i) ii) Tina owns a retail business called Tina Trading. The following balances were extracted from her books on 30 June 2020: (a) Capital, 1 July 2019 Fixtures and fittings at cost Motor vehicles at cost Accumulated depreciation (b) Fixtures and fittings Motor vehicles Additional information: Trade receivables Trade payables Cost of sales Sales revenue Motor expenses Insurance Allowance for impairment of trade receivables Interest Income Wages and Salaries Drawings Cash at bank Inventory Rent Bank loan REQUIRED pho solution $ 20 000 8 000 15 000 2 000 1 500 7 000 4 150 30 840 90 800 630 6 000 350 3 800 20 500 1 400 920 7 310 30 000 5 000 During 2020, Tina withdrew goods valued at $400 from the business for private use. No entry had been made in the books for the withdrawal of these goods. Owner contributes $20 000 into the business bank account. CESTUDER Prepare the statement of financial performance for the year ended 30 June 2020. Prepare the statement of financial position as at 30 June 2020.

i) ii) Tina owns a retail business called Tina Trading. The following balances were extracted from her books on 30 June 2020: (a) Capital, 1 July 2019 Fixtures and fittings at cost Motor vehicles at cost Accumulated depreciation (b) Fixtures and fittings Motor vehicles Additional information: Trade receivables Trade payables Cost of sales Sales revenue Motor expenses Insurance Allowance for impairment of trade receivables Interest Income Wages and Salaries Drawings Cash at bank Inventory Rent Bank loan REQUIRED pho solution $ 20 000 8 000 15 000 2 000 1 500 7 000 4 150 30 840 90 800 630 6 000 350 3 800 20 500 1 400 920 7 310 30 000 5 000 During 2020, Tina withdrew goods valued at $400 from the business for private use. No entry had been made in the books for the withdrawal of these goods. Owner contributes $20 000 into the business bank account. CESTUDER Prepare the statement of financial performance for the year ended 30 June 2020. Prepare the statement of financial position as at 30 June 2020.

Name: 4i)ii)Tina owns a retail business called Tina Trading. The following
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: 4i)ii)Tina owns a retail business called Tina Trading. The following balances wereextracted from her books on 30 June 2020:(a)(b)Capital, 1 July 2019Fixtures and fittings at costMotor vehicles at costAccumulated depreciationFixtures and fittingsMoto

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter3: Accrual Accounting

Section: Chapter Questions

Problem 2MCQ: In December 2019, Swanstrom Inc. receives a cash payment of $3,500 for services performed in...

See similar textbooks

Similar questions

At the end of 2019, Framber Company received 8,000 as a prepayment for renting a building to a tenant during 2020. The company erroneously recorded the transaction by debiting Cash and crediting Rent Revenue in 2019 instead of 2020. Upon discovery of this error in 2020, what correcting journal entry will Framber make? Ignore income taxes.
LO.2 In 2019, the taxpayer became ineligible to use the cash method of accounting. At the beginning of the year, accounts receivable totaled 240,000, accounts payable for merchandise totaled 80,000, and the inventory on hand totaled 320,000. What is the amount of the adjustment due to the change in accounting method?
In December 2019, Swanstrom Inc. receives a cash payment of $3,500 for services performed in December 2019 and a cash payment of S4,500 for services to be performed in January 2020. Swanstrom also receives the December utility bill for S600 but does not pay this bill until 2020. For 2019, under the accrual basis of accounting, Swanstrom would recognize: a. $8,000 of revenue and $600 of expense. b. $8,000 of revenue and $0 of expense. c. $3,500 of revenue and $600 of expense. d. $3,500 Of revenue and $0 of expense.
Bravo Company purchased a two-year insurance policy on August 1, 2021 for P28,800. Using an asset method, the reversing entry shall entail? a. A debit to prepaid insurance of P6,000 b. A debit to insurance expense of P6,00 c. A debit to insurance expense of P22,800 d. A credit to insurance expense of P22,800. e. the answer is not given
1. JBC Company, a car rental company, acquires vehicles with the intention of holding them as rental cars forlimited period and then selling them. As of December 31, 2020, Car 1 was sold for P500,000 and Car 2 was also sold forP435,000. The carrying values of Car 1 and 2 were P150,000 and P130,000, respectively. What amount of gains or losses JBC Company should disclose in the Statement of Comprehensive Income inrelation to the sale of cars above?
6. On December 31, 2021, the property dividends are yet to be distributed to owners. The entries on December 31, 2021 include all of the following except Group of answer choices A debit to retained earnings for P1,200,000 A credit to gain on impairment recovery for P1,200,000 A credit to property dividends payable for P1,200,000 None of these
3. Lotus LLC is the parent company of Moon LLC and a current account is used to record transactionsbetween the companies. On 31 DEC 2019, the balance on this account appeared as an asset ofOMR 32,500 in the books of Lotus LLC and as a liability of OMR 22,000 in the books of Moon LLC.This discrepancy is caused by the fact that Moon LLC sent a payment of OMR 10,500 to Lotus LLCon 30 DEC 2019. Lotus LLC did not receive the payment until 3 JAN 2020. A. Explain how this matter will be dealt with in the consolidated statement of financialposition at 31 DEC 2019. B. What is Intra-group balances? Explain the circumstances under which Intra-GroupBalances arise with examples?
Bravo Company purchased a two-year insurance policy on August 1, 2021 for P28,800. Using an asset method, the adjusting entry shall include?a. A debit to prepaid insurance of P6,000 b. A debit to insurance expense of P6,00 c. A debit to insurance expense of P22,800 d. A credit to insurance expense of P22,800. e. the answer is not given
Samke Limited sells new equipment and repairs equipment for their regular customers. The following information was extracted from the accounting records for the financial year ended 30 June 2021 Extracted from the Pre-Adjustment Trial Balance at 30 June 2021: R Fixed deposit 160 000 nie in nie Asset Inventory: Trade goods 219 800 nie in nie Asset Debtors control 39 090 nie in nie Asset Machinery 224 000 Accumulated depreciation: Machinery 130 000 Long term borrowing: Finhouse 281 200 liability nie in nie Sales 1 680 000 Debtors allowances/bad debt 17 000 Cost of sales 1 050 000 Service fee income (in respect of repair services) 297 140 Rent income 105 000 Interest income 11 200 Salaries and wages 294 640 Audit fees 30 000 Directors fees 230 000 Consumable stores 51 100 Bank charges 5 240 Travel and entertainment - Directors 15 910 Adjustments and additional…
On May 16, 2019, an entity purchased a fire insurance policy covering a property for a period of 2 years. The P16,800 cost of policy was paid in cash. At the end of 2019, the company will reduce Prepaid Insurance for this policy by? a. P5,600 b.P5,650 c. P5,250 d. P8,400
On December 1, 2020, a client paid P 120,000 for the rental of a shop for 3 months An asset method was used to record the payment of the said amount. What amount is recognized as an expense at the end of the year 2020?
Parts B and C is where the assistance is needed The balance sheets of HiROE Inc. showed the following at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Equipment, less accumulated depreciation of $212,625 at December 31, 2020, and $151,875 at December 31, 2019. $ 273,375 $ 334,125 If there have not been any purchases, sales, or other transactions affecting this equipment account since the equipment was first acquired, what is the amount of the depreciation expense for 2020? Assume the same facts as in part a, and assume that the estimated useful life of the equipment to HiROE Inc., is eight years and that there is no estimated salvage value. Determine: What the original cost of the equipment was. What depreciation method is apparently being used. When the equipment was acquired. Assume that this equipment account represents the cost of 5 identical machines. Prepare the horizontal model and record the journal entry for the sale of the…