Jan 2 Additional money was introduced by Dada in a form cash GH¢50,000.00 and cash at bank GHe70,00c.00 Jan 3 Purchased furniture and ittings by chaque costing GHE52,000.00 Jan 4 Sold the following goods 5 cartons of Milo @ GH¢150, 20 boxes of Coffee@ GHe50, 50 Creates of Fanta @ GHe30 and 2 bags of sugar @ GHe200 to Alfred on credit Jan 5 Cash sales GHe20,000.00 Jen 6 Bank lodgment GH¢50,500.00 Jan 7 Cash purchases of Bread 100 loaves from Oman Korkor @ GHE10.50 Jan 8 Bought goods from Emest Donkor Paying by cheque GH¢20,000.00 Jan 9 Sold the following goods 5 boxes of voltic @ GHe30, 10 cartons of milk @GH¢200, 25 boxes of coffee @ GH¢50 to Johnson Enu on credit Jan 10 Paid Ama Serwaa amount due her by cheque less 10% cash discount
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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…The following information was extracted from the records of Tshabalala Traders Ltd for the yearended 31 December 2019. RCapital 1 January 2019 350 000Drawings 20 000Sales (70% on credit) 950 000Gross profit 250 000Total expenses 80 000Bank favourable 26 000Net profit 74 000Trade creditors 26 000Property, plant and equipment 350 000Fixed deposit 20 000Inventory 72 000Trade Debtors 80 000Mortgage Loan 100 000 Additional InformationThe opening balance of the inventory, debtors and creditors was R50 000, R60 000 and R30 000respectively. Assume a 365 day year. Calculate the following ratios and explain what each ratio means in relation to theindustry average given in brackets. Show your calculations as marks will be awardedfor these. Round off to 2 decimal places.Q.2.1.1 Net profit margin (10%). Q.2.1.2 Debt equity ratio (30%). Q.2.1.3 Average creditors settlement period (60 days). Assume purchases are equalto cost of sales and 60% of all purchases are on credit. Q.2.1.4 Current ratio…The following information was extracted from the records of Tshabalala Traders Ltd for the yearended 31 December 2019. RCapital 1 January 2019 350 000Drawings 20 000Sales (70% on credit) 950 000Gross profit 250 000Total expenses 80 000Bank favourable 26 000Net profit 74 000Trade creditors 26 000Property, plant and equipment 350 000Fixed deposit 20 000Inventory 72 000Trade Debtors 80 000Mortgage Loan 100 000 Additional InformationThe opening balance of the inventory, debtors and creditors was R50 000, R60 000 and R30 000respectively. Assume a 365 day year. Calculate the following ratios and explain what each ratio means in relation to the industry average given in brackets. Show your calculations as marks will be awarded for these. Round off to 2 decimal places. Q.2.1.2 Debt equity ratio Q.2.1.4 Current ratio (2:1)
- The following information was extracted from the records of Tshabalala Traders Ltd for the yearended 31 December 2019. Capital 1 January 2019 350 000Drawings 20 000Sales (70% on credit) 950 000Gross profit 250 000Total expenses 80 000Bank favourable 26 000Net profit 74 000Trade creditors 26 000Property, plant and equipment 350 000Fixed deposit 20 000Inventory 72 000Trade Debtors 80 000Mortgage Loan 100 000 Additional InformationThe opening balance of the inventory, debtors and creditors was R50 000, R60 000 and R30 000 respectively. Assume a 365 day year. Calculate the following ratios and explain what each ratio means in relation to the industry average given in brackets. Show your calculations as marks will be awardedfor these. Round off to 2 decimal places. Q.2.1.2 Debt equity ratio (30%). Q.2.1.3 Current ratio (2:1)Use the table for the questions below. Consider the following balance sheets: PharmPic DosageDoc Reported Dec. 31, 2020 2021 2020 2021 Assets Cash 224,224 200,400 301,540 230,876 Accounts Receivable 129,000 118,125 130,316 110,345 Inventories 154,890 171,147 184,717 186,000 Total Current Assets 508,114 489,672 616,573 527,221 Net Property Plant & Equipt. 421,162 431,795 456,462 460,000 Patents and Trademarks 212,770 210,110 201,348 199,990 Total Assets 1,142,046 1,131,577 1,274,383 1,187,211 Liabilities and Stockholders' Equity: Short Term Borrowings (Bank) 257,000 264,023 302,453 270,000 Accounts Payable 212,900 209,000 267,004 225,000 Current Portion of LTD (Interest Bearing Debt) 39,532 29,081 32,611 46,048 Total Current Liabilities 509,432 502,104 602,068…Extract of Balance sheet items as at 31 December 2020 OR Equipment 20000 Goodwill 4500 Creditors 1000 Land 35000 Account receivables 3500 Capital 11500 Closing Stock 15000 Loan 3000 Bank overdraft 3200 Cash 2500 Mortagage loan 7500 Machinery 1650 Trade payables 5700 Accumulated Depreciation (Equipment) 1000 Short term Investments 2200 Trade marks 6000 Drawings 1000 Retained Earnings 9150 Prepaid Expenses 2300 MC Select one: a. 81750 OMR b. 9900 OMR c. 10500 OMR d. 91650 OMR
- Extract of Balance sheet items as at 31 December 2020 OR Land 35000 Account receivables 3500 Capital 11500 Closing Stock 15000 Loan 3000 Bank overdraft 3200 Cash 2500 Mortagage loan 7500 Machinery 1650 Trade payables 5700 Accumulated Depreciation 1000 Short term Investments 2200 Trade marks 6000 Drawings 1000 Retained Earnings 7150 Prepaid Expenses 2300 Calculate Owners Equity Select one: a. None Of These b. 17650 OMR c. 8900 OMR d. 58250 OMRCapital 1 January 2019 350 000Drawings 20 000Sales (70% on credit) 950 000Gross profit 250 000Total expenses 80 000Bank favourable 26 000Net profit 74 000Trade creditors 26 000Property, plant and equipment 350 000Fixed deposit 20 000Inventory 72 000Trade Debtors 80 000Mortgage Loan 100 000 Additional InformationThe opening balance of the inventory, debtors and creditors was R50 000, R60 000 and R30 000respectively. Assume a 365 day year. Calculate the following ratios and explain what each ratio means in relation to theindustry average given in brackets. Show your calculations as marks will be awardedfor these. Round off to 2 decimal places. Q.2.1.3 Average creditors settlement period (60 days). Assume purchases are equalto cost of sales and 60% of all purchases are on credit. Q.2.2 Discuss how the solvency ratio is calculated and what is measured by this ratio. Please help with the both questions mentionedCapital 1 January 2019 350 000Drawings 20 000Sales (70% on credit) 950 000Gross profit 250 000Total expenses 80 000Bank favourable 26 000Net profit 74 000Trade creditors 26 000Property, plant and equipment 350 000Fixed deposit 20 000Inventory 72 000Trade Debtors 80 000Mortgage Loan 100 000 Additional InformationThe opening balance of the inventory, debtors and creditors was R50 000, R60 000 and R30 000respectively. Assume a 365 day year. Calculate the following ratios and explain what each ratio means in relation to theindustry average given in brackets. Show your calculations as marks will be awardedfor these. Round off to 2 decimal places. Q.2.1.3 Average creditors settlement period (60 days). Assume purchases are equalto cost of sales and 60% of all purchases are on credit. Q.2.2 Discuss how the solvency ratio is calculated and what is measured by this ratio.
- Please see attachment. The bottom portion is what I cannot figure out. The following financial information is for Priscoll Company. Priscoll CompanyBalance SheetsDecember 31 Assets 2020 2019 Cash $ 84,700 $ 78,650 Debt investments (short-term) 66,550 48,400 Accounts receivable 125,840 108,900 Inventory 278,300 199,650 Prepaid expenses 30,250 27,830 Land 157,300 157,300 Building and equipment (net) 314,600 223,850 Total assets $1,057,540 $844,580 Liabilities and Stockholders’ Equity Notes payable (short-term) $205,700 $145,200 Accounts payable 78,650 62,920 Accrued liabilities 48,400 48,400 Bonds payable, due 2023 302,500 205,700 Common stock, $10 par 242,000 242,000 Retained earnings 180,290 140,360 Total liabilities and stockholders’ equity $1,057,540 $844,580 Priscoll CompanyIncome StatementFor…Uptodate Projects Ltd has approached you to analyse and interpret their financial statements.The following amounts were extracted from the records of the company: 2019 2020 2021 R R RTurnover 200 000 220 000 250 000Cost of sales 140 000 150 000 165 000Profit before interest and tax 12 000 11 000 10 500Accounts receivable 16 500 25 000 29 600Accounts payable 13 000 14 700 17000 Inventory 18 750 26 000 30 400Bank/ (Overdraft)…Extract of Balance sheet items as at 31 December 2020 OR Land 35000 Account receivables 3500 Capital 11500 Closing Stock 15000 Loan 3000 Bank overdraft 3200 Cash 2500 Mortagage loan 7500 Machinery 1650 Trade payables 5700 Accumulated Depreciation 1000 Short term Investments 2200 Trademarks 6000 Drawings 1000 Retained Earnings 7150 Prepaid Expenses 2300 Calculate Total Current Assets? Select one: a. None Of These b. 8900 OMR c. 25500 OMR d. 58250 OMR