Noor started her business on June 1, 2020. Noor Trial Balance August 31, 2020 Debit SL Particulars Credit Cash 55,600 2 Supplies Prepaid Insurance 16,300 3 16,000 4 Land 22,000 5 Cottages 5,000 Furniture 26,000 Account Payable 16,500 8 Uneamed Rent Mortgage Payable Сapital Drawing 10,400 9. 10,000 10 70,000 11 5,000 12 Rent Revenue 57,000 13 Repair Expense Salaries Expense 3,600 14 5,000 15 Utility Expense 9,400 ТОTAL 163.900 163.900 67
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- You are the accountant for Speedy Company and are preparing the financial statements for 2019. Near the end of 2019, Speedy loaned its president 100,000 (a material amount) because she was having financial difficulties. The note was properly recorded as a note receivable by Speedy. You are unsure of how to classify this note on the 2019 ending balance sheet and ask the president when the note is due. She replies, We never really set a due date; I might repay it in 2020 or maybe in a couple of years when I get more financially secure. It would be best to classify this note as a current asset in the usual manner because that will increase our working capital and current ratio, which will make our creditors and shareholders happy. Required: From financial reporting and ethical perspectives, what do you think of the presidents suggestion?Penny Wong has extracted the following information from her income statement and balance sheet for 2021 and 2020: 2021 2020 Profit After Tax $665,451 $682,867 Cash at Bank $148,399 $121,663 Mortgage payable this year $26,754 $32,503 Inventory $36,200 $44,066 Accounts payable $128,305 $127,187 Accounts receivable (trade debtors) $445,025 $401,750 Mortgage payable in 5 years time $501,383 $623,093 Owner's Equity $1,482,532 $1,130,496 Based on the information provided, calculate the Current Ratio for 2021.Janice Wong has extracted the following information from her income statement and balance sheet for 2021 and 2020: 2021 2020 Profit After Tax $687,511 $665,763 Cash at Bank $109,805 $102,213 Mortgage payable this year $21,488 $31,995 Inventory $39,432 $42,929 Accounts payable $128,057 $121,309 Accounts receivable (trade debtors) $444,563 $393,798 Mortgage payable in 5 years time $516,150 $633,164 Owner's Equity $1,479,443 $1,096,378 Based on the information provided, calculate the Return on Equity for 2021.
- Jim Young, M.D., keeps his accounting records on the cash basis. During 2021, Dr. Young collected P460,000 from his patients. At December 31, 2020, Dr. Young had accounts receivable of P50,000. At December 31, 2021, Dr. Young had accounts receivable of P70,000 and unearned revenue of P10,000. On the accrual basis, how much was Dr. Young's patient service revenue for 2021? a. P 410,000. b. P 470,000. c. P 480,000. d. P 490,000.The following information is provided to you by Amos 31st December 2014 31st December 2015 Shs. ShsWages in arrears 60,000 67,000Insurance paid in advance 21,000 25,500Rates in arrears 7,500 NILRates in advance NIL 9,000Payments made during 2015 were; Wages Kshs. 715,000 Insurance Kshs. 43,500 Rates Kshs. 46,000 Calculate the amounts Amos should transfer to the profit and loss account for wages, insurance and rates for the year 2015.Prepare the Balance sheet extract.Jim Pharoah, M.D., keeps his accounting records on the cash basis. During 2021, Dr. Pharoah collected $380000 from his patients. At December 31, 2020, Dr. Pharoah had accounts receivable of $39500. At December 31, 2021, Dr. Pharoah had accounts receivable of $69000 and unearned revenue of $9000. On the accrual basis, how much was Dr. Pharoah's patient service revenue for 2021? $400500. $409500. $340500. $418500.
- 10 Ji Lui’s statement of financial position was prepared on 31 December 2018. It showed the followingassets and liabilities:$Machinery 7200Trade receivables 800Inventory 1300Other payables 830Creditors 510Cash 180Bank (debit balance) 250a Calculate Ji Lui’s owner’s equity on 31 December 2018. [2 marks]........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................On 1 January 2019, the following transactions took place:i) Ji Lui paid salaries for December 2018 in cash $319.ii) Ji Lui took cash $89 for her own personal…Lancelot is a dealer of household appliances. He reported the following in 2019 and 2020: 2019 2020 Installment sales P500,000 P800,000 Cost of installment sales 250,000 440,000 Collections 300,000 600,000 Lance’s 2020 collection is inclusive of P100,000 accounts from 2019. Using the accrual basis of accounting compute Lancelot’s gross income subject to income tax in 2020. P360,000 P275,000 P320,000 P250,000Willis and Charlotte both openedsavings accounts with APYs of5.45% on January 1, 2009, withWillis depositing $3800 andCharlotte depositing $8300. Ifneither Willis nor Charlottemade any additionaltransactions for the remainderof 2009, what was thedifference in their balances afterinterest was paid for the year?
- BLOSSOM's balance sheet at December 31, 2020, is as follows. (See Image 1) (See Image 2) Other information about BLOSSOM is as follows. Salary expense, all paid with cash during 2021 $700 Sales, all for cash 2,990 Purchases, all for cash 2,020 Inventory at 12/31/21 1,790 Property originally cost $2,100 and is depreciated on a straight-line basis over 25 years with no residual value.Interest on the note payable is 10% annually and is paid in cash on 12/31 of each year.Dividends declared and paid are $190 in 2021. Prepare an income statement for 2021. (Round answers to 1 decimal place)On July 1, 2019, John Deere signed a $100,000, one year, 6% note payable. The principal and interest will be paid on June 30, 2020. How much interest expense should be reported on the income statement for the year ended December 31, 2019? $6,000 $3,000 $0 $1,500The following information is provided to you by Wacu Wanderi ; 31st December 2019 31st December 2020 Shs. Shs Wages in arrears 60,000 67,000 Insurance paid in advance 21,000 25,500 Rates in arrears 7,500 NIL Rates in advance NIL 9,000 Payments made during 2020 were; Wages Kshs.715,000 Insurance Kshs.43,500 Rates Kshs.46,000 Calculate the amounts he should transfer to the income statement for wages, insurance and rates for the year 2020.