1. From the following balances of Kalam Plc., as at 31.12.20 Prepare Financial statement. DEBIT CREDIT RO'000 RO'000 Trade receivables - Trade payables- Administration expenses Selling and Distribution Expenses - Dividend paid Interest paid- Audit fees Rent for office Revenue- Cost of sales- Motor vehicles (cost) Accumulated depreciation: Motor vehicles (1.1.20) Equipment (31.12.20) Accumulated depreciation: Equipment (1.1.20) Bank loan (10%) Retained earnings (1.1.20) Reserves and surplus Cash at bank Inventories (31.12.20) Share capital (£1) 2070 1800 2835 360 450 1440 162 22437 12960 15390 54 2430 62388 3519 32967 3240 5670 4500 4002 1200 7290 62388

1. From the following balances of Kalam Plc., as at 31.12.20 Prepare Financial statement. DEBIT CREDIT RO'000 RO'000 Trade receivables - Trade payables- Administration expenses Selling and Distribution Expenses - Dividend paid Interest paid- Audit fees Rent for office Revenue- Cost of sales- Motor vehicles (cost) Accumulated depreciation: Motor vehicles (1.1.20) Equipment (31.12.20) Accumulated depreciation: Equipment (1.1.20) Bank loan (10%) Retained earnings (1.1.20) Reserves and surplus Cash at bank Inventories (31.12.20) Share capital (£1) 2070 1800 2835 360 450 1440 162 22437 12960 15390 54 2430 62388 3519 32967 3240 5670 4500 4002 1200 7290 62388

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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Unusual income statement items Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or unusual (U) items. If unusual item, then specify if it is a discontinued operations item (DO). a. Interest revenue on notes receivable. b. Gain on sale of segment of the company's operations that manufactures bottling equipment. c.Loss on sale of investments in stocks and bonds. d. Uncollectible accounts expense. e. Uninsured flood loss. (Hood insurance is unavailable because of periodic Hooding in the area.)
Assume a company has a $350 credit (not cash) sale. How would the transaction appear if the business uses accrual accounting? A. $350 would show up on the balance sheet as a sale. B. $350 would show up on the income statement as a sale. C. $350 would show up on the statement of cash flows as a cash outflow. D. The transaction would not be reported because the cash was not exchanged.
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Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactions were completed by Interstate Delivery during May: 1. Received cash in exchange for common stock, 18,000. 2. Paid advertising expense, 4,850. 3. Purchased supplies on account, 2,100. 4. Billed customers for delivery services on account, 14,700. 5. Received cash from customers on account, 8,200. Indicate the effect of each transaction on the following accounting equation elements: Assets, Liabilities, Common Stock, Dividends, Revenue, and Expense. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by 18,000; Common Stock increases by 18,000.
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Assume that the total assets, liabilities, Equity of the firm are OMR 40000, OMR 10000 and OMR 30000 respectively.The company sold OMR 3000 furniture for its customer and received notes receivables for OMR 4500. What is the effect of the above transaction on different elements of financial position of the company? a. Assets of the company increase by OMR 1500 and capital of the company increase by OMR 1500 b. Assets of the company decrease by OMR 3000 and capital of the company decrease by OMR 3000 c. Assets of the company increase by OMR 4500 and capital of the company increase by OMR 4500 d. None of the given options