ated below is information for Ramadan Sweets for the year ended 31 March 2022. articular Cost of goods sold AED Particular AED 316,000 Rent Expenses 42,400 Sales Discount 3,200 Sales Return and allowances 4,750 Sales Revenue 680,000 Other comprehensive income 12,450 Loss on disposal of plant assets 4,650 Bank loans 32,000 Salaries and wages expense 1,230 Freights-out 2,600 Insurance expense 766,800 Owner's Capital 12,650 Interest expense 3,450 Interest revenue 250,000 REQUIRED: a. Prepare an income statement. b. Prepare a comprehensive income statement.

ated below is information for Ramadan Sweets for the year ended 31 March 2022. articular Cost of goods sold AED Particular AED 316,000 Rent Expenses 42,400 Sales Discount 3,200 Sales Return and allowances 4,750 Sales Revenue 680,000 Other comprehensive income 12,450 Loss on disposal of plant assets 4,650 Bank loans 32,000 Salaries and wages expense 1,230 Freights-out 2,600 Insurance expense 766,800 Owner's Capital 12,650 Interest expense 3,450 Interest revenue 250,000 REQUIRED: a. Prepare an income statement. b. Prepare a comprehensive income statement.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 24CE

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The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000
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Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400
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