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As a Finance Manager of the company you are required to: Requirement : 1 Calculate the following from the Balance Sheet:   A Total fixed assets   B Total long term liabilities   C Total current assets

As a Finance Manager of the company you are required to: Requirement : 1 Calculate the following from the Balance Sheet:   A Total fixed assets   B Total long term liabilities   C Total current assets

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter2: Building Blocks Of Managerial Accounting
Section: Chapter Questions
Problem 4Q: Lizzys is a retail clothing store, specializing in formal wear for weddings. They purchase their...
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As a Finance Manager of the company you are required to:

Requirement : 1

Calculate the following from the Balance Sheet:

  

A

Total fixed assets

  

B

Total long term liabilities

  

C

Total current assets

  

D

Total current liabilities

  

E

Shareholders’ funds

  

F

Capital employed

  
Liabilities ОMR Assets OMR Equity share capital Accounts Payable Reserves and surplus Bills payable Long term borrowings Outstanding Salaries Loan from Bank 27.800 Furniture 4,000 4,500 3,750 1,550 Cash in hand 2,550 Bills receivables 950 Land 9,000 6,520 Marketable securities 850 850 Cash in bank 5,250 Building Prepaid expenses Cars & Trucks 3,450 6,600 Preference share capital Bank overdraft 5,265 850 825 3,350 Tax outstanding 590 Account Receivables 1,150 2,150 Inventory Income earned but not 430 received Machinery Equipment Total 6,250 2,220 Total 50,350 50,350 Other information Particulars OMR Sales Cost of goods sold Administration expenses Selling & Distribution exp. Interest received Rent Received Commission received 330,000 155,000 33,000 44,000 12,200 2,000 1,750
Transcribed Image Text:Liabilities ОMR Assets OMR Equity share capital Accounts Payable Reserves and surplus Bills payable Long term borrowings Outstanding Salaries Loan from Bank 27.800 Furniture 4,000 4,500 3,750 1,550 Cash in hand 2,550 Bills receivables 950 Land 9,000 6,520 Marketable securities 850 850 Cash in bank 5,250 Building Prepaid expenses Cars & Trucks 3,450 6,600 Preference share capital Bank overdraft 5,265 850 825 3,350 Tax outstanding 590 Account Receivables 1,150 2,150 Inventory Income earned but not 430 received Machinery Equipment Total 6,250 2,220 Total 50,350 50,350 Other information Particulars OMR Sales Cost of goods sold Administration expenses Selling & Distribution exp. Interest received Rent Received Commission received 330,000 155,000 33,000 44,000 12,200 2,000 1,750
1. Case Analysis: Al Ismail Fashions (AIF) is a garment company, located in Alkhwair Muscat, which consists primarily of much smaller garment makers. AIF was started 13 years ago by Ahmed and Salim, who has over 15 years of experience with a major garment manufacturer. And the partnership initially blended very well. Ahmed is extremely creative with a real talent for merchandising. Mainly as a result of his knowledge, the AIF is known for its quality and "in" fashions. Salim has contributed to merchandising and marketing ideas, but has mainly assumed the duties of the firm's chief operating officer. Ahmed has had little interest in the financial aspects of the company as he preferred to work on fashion designing and development of marketing strategies. A few months ago, however, he decided that he had better become more involved with the company's financials. Ahmed want to analyse the financial statement of the company to know the current financial performance and positions of the company. The following are the financial details of the AIF.
Transcribed Image Text:1. Case Analysis: Al Ismail Fashions (AIF) is a garment company, located in Alkhwair Muscat, which consists primarily of much smaller garment makers. AIF was started 13 years ago by Ahmed and Salim, who has over 15 years of experience with a major garment manufacturer. And the partnership initially blended very well. Ahmed is extremely creative with a real talent for merchandising. Mainly as a result of his knowledge, the AIF is known for its quality and "in" fashions. Salim has contributed to merchandising and marketing ideas, but has mainly assumed the duties of the firm's chief operating officer. Ahmed has had little interest in the financial aspects of the company as he preferred to work on fashion designing and development of marketing strategies. A few months ago, however, he decided that he had better become more involved with the company's financials. Ahmed want to analyse the financial statement of the company to know the current financial performance and positions of the company. The following are the financial details of the AIF.
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