EARIOUScurrent financial year end after all entries have been processed and the profit of theThe following are balances on a Lauren a sole trader's account, as at the end of theabiawluo opeme? 00103 Monq 28010 sieb gniwollot and navig254.83024,53 (d85.83 (3year calculatedas0.03 (pIntroduction to Financial AccountingQuestion 8.Non-current assetsReceivablesa) 40,000b) 40,000-) 50,00050,000Trade payablesBank loanProvision for depreciation plecInventoryAccrualsPrepaymentOverdrafta) 59,000b) £66,000 0.881c) £62,000(d) £64,000024, ITS£85,0007,0003,00015,00015,000 is feoo is elbirley holom a vrisano A4,0001,000What is the balance of Lauren's capital?000,28Isaoqaid nul-082,0002,000gonsis8bloanimuo AC4UK350 noluntbloidev 10toM002,021Income statementuo-nons es beitizeslo ag Sta£02e,ostOUA ITS10t sonsled Isi e'boneq pniwollot erlt ni bebuloni ed bluore eonsisd grineqo terWQuestion 9OSOS vlul tto teoo-elbirlev notom.eonsisäeros bldenoitibbAWhich of the following items will appear as current liabilities in a company's statement offinancial position?90 00153 (d90 024,8813 (60813 (bXn68 1qA-toa) Loan due for repayment within one year, taxation, share premiumb) Loan due for repayment within one year, taxation, interest due on loan notesC) Share premium, taxation and trade receivables8 noitesuod) Loan due for payment within one year, taxation and general reservesbris 002, T13 to aleaas inemus 000,083 to steaes Instvo-non esrl eesnieud nelAQuestion 10 qiso e'nslA esiilidsil met-prol on ens exedT 008,83 to esitilidsil tromuo001.123 (6)gorara (dDuring the year 2019, Chase Ltd paid a total of £60,000 for rent, covering the periodfrom 1 October 2019 to 31 March 2021. What figures should appear in thecompany's financial statement for the year ended 31 December 2020?(b)soitto£slesen 10 15,000 Prepayment10,000 Prepayment10,000 Accrual10,000 AccrualStatement of financial positionTnoitesu(8)(oIntroductionQuesticnThe foJuneestistionOtion Eal ThosedJon-pPlea

Note: “Since you have asked multiple questions, we will solve the first question for you. If you…

Introduction to Financial Accounting Question 8. current financial year end after all entries have been processed and the prof The following are balances on a Lauren a sole trader's account, as at the er 25A year calculated Non-current assets Receivables Bank loan Provision for depreciation led as al 0 15,0001s faoo is eloiriev oloma Inventory Accruals Prepayment Overdraft 59,000 £66,000 C62,000 54,000 000.28 at is the balance of Lauren's capital? Isaogaid nut-08 024,881 024 ITS £ 85,000 7,000 4,000 1,000 no 2,000 2,000 gonsled blo loidev otoM AC4UK350 002,0ar 020,ost evs E yriss 900 eros bld enoil *068 10A

Introduction to Financial Accounting Question 8. current financial year end after all entries have been processed and the prof The following are balances on a Lauren a sole trader's account, as at the er 25A year calculated Non-current assets Receivables Bank loan Provision for depreciation led as al 0 15,0001s faoo is eloiriev oloma Inventory Accruals Prepayment Overdraft 59,000 £66,000 C62,000 54,000 000.28 at is the balance of Lauren's capital? Isaogaid nut-08 024,881 024 ITS £ 85,000 7,000 4,000 1,000 no 2,000 2,000 gonsled blo loidev otoM AC4UK350 002,0ar 020,ost evs E yriss 900 eros bld enoil *068 10A

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter1: Accounting As A Form Of Communication

Section: Chapter Questions

Problem 1.10E: Net Income (or Loss) and Retained Earnings The following information is available from the records...

See similar textbooks

Similar questions

Write the third closing entry to transfer the net income or net loss to the P. Hernandez, Capital account, assuming the following: a. A net income of 3,842 during the first quarter (Jan.Mar.) b. A net loss of 1,781 during the second quarter (Apr.Jun.)
Multiple-Step and Single-Step In coin Statements The following items were derived from Gold Companys December 31 adjusted trial balance: Additional data: 1. Screen thousand share of common stock have been outstanding the entire year. 2. The income tax rate is 30% on all items of income. Required: 1. Prepare a multiple-st income statement. 2. Prepare a single step income statement. 3. Next Level Discuss how Gold Companys income statement in Requirement I might be different if it used IFRS
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.
Comprehensive: Income Statement and Supporting Schedules The following s a partial list of the account balances, after adjustments, of Silvoso Company on December 31, 2019: The following information is also available: 1. The company declared and paid a 0.60 per share cash dividend on its common stock. The stock was outstanding the entire year. 2. A physical count determined that the December 31, 2019, ending inventory is 34,100. 3. A tornado destroyed a warehouse, resulting in a pretax loss of 12,000. The last tornado in this area had occurred 10 years earlier. 4. On May 1, 2019, the company sold an unprofitable division (R). From January through April, Division R (a major component of the company) had incurred a pretax operating loss of 8,700. Division R was sold at a pretax gain of 10,000. 5. The company is subject to a 30% income tax rate. Its income tax expense for 2019 totals 4,230. The breakdown is as follows: 6. The company had average shareholders equity of 150,000 during 2019. Required: 1. As supporting documents for Requirement 2, prepare separate supporting schedules for cost of goods sold, selling expenses, general and administrative expenses, and depreciation expense. 2. Prepare a 2019 multiple-step income statement for Silvoso. Include any related note to the financial statements. 3. Prepare a 2019 retained earnings statement. 4. Next Level What was Silvosos return on common equity for 2019? What is your evaluation of Silvosos return on common equity if last year it was 10%?
Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December 31, 2019, Opgenorth Company listed the following items in its adjusted trial balance: Additional data: 1. Seven thousand shares of common stock have been outstanding the entire year. 2. The income tax rate is 30% on all items of income. Required: 1. Prepare a 2019 multiple-step income statement. 2. Prepare a 2019 single-step income statement. 3. Prepare a 2019 statement of comprehensive income.
Income Statement and Retained Earnings Huff Company presents the following items derived from its December 31, 2019, adjusted trial balance: The following information is also available for 2019 and is not reflected in the preceding accounts: 1. The common stock has been outstanding all year. A cash dividend of 1.28 per share was declared and paid. 2. Land was sold at a pretax gain of 6,300. 3. Division X (a major component of the company) was sold at a pretax gain of 4,700. It had incurred a 9,500 pretax operating loss during 2019. 4. A tornado, which is an unusual event in the area, caused a 5,400 pretax loss. 5. The income tax rate on all items of income is 30%. 6. The average shareholders equity is 90,000. Required: 1. Prepare a 2019 multiple-step income statement for Huff. 2. Prepare a 2019 retained earnings statement. 3. Compute the 2019 return on common equity (Net Income 4 Average Shareholders Equity).
FedEx Corporation had the following revenue and expense account balances (in millions) for a recent year ending May 31: a.Prepare an income statement. b.Compare your income statement with the income statement that is available at the FedEx Corporation Web site, (http://investors.fedex.com). Click on Annual Report and Download Annual Report. What similarities and differences do you see?
JOURNAL ENTRIES (ACCRUED INTEREST RECEIVABLE) At the end of the year, the following interest is earned, but not yet received. Record the adjusting entry in a general journal. Interest on 6,000, 60-day, 5.5% note (for 24 days) 22.00 Interest on 9,000, 90-day, 6% note (for 12 days) 18.00 40.00
Net Income (or Loss) and Retained Earnings The following information is available from the records of Prestige Landscape Design Inc. at the end of the year: Required Use the previous information to answer the following questions. What is Prestiges net income for the year? What is Prestiges Retained Earnings balance at the end of the year? What is the total amount of Prestiges assets at the end of the year? What is the total amount of Prestiges liabilities at the end of the year? How much owners equity does Prestige have at the end of the year? What is Prestiges accounting equation at the end of the year?
Multiple-step income statement The following income statement for Curbstone Company was prepared for the year ended August 31, 20Y5: a. Identify the errors in the income statement. b. Prepare a corrected income statement.
Income statement; net loss The following revenue and expense account balances were taken from the ledger of Acorn Health Services Co. after the accounts had been adjusted on January 31, 20Y7, the end of the fiscal year: Prepare an income statement.
The balance in the unearned rent account for Jones Co. as of December 31 is $1 ,20(). If Jones Co. failed to record the adjusting entry for $600 of rent earned during December, the effect on the balance sheet and income statement for December would 1w: A. Assets understated by $600; net income overstated by $600. B. Liabilities understated by $600; net income understated by $600. C. Liabilities overstated by $600; net income understated by $600. D. Liabilities overstated by $600; net income overstated by $600.