5. The following list of balances obtained from Agro Trading as at 31 July 2020.PARTICULARSRMCash in hand1009,00012,84026,50014,00050,00010,000147,50016,50034,000219,840128,900,3001,0001,7002,00021,0003,0007,40060014,000250,0001,000500Cash at bankAccount receivableInventory as at 1 June 2019Motor vehiclesPlant and machineryLong term investmentFreehold premisesAccount payable10% Mortgage on freehold premisesСapitalPurchasesWagesRates and taxessalariesInterest on mortgageGeneral expensesCarriage outwardsInsurance premiumDrawings|Carriage inwardsAdvertising expensesSalesSales returnsPurchases returnsDiscount received600Discount allowed800Allowance for doubtful debt200Inventory at 31 July 2020 was RM30,000.Required:i. Statement of Profit and Loss and Others Comprehensive Income for the yearended 31 July 2020.ii. Statement of Financial Position as 31 July 2020

Financial reporting means releasing the financial reports of the company to its shareholders and in…

5. The following list of balances obtained from Agro Trading as at 31 July 2020. PARTICULARS RM | Cash in hand 100 Cash at bank 9,000 12,840 26,500 14,000 50,000 10,000 147,500 16,500 34,000 219,840 128,900 70,300 1,000 1,700 2,000 21,000 3,000 7,400 Account receivable Inventory as at 1 June 2019 Motor vehicles Plant and machinery Long term investment Freehold premises Account payable 10% Mortgage on freehold premises Capital Purchases Wages and salaries Rates and taxes Interest on mortgage General expenses Carriage outwards Insurance premium Drawings Carriage inwards Advertising expenses Sales 600 14,000 250,000 1,000 500 Sales returns Purchases returns Discount received 600 Discount allowed Allowance for doubtful debt 800 200 Inventory at 31 July 2020 was RM30,000. Required: i. Statement of Profit and Loss and Others Comprehensive Income for the year ended 31 July 2020. ii. Statement of Financial Position as 31 July 2020

5. The following list of balances obtained from Agro Trading as at 31 July 2020. PARTICULARS RM | Cash in hand 100 Cash at bank 9,000 12,840 26,500 14,000 50,000 10,000 147,500 16,500 34,000 219,840 128,900 70,300 1,000 1,700 2,000 21,000 3,000 7,400 Account receivable Inventory as at 1 June 2019 Motor vehicles Plant and machinery Long term investment Freehold premises Account payable 10% Mortgage on freehold premises Capital Purchases Wages and salaries Rates and taxes Interest on mortgage General expenses Carriage outwards Insurance premium Drawings Carriage inwards Advertising expenses Sales 600 14,000 250,000 1,000 500 Sales returns Purchases returns Discount received 600 Discount allowed Allowance for doubtful debt 800 200 Inventory at 31 July 2020 was RM30,000. Required: i. Statement of Profit and Loss and Others Comprehensive Income for the year ended 31 July 2020. ii. Statement of Financial Position as 31 July 2020

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 3MC: Prince Corporations accounts provided the following information at December 31, 2019: What should be...

See similar textbooks

Similar questions

Prince Corporations accounts provided the following information at December 31, 2019: What should be the current balance of retained earnings? a. 520,000 b. 580,000 c. 610,000 d. 670,000
What is the gearing ratio for the year 2018? Use the information from IBM’s financial statements below Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Current assets R 48 116 000 R 48 935 000 R 49 004 000 Current liabilities R 40 562 000 R 36 002 000 R 42 435 000 Inventory R 2 450 000 R 2 494 000 R 2 701 000 Owners’ equity R56 455 000 R55 932 000 R53 657 000 Total liabilities R 90 405 000 R 86 385 000 R 96 058 000 Total assets R 113 452 000 R 109 022 000 R 109 524 000 Net income R 14 833 000 R 13 425 000 R 12 334 000 Net profit R 46 014 000 R 43 785 000 R 45 661 000 Sales R 99 870 000 R 95 758 000 R 103 630 000
Alamkoto Corp. reported the following data for 2019: a. P1,060,000 b. P1,000,000 c. P960,000 d. P970,000 e. Answer not given
E23.10B (L0 1,4) (Classification of Transactions) Following are selected balance sheet accounts of BioLazer Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Increase Selected balance sheet accounts 2020 2019 (Decrease)AssetsAccounts receivable $154,000 $120,000 $34,000Property, plant, and equipment 631,000 581,000 50,000Accumulated…
1. The following balances were extracted from Gerut Trading as at 31 December 2019.Prepare the trial balance as at 31 December 2019.Items RMCash in hand 1,000Sales 200,000Purchases 80,000Land and Building 300,000Creditors 60,000Salaries 28,000Capital 101,000Bank 10,000Machinery 150,000Debtors 30,000Stock 12,000Loan 250,000
1. Below is a trial balance of Ali Mamat Enterprise, extracted after one year’s trading.Ali Mamat EnterpriseTrial Balance as at 31 December 2019Particulars Debit (RM) Credit (RM)Sales 190,576Purchases 119,832Salaries 56,527Motor expenses 2,416Rent 1,894Insurance 372General expenses 85Premises 95,420Motor vehicles 16,594Account receivables 26,740Account payable 16,524Cash at bank 16,519Cash in hand 342Drawings 8,425Capital 138,066TOTAL 345,166 345,166Required: i. Statement of Profit or Loss and Others Comprehensive Income for the year ended 31 December 2019.ii. Statement of Financial Position as at 31 December 2019.
43) Diamond trading company had calculated the total Assets of RO 350,400 and the Equity amount of RO 145,000 during the year ended 31st December 2019. As an accountant of this business calculate the value of total Liabilities for the year 2019. a. RO 151,300 b. RO 495,400 c. RO 145,000 d. RO 205,400
Q26 You are required to prepare the balance sheet as on 31-12-2017 by using net change method from the following details. Liabilities OMR Assets OMR Share capital 200,000 Furniture & fixtures 200,000 Bank loan 50,000 Inventories 60,000 Creditors 70,000 Debtors 36,000 Cash 24,000 320,000 320,000 Balances of Debtors and creditors remain unchanged throughout the year. General price indices are on 1-1-12017----200; Average for the year ------240; on 31-12-2017----300. a. Retained earnings of OMR 15,000 by CPP method b. No Balancing figure neither in HCA nor CPP method c. No retained earnings d. None of them is correct
The following are the summarised financial information of Ting Ltd for the two financial years ended 31 October 2020 are as follows:2019 2020£ million £ millionEquity 2,460.8 1,732.8 Non-current liabilities (Loans) 640.0 800.0 Current liabilities 654.4 1,020.5 Non-current assets 2,804.8 2,367.2 Current assets 950.4 962.4 Revenue 1,601.6 1,509.6 Total expenses 1,444.0 1,492.8 Required:(a) Calculate the following financial ratios for the two years: 2019 and 2020:(i) Current ratio (ii) Capital gearing ratio (iii) Profit margin (b) Comment briefly on the ratios of the company, computed in part (a) over the two year period from 2019 to 2020. (c) Provide any two (2) recommendations on how the company may improve these ratios in the futur.
7 On December 31, 2022, the following information were taken from the trial balances of ABC Company and XYZ Company: ABC Company XYZ Company Cash P1,200,000 P200,000 Trade and other receivables 300,000 300,000 Inventories 1,300,000 1,000,000 Noncurrent assets 1,600,000 1,300,000 Current liabilities 300,000 200,000 Noncurrent liabilities 600,000 400,000 Ordinary share capital 1,100,000 1,000,000 Share premium 200,000 - Retained earnings 2,200,000 1,200,000 On January 1, 2023, ABC Company issues 50,000 shares of its P20 par value shares to acquire 70% of the outstanding shares of XYZ. The fair value of the shares of ABC as of January 1 was P29. Contingent consideration that is determined based on the best estimate is P100,000. It was determined that ABC Company had a noncurrent asset that was undervalued by P25,000. The fair value of the non-controlling interest…
The condensed financial statements of Evoc Company for the years 2019 and 2020 are presented as follows. Evoc CompanyStatements of Financial PositionDecember 31 2020 2019 Intangibles and other assets € 530 € 510 Property, plant, and equipment 420 380 Investments 10 10 Current assets Prepaid expenses €120 €160 Inventory 430 390 Accounts receivable (net) 470 433 Cash and cash equivalents 330 1,350 360 1,343 Total assets €2,310 €2,243 Equity €1,020 €1,040 Non‐current liabilities 390 393 Current liabilities 900 810 Total equity and liabilities €2,310 €2,243 Evoc CompanyIncome StatementsFor the Years Ended December 31 2020 2019 Sales revenue €4,000 €3,600 Costs and expenses Cost of goods sold 984 895 Selling and administrative expenses 2,400 2,330 Interest expense 10 20 Total costs and expenses 3,394 3,245 Income before income taxes 606…
The condensed financial statements of Evoc Company for the years 2019 and 2020 are presented as follows. Evoc CompanyStatements of Financial PositionDecember 31 2020 2019 Intangibles and other assets € 530 € 510 Property, plant, and equipment 420 380 Investments 10 10 Current assets Prepaid expenses €120 €160 Inventory 430 390 Accounts receivable (net) 470 433 Cash and cash equivalents 330 1,350 360 1,343 Total assets €2,310 €2,243 Equity €1,020 €1,040 Non‐current liabilities 390 393 Current liabilities 900 810 Total equity and liabilities €2,310 €2,243 Evoc CompanyIncome StatementsFor the Years Ended December 31 2020 2019 Sales revenue €4,000 €3,600 Costs and expenses Cost of goods sold 984 895 Selling and administrative expenses 2,400 2,330 Interest expense 10 20 Total costs and expenses 3,394 3,245 Income before income taxes 606…