•Try and arrange the following list of balances into a balance sheet for the traders. These...
•Try and arrange the following list of balances into a balance sheet for the traders. These figures represent balances for the year ended 31 December 2018
|
Capital |
53,000 |
|
Trade receivables |
15,000 |
|
Trade payables |
12,000 |
|
Inventory |
28,000 |
|
Bank overdraft |
18,000 |
|
Land and buildings |
100,000 |
|
Computer equipment |
20,000 |
|
Mortgage |
80,000 |
Homework Answers
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•Try and arrange the following list of balances into a balance
sheet for the traders. These...
From this list of account balances, prepare in proper form a balance sheet for Tommy's Memorial...
From this list of account balances, prepare in proper form a balance sheet for Tommy's Memorial Park Inc. Trial Balance, December 31,20X1 Dr. Cr. Cash $5,000 Temporary Investments 15,000 Accounts Receivable . 40,000 Building 50,000 Notes Payable (due in 1 year) $22,000 Patent 8,000 Building — Accumulated Depreciation 10,000 Property Taxes Payable 6,000 Accounts Payable 31,000 Retained Earnings 77,800 Common Shares 50,000 Bonds Payable 80,000 Inventory 30,000 Land 100,000 Investment in Trizec Corp. Shares 28,000 Investment in Canadian Utilities Bonds...
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...
The following is the ending balances of accounts at June 30, 2018 for Excell Company. Account...
The following is the ending balances of accounts at June 30, 2018 for Excell Company. Account Title Debits Credits Cash $ 89,000 Short-term investments 71,000 Accounts receivable 286,000 Prepaid expenses 38,000 Land 81,000 Buildings 326,000 Accumulated depreciation—buildings $ 163,000 Equipment 268,000 Accumulated depreciation—equipment 123,000 Accounts payable 176,000 Accrued expenses 48,000 Notes payable 106,000 Mortgage payable 220,000 Common stock 130,000 Retained earnings 193,000 Totals $ 1,159,000 $ 1,159,000 Additional information: The short-term investments account includes $21,000 in U.S. treasury bills purchased...
The balance sheet data of Naley Company at the end of 2019 and 2018 follow: 2019...
The balance sheet data of Naley Company at the end of 2019 and 2018 follow: 2019 2018 Cash $ 50,000 $ 70,000 Accounts receivable (net) 120,000 90,000 Merchandise inventory 140,000 90,000 Prepaid expenses 20,000 50,000 Buildings and equipment 180,000 150,000 Accumulated depreciation—buildings and equipment (36,000) (16,000) Land 180,000 80,000 Totals $654,000 $514,000 Accounts payable $136,000 $110,000 Accrued expenses 24,000 36,000 Notes payable—bank, long-term 80,000 Mortgage payable 60,000 Common stock, $10 par 418,000 318,000 Retained earnings (deficit) 16,000 (30,000) $654,000 $514,000...
The following is a Trial Balance from the ledger of Celine & Co. for the year...
The following is a Trial Balance from the ledger of Celine & Co. for the year ended 30 June 2018. Also, a stock take was done on the 30th June 2018, showing closing inventory of $128,000. The closing inventory has not yet been entered into the journals. Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial Balance Workings Workings Dr Cr 1 920,000 780,000 380,000 248,000 52,000 280,000 4,400,000 152,000 3,560,000 672,000 144,000...
Problem 130 The net changes in the balance sheet accounts of Eusey, Inc. for the year...
Problem 130 The net changes in the balance sheet accounts of Eusey, Inc. for the year 2018 are shown below: Account Debit Credit Cash $ 91,200 Accounts recelvable s 48,500 Allowance for doubtful accounts 10,100 Inventory 197,600 Prepaid expenses Long-term investments 18,500 144,500 Land 385,000 Buildings 649,500 Machinery Equipment 100,000 28,300 Accumulated depreciations Buildings 24,300 Machinery Equipment Accounts payable 20,300 12.500 190,800 Accrued liabilities 73,100 Dividends payebles 128,000 36,000 900,000 Premium on bonds Bonds payable Preferred stock ($50 par) 60,000...
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...
2. From the following Balance sheet of 'X' Ltd., you are required to prepare schedule of...
2. From the following Balance sheet of 'X' Ltd., you are required to prepare schedule of changes in working capital and statement of flow of funds. Particulars Dec. 31 Dec. 31st. 2008 2009 Assets- $ $ Land & Building 50,000 50,000 Plant 24,000 34,000 Inventories 9,000 7,000 Receivables 16,500 19,500 Cash and Bank 4,000 9,000 119,500 103,500 Capital and Liabilities Capital 80,000 85,000 Retained Earnings Payables 14,500 24,500 9,000 5,000 Mortgage 5,000 119,500 103,500
Problem 8 The balance sheet data of Naley Company at the end of 2019 and 2018...
Problem 8 The balance sheet data of Naley Company at the end of 2019 and 2018 follow: 2019 2018 $_50.000 Cash Accounts receivable (net) $ 70,000 90,000 120,000 Merchandise inventory 140,000 Prepaid expenses Buildings and equipment 90,000 50,000 150,000 180,000 (36,000) Accumulated depreciation-buildings and equipment Land Totals Accounts payable Accrued expenses Notes payable-bank, long-term Mortgage payable $654.000 $136,000 24,000 (16,000) 80,000 $514.000 $110,000 36,000 80,000 60,000 418,000 318,000 Common stock, $10 par Retained earnings (deficit) 16,000 $654.000 30,000) $514.000 Land...
I don't understand how they got 17,330 in balance sheet for the year 2000. I completely...
I don't understand how they got 17,330 in balance
sheet for the year 2000. I completely cant get how they got every
figure in balance sheet and income statement for 2001. I would be
really grateful if someone would take their time and explain in
details how they got these figures, I know it will be quite time
consuming to go through every figure, but please help me.
Bank Account: year to 31 December 20X1 Sales ledger receipts Cash Sales...
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...
The following is a Trial Balance from the ledger of Celine & Co. for the year ended 30 June 2018. Also, a stock take was done on the 30th June 2018, showing closing inventory of $128,000. The closing inventory has not yet been entered into the journals. Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial Balance Workings Workings Dr Cr 1 920,000 780,000 380,000 248,000 52,000 280,000 4,400,000 152,000 3,560,000 672,000 144,000...
Problem 130 The net changes in the balance sheet accounts of Eusey, Inc. for the year 2018 are shown below: Account Debit Credit Cash $ 91,200 Accounts recelvable s 48,500 Allowance for doubtful accounts 10,100 Inventory 197,600 Prepaid expenses Long-term investments 18,500 144,500 Land 385,000 Buildings 649,500 Machinery Equipment 100,000 28,300 Accumulated depreciations Buildings 24,300 Machinery Equipment Accounts payable 20,300 12.500 190,800 Accrued liabilities 73,100 Dividends payebles 128,000 36,000 900,000 Premium on bonds Bonds payable Preferred stock ($50 par) 60,000...
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...
2. From the following Balance sheet of 'X' Ltd., you are required to prepare schedule of changes in working capital and statement of flow of funds. Particulars Dec. 31 Dec. 31st. 2008 2009 Assets- $ $ Land & Building 50,000 50,000 Plant 24,000 34,000 Inventories 9,000 7,000 Receivables 16,500 19,500 Cash and Bank 4,000 9,000 119,500 103,500 Capital and Liabilities Capital 80,000 85,000 Retained Earnings Payables 14,500 24,500 9,000 5,000 Mortgage 5,000 119,500 103,500
Problem 8 The balance sheet data of Naley Company at the end of 2019 and 2018 follow: 2019 2018 $_50.000 Cash Accounts receivable (net) $ 70,000 90,000 120,000 Merchandise inventory 140,000 Prepaid expenses Buildings and equipment 90,000 50,000 150,000 180,000 (36,000) Accumulated depreciation-buildings and equipment Land Totals Accounts payable Accrued expenses Notes payable-bank, long-term Mortgage payable $654.000 $136,000 24,000 (16,000) 80,000 $514.000 $110,000 36,000 80,000 60,000 418,000 318,000 Common stock, $10 par Retained earnings (deficit) 16,000 $654.000 30,000) $514.000 Land...
I don't understand how they got 17,330 in balance
sheet for the year 2000. I completely cant get how they got every
figure in balance sheet and income statement for 2001. I would be
really grateful if someone would take their time and explain in
details how they got these figures, I know it will be quite time
consuming to go through every figure, but please help me.
Bank Account: year to 31 December 20X1 Sales ledger receipts Cash Sales...
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