000 RM'000 Non-Current Assets Building Less: Accumulated depreciation 728,000 182,000 546,000 598,000 125,000 473,000 Current Assets 282,000 90,000 39,000 52.000 463.000 236,000 Inventory Accounts receivable Prepayment 252,000 107,000 41,000 55,250 455.250 LO01.250 Cash Total current asset Total Assets Equity Share capital Retained earnings Total equity 402,000 204.000 606.000 312,000 184.000 496.000 Long-Term liability Bond 102,000 132,000 Current liabilities Accounts payable Salary payable Interest payable Total current liabilities 155,000 79,250 59.000 293.250 147,000 104,000 57.000 308.000 Total Liabilities Total Equity and Liabilities 440.000 936.000 395,250 1.001,250
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- Adom Ltd, is a private company in Ghana operating in the manufacturing sector. Below is a Statement of financial position and a summarized statement of income with comparatives for the year ended 31st December 2019. statement of financial position as at 31st December 2019: Non-current assets 2019 GH¢ 2018 GH¢ PPE 200,000 250,000 R &D 40,000 - Total Non-current assets 240,000 250,000 Current assets Available for sale 12,000 20,000 Inventory 70,000 45,000 Trade receivables 30,000 23,000 Cash & cash equivalents 18,000 17,000 Total current assets 130,000 105,000 Total assets 370,000 355,000 Equity Equity share capital (GH¢1 per share) 150,000 100,000 10% preference share capital 50,000 50,000 Retained earnings 60,000 55,000 Total equity 260,000 205,000 Non-current liabilities 10% loan notes 50,000 90,000 12% debentures…The following are the financial statement Kin Ltd. for the year ended 31 March 2020: Kin Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 Kin Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities:…Question The financial statements of Harry Ltd and its subsidiary Olivia Ltd have been extracted from their financial records at 30 June 2023 and are presented below. Harry Ltd$ Olivia Ltd$Sales 839 250 725 000Cost of goods sold (580 000) (297 500)Gross profit 259 250 427 500Dividends received 116 250 -Management fee revenue 33 125 Gain on sale of plant 43 750 Less Expenses Administration (38 500) (48 375)Depreciation (30 625) (71 000)Management fee - (33 125)Other expenses (126 375) (96 250)Profit before tax 256 875 178 750Tax expense (76 875) (52 750)Profit after tax 180 000 126 000Retained earnings 1 July 2022 399 250 299 000 579 250 425 000Dividends paid (171 750) (116 250)Retained earnings 30 June 2023 407 500 308 750 Statement of financial position Harry Ltd$ Olivia Ltd$Shareholders’ equity Retained earnings 407 500 308 750Share capital 437…
- The financial statements of Harry Ltd and its subsidiary Olivia Ltd have been extracted from their financial records at 30 June 2023 and are presented below. Harry Ltd $ Olivia Ltd $ Sales 839 250 725 000 Cost of goods sold (580 000) (297 500) Gross profit 259 250 427 500 Dividends received 116 250 - Management fee revenue 33 125 Gain on sale of plant 43 750 Less Expenses Administration (38 500) (48 375) Depreciation (30 625) (71 000) Management fee - (33 125) Other expenses (126 375) (96 250) Profit before tax 256 875 178 750 Tax expense (76 875) (52 750) Profit after tax 180 000 126 000 Retained earnings 1 July 2022 399 250 299 000 579 250 425 000 Dividends paid (171 750) (116 250) Retained earnings 30 June 2023 407 500 308 750 Statement of financial position Harry Ltd $ Olivia Ltd $ Shareholders’ equity Retained earnings 407 500 308 750 Share capital 437 500 250 000 Current liabilities Accounts payable 57 875 Tax payable 100 000 31 250 Non-current liabilities Loans 236 000 145 000…10. MHD LLC a trading company dealing in fast moving consumer goods. Their trading results for the year ending 31st Dec, 2019 shows profit.of RO45750. for Accannt The following additional information is also given: The company owned a building cost RO90000. Company charged depreciation on building dihawind d at 9% per annum while in Oman tax law it is prescribed @ 4%. Company purchased a land for business purposes costing RO30000. The accountant nan cdecd ci charged depreciation on land at 10% per annum. The company made a donation on the occasion of Ramadan festival worth of RO4500 which was charged on the income statement. The gross income of the company amounts RO52650 before correcting the inventory valuation. The ledger book overvalued the opening inventory by RO1350 and undervalued closing inventory by RO1250 Company purchased computers to make all billing and administrative work computerized for RO3000 and accountant has expensed this cost. Company also offering…The following Statement of Financial Position was extracted from the books of Gagah Perkasa Sdn Bhd at 31 December 2018 and 2019 Gagah Perkasa Sdn Bhd Statement of Financial Position as at 31 December 2018 2019 RM RM RM RM Non-current Assets Buildings 50,000 50,000 Fixtures less Depreciation 1,800 2,000 Van less Depreciation 3,920 7,400 55,720 59,400 Current Assets Inventory 5,600 12,400 Trade accounts receivables 6,400 8,200 Bank 900 - Cash 220 200 13,120 20,800 TOTAL ASSETS 68,840 80,200 Financed by : Capital account : Balance as at 1 January 37,040 52,540 Add : Net Profit 35,200 21,160 Cash introduced - 10,000 72,240 83,700…
- The following Statement of Financial Position was extracted from the books ofGagah Perkasa Sdn Bhd at 31 December 2018 and 2019.Gagah Perkasa Sdn Bhd Statement of Financial Position as at 31 December2018 2019RM RM RM RM Non-current AssetsBuildings 50,000 50,000Fixtures less Depreciation 1,800 2,000Van less Depreciation 3,920 7,40055,720 59,400 Current AssetsInventory 5,600 12,400Trade accounts receivables 6,400 8,200Bank 900 -Cash 220 200 13,120 20,800TOTAL ASSETS 68,840 80,200Financed by :Capital account :Balance as at 1 January 37,040 52,540Add : Net Profit 35,200 21,160Cash introduced - 10,00072,240 83,700Less : Drawings (19,700) (21,600) 52,540 62,100 Non-current LiabilitiesLoan (repayable in 10 years’ time) 10,000 15,000Current LiabilitiesAccount payable 6,300 3,006Bank overdraft - 94TOTAL LIABILITIES 16,300 18,100TOTAL LIABILITIES AND CAPITAL 68,840 80,200Additional information at 31 December 2019: Fixtures bought in 2019 cost RM400. Van bought in 2019 cost RM5,500. Prepared…The following information is provided for Cullumber Company and Bramble Corporation. (in $ millions) Cullumber Company Bramble Corporation Net income 2022 $125 $370 Net sales 2022 1310 4520 Total assets 12/31/20 1070 2040 Total assets 12/31/21 1055 3150 Total assets 12/31/22 1170 4100 What is Cullumber's asset turnover for 2022?The following are the financial statement JNC Ltd. for the year ended 31 March 2020: JNC Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 JNC Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…
- The following assets are included in the December 31, 2022, balance sheet ofFortible Auto Parts, Inc.Accounts Receivable(net of Allowance for Uncollectible Accounts) $ 75,000Accumulated Depreciation, Building 20,000Building 170,000Cash 90,000Land 145,000Merchandise Inventory 92,000Trademark 125,500The total dollar amount of assets classified as property, plant, and equipment onFortible Auto Part's December 31, 2022, classified balance sheet is ____asap The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Wright Company. Additional information from Wright's accounting records is provided also. WRIGHT COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands) 2021 2020 Assets Cash $ 116 $ 95 Accounts receivable 136 140 Short-term investment 47 14 Inventory 137 135 Land 102 125 Buildings and equipment 695 530 Less: Accumulated depreciation (193 ) (140 ) $ 1,040 899 Liabilities Accounts payable $ 40 $ 48 Salaries payable 2 6 Interest payable 8 5 Income tax payable 5 10 Notes payable 0 33 Bonds payable 296 230 Shareholders’ Equity Common stock 390 330 Paid-in capital—excess of par 187 165…I need to know how to calculate the gain on the equipment sold in part C The balance sheets of HiROE Inc. showed the following at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Equipment, less accumulated depreciation of $212,625 at December 31, 2020, and $151,875 at December 31, 2019. $ 273,375 $ 334,125 Required: If there have not been any purchases, sales, or other transactions affecting this equipment account since the equipment was first acquired, what is the amount of the depreciation expense for 2020? Assume the same facts as in part a, and assume that the estimated useful life of the equipment to HiROE Inc., is eight years and that there is no estimated salvage value. Determine: What the original cost of the equipment was. What depreciation method is apparently being used. When the equipment was acquired. Assume that this equipment account represents the cost of 5 identical machines. Prepare the horizontal model and record the journal…