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- The following accounts were included on Nigel’s adjusted trial balance at December 31, 2020:Accounts payable 11,200Accounts receivable 8,000Cash 29,000Share capital-ordinary 50,000Retained earnings 25,000Dividends 9,000Interest expense 3,500Note payable, due 30/06/23 45,000Supplies 2,800Sales revenue 39,000Building 15,000(a) What are total current assets? (b) What are total non-current liabilities?Jim commenced business as a sole trader under the name of ‘JimTag’, and he has provided the following accounts and their closing balances for the year ended 31st December 2020: Jim Tag Unadjusted Trial Balance as at 31 December 2020 Accounts $ $ Capital: JimTag as at 1 January, 2020 98,900 Drawings 21,700 Sales 260,700 PAYG Withheld 23,200 Cost of Goods Sold 128,700 Cash at Bank 22,400 Accounts Receivable 14,150 GST Collected 25,500 Sales commissions expense 6,560 Staff salaries expense 64,500 Accounting fees 2,300 Advertising expense 7,970 Inventory as at 31 December, 2020 40,250 Computer Equipment at cost 36,000 Shop Fittings at cost 70,000 Accumulated Depreciation: Computer Equipment 5,400 Accumulated Depreciation: Shop Fittings 18,000 Accounts Payable 18,900 Long-term Bank…You have been asked to help prepare the financial statements of Cee Jee trading co.for the year ended 31 December 2019. The company’s trial balance as at 31December and additional information is shown below:Cee Jee trading co.Trial balance as at 31 December 2019 DR (£) CR (£)Capital 90,428Drawings 19,004Purchases 778,144Sales 1,054,700Salaries 66,880Rent and rates 19,720Light and heating 8,284Irrecoverable (Bad) debts 3,768Allowance for Doubtful debts 7,404Trade receivables / Debtors 144,600Trade payables / Creditors 68,616Bank 5,632Cash 668Opening inventories 164,248Motor vehicle at cost 14,400Accumulated depreciation motor vehicle 4,200Total 1,225,348 1,225,3481. The inventories at the close of business at 31 December 2019 are valued at£198,712.2. The rent is 12,800 per annum, payable half-yearly in advance on the 31March and 30 September.3. Business rates for the year ending 31 March 2020 amounting to £2,976 werepaid in full in April 2019.4. Salaries to be accrued amount to…
- On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances:Accounts Debit CreditCash $23,800Accounts Receivable 5,200Supplies 3,100Land 50,000Accounts Payable $ 3,200Common Stock 65,000Retained Earnings 13,900Totals $82,100 $82,100During January 2021, the following transactions occur:January 2 Purchase rental space for one year in advance, $6,000 ($500/month).January 9 Purchase additional supplies on account, $3,500January 13 Provide services to customers on account, $25,500.January 17 Receive cash in advance from customers for services to be provided in the future, $3,700.January 20 Pay cash for salaries, $11,500.January 22 Receive cash on accounts receivable, $24,100.January 29 Pay cash on…Mr. Ahmad Ali, who runs a retail business, Teguh Harian Ltd, had the following balancesextracted from the books of the business on 30 June 2020: Account Name RM RMAccount Receivable and Account Payable 165,520 72,440Carriage inwards 3,520Inventory as at 1 July 2019 65,980Carriage outwards 4,360Discount allowed and discount received 2,680 60Utilities 25,100Loan from Miko bank 80,000Returns inwards and return outwards 3,840 3,580Bank 10,400Premises 160,000Motor Vehicles 56,000Furniture and fittings 27,600Cash 2,160Accumulated depreciation as at 1 July 2019 Motor vehicles 20,160 Furniture and fittings 8,280Salaries and wages 68,600Bad debts 2,940Rent received 7,500Printing and stationery 9,400Drawings 3,560Insurance expenses 18,200Purchases and Sales 592,380 844,300Allowance for doubtful debts 5,920Capital as at 1 July 2019 180,0001,222,240 1,222,240 Additional information as at 30 June 2020:(i) Provision for depreciation are to be provided based on the following. Motor vehicles 20%…On January 1, 2020, the records of ABC Company showed a debit balance of P650,000 in its Accounts Receivable account. The following summary transactions that occurred during 2020 were also shown under the said account: Debits:Charge sales, P6,300,000Shareholders’ subscriptions, P200,000Deposit on contract, P120,000Claims against common carrier for shipping damages, P100,000IOUs from employees, P10,000Cash advances to affiliates, P150,000Advances to a supplier, P30,000Credits:Collections from customers, P5,300,000Write-off, P35,000Merchandise returns, P45,000Allowances to customers for shipping damages, P25,000Collections on carrier claims, P40,000Collections on subscriptions, P50,000Required:a. Determine the correct amount of accounts receivable.b. Compute the amount to be presented as “trade and other receivables” under current assets.
- On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:Accounts Debit CreditCash $ 11,200Accounts Receivable 34,000Allowance for Uncollectible Accounts $ 1,800Inventory 152,000Land 67,300Buildings 120,000Accumulated Depreciation 9,600Accounts Payable 17,700Common Stock 200,000Retained Earnings 155,400Totals $384,500 $384,500During January 2021, the…The following is the trial balance of Aroro Enterprise as at 31 August 2019 Particulars Debit (RM) Credit (RM) Capital 48,400 Drawings 3,500 Trade receivables 9,000 Trade payables 12,500 Sales 40,400 Purchases 31,000 Sales returns 300 Purchases returns 250 Wages and salaries 5,600 Discounts allowed 120 Discounts received 200 Provision for doubtful debts 300 Insurance 700 Inventory as at 1 September 2018 2,400 Utilities 950 Rates 350 Premises 10,000 Fixtures and fittings 3,000 Motor van 20,000 Cash in hand 330 Cash at bank 14,800 TOTAL 102,050 102,050 Additional information as at 31 August 2019: Inventory as at 31 August 2019 amounted RM3,300 An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to…The following is the trial balance of Aroro Enterprise as at 31 August 2019 Particulars Debit (RM) Credit (RM) Capital 48,400 Drawings 3,500 Trade receivables 9,000 Trade payables 12,500 Sales 40,400 Purchases 31,000 Sales returns 300 Purchases returns 250 Wages and salaries 5,600 Discounts allowed 120 Discounts received 200 Provision for doubtful debts 300 Insurance 700 Inventory as at 1 September 2018 2,400 Utilities 950 Rates 350 Premises 10,000 Fixtures and fittings 3,000 Motor van 20,000 Cash in hand 330 Cash at bank 14,800 TOTAL 102,050 102,050 Additional information as at 31 August 2019: Inventory as at 31 August 2019 amounted RM3,300 An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as…
- The following is the trial balance of Aroro Enterprise as at 31 August 2019 Particulars Debit (RM) Credit (RM) Capital 48,400 Drawings 3,500 Trade receivables 9,000 Trade payables 12,500 Sales 40,400 Purchases 31,000 Sales returns 300 Purchases returns 250 Wages and salaries 5,600 Discounts allowed 120 Discounts received 200 Provision for doubtful debts 300 Insurance 700 Inventory as at 1 September 2018 2,400 Utilities 950 Rates 350 Premises 10,000 Fixtures and fittings 3,000 Motor van 20,000 Cash in hand 330 Cash at bank 14,800 TOTAL 102,050 102,050 Additional information as at 31 August 2019: Inventory as at 31 August 2019 amounted RM3,300 An entity from whom there is accounts receivables of RM200 was unable to settle…2. The following is extracted trial balance of Brahim Labi Sdn Bhd, after his first year’s trading, Brahim Labi Sdn BhdTrial Balance as at 30 June 2020Particulars Debit (RM) Credit (RM)Sales 265,900Purchases 154,870Rent 4,200Lighting and heating expenses 530Salaries and wages 51,400Insurance 2,100Buildings 85,000Fixtures 1,100Account receivable 31,300Sundry expenses 412Account payable 15,910Cash at bank 14,590Drawings 30,000Vans 16,400Motor running expenses 4,110Capital 114,202TOTAL 396,012 396,012Inventory at 30 June 2020 was RM16,280.Required: i. Statement of Profit and Loss and Others Comprehensive Income for the year ended 30 June 2020.ii. Statement of Financial Position as at 30 June 2020.The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below.Accounts Debit CreditCash $10,000Accounts Receivable 15,000Prepaid Rent 7,200Supplies 4,000Deferred Revenue $ 3,000Common Stock 11,000Retained Earnings 6,000Service Revenue 51,200Salaries Expense 35,000 $71,200 $71,200At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $7,200, represents payment on October 31, 2021, for rent from November 1, 2021, to April 30, 2022. 2. The balance of Deferred Revenue, $3,000, represents payment in advance from a customer. By the end of the year, $750 of the services have been provided. 3. An additional $700 in…
