panded accounting equation to compute the missing financial statement amounts. Owner, Withdrawals Assets Liabilities Owner, Capital Revenues Expenses 46,000 = 17,500 23,000 - 9,500 85,700 = నిరి.,500 47,000 27,000 19,500 %24 %24 %24 +. %24 %3D %24
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- Financial statements Alpine Realty. Inc., organized July 1. 20Y8, is operated by Angela Griffin. How many errors can you find in the following financial statements far Alpine Realty, Inc. prepared after its first month of operations?Unusual income statement items Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or unusual (U) items. If unusual item, then specify if it is a discontinued operations item (DO). a. Interest revenue on notes receivable. b. Gain on sale of segment of the company's operations that manufactures bottling equipment. c.Loss on sale of investments in stocks and bonds. d. Uncollectible accounts expense. e. Uninsured flood loss. (Hood insurance is unavailable because of periodic Hooding in the area.)Missing amounts from Financial statements The financial statements at the end of Network Realty, Inc.’s first month of operations are shown below. 11y analyzing the interrelationships among the financial statements, fill in the proper amounts for (a) through (s).
- Calculate the missing value (in $) according to the accounting equation. Assets Liabilities Owner's Equity $15,808,000 $8,338,500 $T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.Assets - Liabilities = Owner's Equity $81, 600 $17,000 ? 430,185 ? $373,065 44,625 42,917 ? ? 591,600 843,285 974,534 ? 319,439 Calculate the missing values indicated with a ?
- A. Calculate the ending balance for each account. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Assets Liabilities Owner’s Equity Cash Inventory Equipment AccountsPayable WagesPayable CommonStock RetainedEarnings 1 $50,000 $50,000 2 (6,000) $6,000 3 $25,000 $25,000 4 1,250 $1,250 5 (750) (750) 6 600 (600) 7 $3,500 (3,500) 8 3,200 3,200 9 250 (250) 10 (1,000) 1,000 Ending Balance $ $ $ $ $ $ $ $ $ B. Create the income statement. Use minus sign to indicate the loss. Pancake Palace Income Statement For the Month Ended July 31 $ $ C. Create the statement of owner’s equity. If an amount box requires a zero, enter "0". For those boxes in which you must enter subtractive or negative numbers use a minus sign. Pancake Palace Statement of Owner's Equity…Assume a company with the following balance sheet accounts:Account AmountCash $10,000Fixed assets _______ 60,000$70,000Account AmountLong-term loans $30,000M. Johnson, proprietor _______ 40,000$70,000You are concerned only about overstatements of owner’s equity. Set performance materialityfor the three relevant accounts such that the preliminary judgment about materialitydoes not exceed $5,000. Justify your answerAn entity has the following income and expenditure for the financial year: Sales R33 000; Rent expenses R11 000; Interest income R1 000; Insurance R1 500. The net profit or the net loss of the entity is … NB: Instructions 1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Only show the amount, do not show the R (eg: 12141.72) 3. If it is a loss, please enter the amount as a negative (eg: -12141.72)
- 1. Calculate the missing value (in $) according to the accounting equation. Assets Liabilities Owner's Equity $ $332,200 $215,000 2. Calculate the missing value (in $) according to the accounting equation. Assets Liabilities Owner's Equity $15,808,000 $8,338,500 $Use the expanded accounting equation to compute the missing financial statement amounts. Company Assets = Liabilities + Owner, Capital − Owner, Withdrawals + Revenues − Expenses 1 $76,000 = $25,000 + $38,000 − $0 + − $17,000 2 $114,200 = $41,000 + $62,000 − + $42,000 − $27,000xtract 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. 8900 OMR c. 58250 OMR d. 17650 OMR
