Following s theinfornaotionConteiact.sueloting daamount $Contsact paiice.Raw moterialswagesSub-(ontsiactplantmatesials tsians ļ 0uued to othor6,00,000120,000Li60,0005,00020,0002.000Cont'siact.4oneral expensesAt the end01 the , Cash rereived fmthe Contsiactee wos $250.O00 being 80%% of waContified, yalue| the year was $ 18,000. plant do bedepsieciated at 20%. DHepaue (onteiactaccount.7.600year,tomotorials unused at he ondContsiact.

Contract account :- Contract account is opened for each contract, this account includes all the…

Following s the infornaation ueloting doa Conteiact. Cont siact pake. Raw moterials wages amount $ 6,00000. 1020,000 L,60,000 Bub-(ontsiact 5,000 plant matesials tsians Louued to othor 20,000 2,000 Cont'siact. 7.600 4oneral expenses At the end the Contsiactee wos $2,5o.000 being 807% Contified, yalue the year was $ 18,000. plant do be depsieciated at 20%. PHepaue Contsiact account. the year, Cash sereived f moterials unused ot the ed

Following s the infornaation ueloting doa Conteiact. Cont siact pake. Raw moterials wages amount $ 6,00000. 1020,000 L,60,000 Bub-(ontsiact 5,000 plant matesials tsians Louued to othor 20,000 2,000 Cont'siact. 7.600 4oneral expenses At the end the Contsiactee wos $2,5o.000 being 807% Contified, yalue the year was $ 18,000. plant do be depsieciated at 20%. PHepaue Contsiact account. the year, Cash sereived f moterials unused ot the ed

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 3SEQ

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UTV Corp. have the following account balances for the year ended December 31, 2020:DEBIT BALANCESAmountCash and cash equivalents400,000Accounts receivable900,000Raw materials560,000Goods in process600,000Finished goods1,400,000Financial assets at FVOCI2,500,000Sinking fund200,000Land1,000,000Building6,000,000Plant and equipment2,400,000Patent800,000Goodwill1,400,000Unrealized loss – FVOCI100,000Prepaid benefit cost20,000Treasury shares at cost250,000TOTAL18,530,000 CREDIT BALANCESAmountBank overdraft100,000Due from an officer50,000Allowance for bad debts40,000Accumulated depreciation – building1,600,000Accumulated depreciation – plant and equipment400,000Notes payable, due June 30, 20211,300,000Notes payable, due June 30, 20222,100,000Accounts payable1,000,000Provision180,000Warranty liabilities80,000Income tax payable120,000Finance lease liability180,000Deferred tax liability280,000Actuarial gain300,000Revaluation surplus360,000Share capital6,000,000Share premium2,000,000Retained…
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