ACCOUNTING
Closing inventories as at 31 December 2019 was RM38,000. Required: (a) Prepare statement of profit or loss for the year ended 31 December 2019. (b) Prepare statement of changes in equity for the year ended 31 December 2019. (c) Prepare statement of financial position as at 31 December 2019.
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We were unable to transcribe this imageInstructions Using the information in the adjusted trial balance, do...
We were unable to transcribe this imageInstructions Using the information in the adjusted trial balance, do the following. (a) Prepare an income statement and a retained earnings statement for the 2 months ended December 31, 2017, and a classified statement of financial position at December 31, 2017. The note payable has a stated interest rate of 6%, and the principal and interest are due on November 16, 2019. (b) Mei-ling has decided that her year-end will be December 31, 2017....
Instructions: You are required to set up a partnership where involve at least THREE (3) partners....
Instructions: You are required to set up a partnership where involve at least THREE (3) partners. The details should include: 1. Name and background of the business (location, product, partnership agreement: profit/loss sharing, interest on capital, interest on drawings, salary, loan and etc) 10m 2. Accounting period is for the year ended 31 December 2019 3. Assume that the business net income for the first year of operation is RM100,000 4. Journalize the transactions for the first month of operation...
This is BBM206/05 Business Accounting II subject Question 2 Kopi Sdn Bhd's statement of profit or...
This is BBM206/05 Business Accounting
II subject
Question 2 Kopi Sdn Bhd's statement of profit or loss for the year ended 31 December 2018 and statements of financial position at 31 December 2017 and 31 December 2018 were as following: STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 2018 RM'000 RM'000 Revenue 720 Raw materials consumed 70 Staff costs 94 Depreciation 118 Loss on disposal of non-current asset 18 Interest payable (28) Profit before tax Taxation (124)...
Accounting
Large Ltd. purchased 70% of Small Company on January 1, Year 6, for $630,000, when the statement of financial position for Small showed common shares of $440,000 and retained earnings of $140,000. On that date, the inventory of Small was undervalued by $44,000, and a patent with an estimated remaining life of five years was overvalued by $66,000. Small reported the following subsequent to January 1, Year 6: Profit (Loss)DividendsYear 6$96,000$29,000Year 7(39,000)14,000Year 894,00044,000 A test for goodwill impairment on December 31, Year 8,...
income statement statement of changes in equity statement of financial position These accounts and balances are...
income statement
statement of changes in equity
statement of financial position
These accounts and balances are taken from the financial statements of Sarasota Corporation for the year ended December 31, 2022 Retained earnings, January 1 Utilities expense Equipment Accounts payable Income tax payable Cash Salaries payable Common shares, January 1 Dividends declared Service revenue Prepaid insurance Repair and maintenance expense Depreciation expense Accounts receivable Insurance expense Salaries expense Income tax expense Accumulated depreciation-equipment $25,000 1,300 81,000 19,200 4.700 12,400 3,000...
Instructions: You are required to set up a partnership where involve at least THREE (3) partners....
Instructions: You are required to set up a partnership where involve at least THREE (3) partners. The details should include: 1. Name and background of the business (location, product, partnership agreement: profit/loss sharing, interest on capital, interest on drawings, salary, loan and etc) 10m 2. Accounting period is for the year ended 31 December 2019 3. Assume that the business net income for the first year of operation is RM100,000 4. Journalize the transactions for the first month of operation...
QUESTION FIVE [25] The following information was obtained from the accounting records of First Ltd: Summarised...
QUESTION FIVE [25] The following information was obtained from the accounting records of First Ltd: Summarised financial position for year ended 31 December 2018 2019 R R 95 470 104 865 Nil 1 100 1 600 ASSETS Land and buildings Investments Machinery at carrying amount Cost Accumulated depreciation Inventories Trade debtors Cash at bank 6 500 8 700 (2 200) 12 000 5 400 (3 800) 9 000 10 205 30 700 13 500 Nil TOTAL ASSETS 147 070 137...
QUESTION FIVE [25] The following information was obtained from the accounting records of First Ltd: Summarised...
QUESTION FIVE [25] The following information was obtained from the accounting records of First Ltd: Summarised financial position for year ended 31 December 2018 2019 R R 95 470 104 865 Nil 1 100 1 600 ASSETS Land and buildings Investments Machinery at carrying amount Cost Accumulated depreciation Inventories Trade debtors Cash at bank 6 500 8 700 (2 200) 12 000 5 400 (3 800) 9 000 10 205 30 700 Nil 13 500 TOTAL ASSETS 147 070 137...
On December 31, 2019, the account balances of Hamm equipment repair were as follows: Account Debit...
On December 31, 2019, the account balances of Hamm equipment repair were as follows: Account Debit Credit Cash 2400 Accounts receivable 1850 2400 1800 Prepaid insurance Supplies Equipment A/D-equipment Accounts payable 12000 2000 2600 Unearned service revenue 1200 700 Salaries and wage payable Share Capital 13950 20450 20450 Adjustment data consist of: 1) Supplies on hand $ 1400. 2) Accrued salaries payable $ 350. 3) Depreciation for the month is $ 200. 4) Services related to unearned service revenue of...
1. The End of the Accounting Cycle - the closing process (The return of Whiplash, Ltd.!):...
1. The End of the Accounting Cycle - the closing process (The return of Whiplash, Ltd.!): The financial statements for Whiplash, Ltd. for 2019 are given below. Given these financial statements, complete the following: PART A - Record closing entries: Record all four closing journal entries using the information in the financial statements given below. For revenue and expense accounts, don't forget to close to the 'Income Summary' account first before closing the net income/loss) amount to Retained Earnings. PART...
We were unable to transcribe this imageInstructions Using the information in the adjusted trial balance, do the following. (a) Prepare an income statement and a retained earnings statement for the 2 months ended December 31, 2017, and a classified statement of financial position at December 31, 2017. The note payable has a stated interest rate of 6%, and the principal and interest are due on November 16, 2019. (b) Mei-ling has decided that her year-end will be December 31, 2017....
Instructions: You are required to set up a partnership where involve at least THREE (3) partners. The details should include: 1. Name and background of the business (location, product, partnership agreement: profit/loss sharing, interest on capital, interest on drawings, salary, loan and etc) 10m 2. Accounting period is for the year ended 31 December 2019 3. Assume that the business net income for the first year of operation is RM100,000 4. Journalize the transactions for the first month of operation...
This is BBM206/05 Business Accounting
II subject
Question 2 Kopi Sdn Bhd's statement of profit or loss for the year ended 31 December 2018 and statements of financial position at 31 December 2017 and 31 December 2018 were as following: STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 2018 RM'000 RM'000 Revenue 720 Raw materials consumed 70 Staff costs 94 Depreciation 118 Loss on disposal of non-current asset 18 Interest payable (28) Profit before tax Taxation (124)...
income statement
statement of changes in equity
statement of financial position
These accounts and balances are taken from the financial statements of Sarasota Corporation for the year ended December 31, 2022 Retained earnings, January 1 Utilities expense Equipment Accounts payable Income tax payable Cash Salaries payable Common shares, January 1 Dividends declared Service revenue Prepaid insurance Repair and maintenance expense Depreciation expense Accounts receivable Insurance expense Salaries expense Income tax expense Accumulated depreciation-equipment $25,000 1,300 81,000 19,200 4.700 12,400 3,000...
Instructions: You are required to set up a partnership where involve at least THREE (3) partners. The details should include: 1. Name and background of the business (location, product, partnership agreement: profit/loss sharing, interest on capital, interest on drawings, salary, loan and etc) 10m 2. Accounting period is for the year ended 31 December 2019 3. Assume that the business net income for the first year of operation is RM100,000 4. Journalize the transactions for the first month of operation...
QUESTION FIVE [25] The following information was obtained from the accounting records of First Ltd: Summarised financial position for year ended 31 December 2018 2019 R R 95 470 104 865 Nil 1 100 1 600 ASSETS Land and buildings Investments Machinery at carrying amount Cost Accumulated depreciation Inventories Trade debtors Cash at bank 6 500 8 700 (2 200) 12 000 5 400 (3 800) 9 000 10 205 30 700 13 500 Nil TOTAL ASSETS 147 070 137...
QUESTION FIVE [25] The following information was obtained from the accounting records of First Ltd: Summarised financial position for year ended 31 December 2018 2019 R R 95 470 104 865 Nil 1 100 1 600 ASSETS Land and buildings Investments Machinery at carrying amount Cost Accumulated depreciation Inventories Trade debtors Cash at bank 6 500 8 700 (2 200) 12 000 5 400 (3 800) 9 000 10 205 30 700 Nil 13 500 TOTAL ASSETS 147 070 137...
On December 31, 2019, the account balances of Hamm equipment repair were as follows: Account Debit Credit Cash 2400 Accounts receivable 1850 2400 1800 Prepaid insurance Supplies Equipment A/D-equipment Accounts payable 12000 2000 2600 Unearned service revenue 1200 700 Salaries and wage payable Share Capital 13950 20450 20450 Adjustment data consist of: 1) Supplies on hand $ 1400. 2) Accrued salaries payable $ 350. 3) Depreciation for the month is $ 200. 4) Services related to unearned service revenue of...
1. The End of the Accounting Cycle - the closing process (The return of Whiplash, Ltd.!): The financial statements for Whiplash, Ltd. for 2019 are given below. Given these financial statements, complete the following: PART A - Record closing entries: Record all four closing journal entries using the information in the financial statements given below. For revenue and expense accounts, don't forget to close to the 'Income Summary' account first before closing the net income/loss) amount to Retained Earnings. PART...
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