRUE OR FALSE QUESTION (40 Marks) The following questions indicate if it's True or False. Each question carries 2 Marks 1. Accounting Principle is general law or rule followed in the preparation of financial statements 2. Usefulness, objectivity and feasibility are the three basic norms generally found in accounting principles 3. The Cash book record only the cash payments 4. If a...
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