Please make the Statement of financial position
Q: Identify the number and usual titles of the financial statements prepared under IFRS.
A:
Q: Statement of financial position format
A: Financial Statement:- These are statements prepared at the end of the financial year to know the…
Q: Show the details in Statement of financial position.
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…
Q: Prepare statement of financial position
A: Introduction: Statement of financial position: All the assets and liabilities are shown in balance…
Q: Prepare the Statement of Financial Position in an account form
A: Statement of financial position shows all assets and all liabilities of the business along with…
Q: Define financial statements.
A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…
Q: Exercise 1 Mention the financial statements used to perform an analysis of the financial situation…
A: Financial statememnts mainly include - - income statement - balance sheet - cash flows statement…
Q: Prepare the income statement and balance sheet
A: Income Statement: An income statement is one of the financial statements that display the financial…
Q: How does information from the balance sheet help users of the financial statements?
A: The balance sheet provides an overview of assets, liabilities, and stockholders' equity as a…
Q: . Explain the main elements of Financial Statements in detail.
A: main elements of financial statements of are - - Assets - liabilities - equity - incomes - expenses…
Q: Describe the elements of the Statement of Financial Position. Also, differentiate Current and Non…
A: Financial statement is prepared from the trial balance which include :- Profit and loss and…
Q: Please make balance sheet and income statement
A: Income statement is the financial statement which shows all incomes and all expenses of the business…
Q: Describe the purpose of financial statements.
A: Definition: Financial statements: Financial statements are condensed summary of transactions…
Q: Determine the list of the initial financial statements in accordance with IFRS.
A: IFRS means International Financial Reporting Standards Thers is list of the Initial Financial…
Q: prepare the statement of financial position
A: Note: The explanations to the Journals are not provided as is not required in the question…
Q: Provide statement of financial position
A: Statement of Financial Position The purpose of preparing the statement of financial position to know…
Q: Please provide supporting notes to financial statements
A: Supporting notes are the notes which are provided by the company so that the financial statements…
Q: Using the transactions attached and the Unadjusted please create a Statement of Financial Position.
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…
Q: What are the objectives of preparing financial statements?
A: Introduction: Financial statements are written papers that summaries the commercial activities and…
Q: How do you do a financial Statement?
A: Financial statements are statements that are prepared at the end of the period in order to analyse…
Q: users of the financial information
A: Users of financial information are those people who read the financial statements and use the…
Q: prepare the Statement of Financial Performance, Statement of Changes in Equity, and Statement of…
A: Statement of financial performance shows profitability position of the business. Balance sheet shows…
Q: Please help prepare Financial position and comprehensive income statement
A: Statement of comprehensive income shows all incomes and all expenses in the business and at the end…
Q: ancial position in accordance to IFRS finacial statement presentation. Expain?
A: Accounting Equation is nothing but in simple terms, there should be a balancing entry i.e if there…
Q: Define financial assets and explain their valuation in the balance sheet.
A: Definition:
Q: prepare Income Statement
A:
Q: Please explain the financial statement with any relevant notes.
A: Analysis of Financial Statement While analyzing the financial statement which can be measured by the…
Q: Elaborate the users of Financial Statement in detail
A: Financial statements give overall growth to economy. There are may users of financial statements who…
Q: Which of the following correctly describes how accounts payable will appear on the financial…
A: Accounts Payable: Accounts Payable are the short-term liabilities that an entity owes to its…
Q: Define the basic elements of financial statements.
A: Financial statements: Financial statements are condensed summary of transactions communicated in the…
Q: What are the steps to be completed in preparing the opening IFRS statement of financial position?
A: IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring…
Q: How to prepare statement of financial position
A: Financial statement is prepared from the trial balance which include :- Profit and loss and…
Q: Prepare an income statement and balance sheet
A: Trial Balance Dr. Cr. Cash 45450 Common Stock 50000 Prepaid rent 3000 Equipment 5000…
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- To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019, and $26,850 at December 31, 2019. Net income for 2019 was $125,300 and sales revenue was $1,240,000. Required: Compute the amount of cash collected from customers using the direct method.
- Analyze and compare J. C. Penney and Macys J. C. Penney Company, Inc. (JCP) and Macys, Inc. (M) are large department store chains in the United States. Information from recent annual reports for both companies is as follows (in millions): a. Determine the days cash on hand for each company. Round to one decimal place. b. Which company has the better liquidity position?On 31 December 2017, IC showed the following current assets Cash 3,200,000 Accounts receivable 2,500,000 Inventory 2,000,000 Prepaid expenses 100,000 Total Current Assets 7,800,000 Cash on hand, including postdated check of P50,000 and employees IOUs P50,000 500,000 Cash in bank per bank statement (Outstanding Checks on 31 December 2017, P200,000) 2,700,000 Total Cash 3,200,000 Customers’ debit balances, net of customer deposit of P50,000 1,900,000 Allowance for doubtful accounts (150,000) Sales price of goods invoiced to customers at 150% of cost on 29 December 2017 but delivered on 5 January 2018 and excluded from reported inventory 750,000 Total accounts receivable 2,500,000 What is the adjusted cash balance?On 31 December 2017, IC showed the following current assets Cash 3,200,000 Accounts receivable 2,500,000 Inventory 2,000,000 Prepaid expenses 100,000 Total Current Assets 7,800,000 Cash on hand, including postdated check of P50,000 and employees IOUs P50,000 500,000 Cash in bank per bank statement (Outstanding Checks on 31 December 2017, P200,000) 2,700,000 Total Cash 3,200,000 Customers’ debit balances, net of customer deposit of P50,000 1,900,000 Allowance for doubtful accounts (150,000) Sales price of goods invoiced to customers at 150% of cost on 29 December 2017 but delivered on 5 January 2018 and excluded from reported inventory 750,000 Total accounts receivable 2,500,000 What is the adjusted balance of receivables?
- 1. Tranvia Company revealed the following information on December 31, 2020:Cash in checking account 350,000Cash in money market account 750,000Treasury bill, purchased November 1, 2020maturing January 31, 2021 3,500,000Time deposit purchased December 1, 2020maturing March 31, 2021 4,000,000 What amount should be reported as cash and cash equivalents on December 31, 2020? 2. Affable Company provided the following information at year-end comprising the cashaccount:Cash in bank – demand deposit 5,000,000Cash on hand 400,000Postage stamps unused 5,000Certificate of time deposit 1,500,000Money order 50,000Manager check 100,000Traveler check 1,000,000Postdated customer check 500,000 What total amount should be reported as cash at year end? 3. Thor Company provided the following data on December 31, 2020:Checkbook balance 4,000,000Bank statement balance 5,000,000Check drawn on Thor’s account, payable to supplier,dated and recorded on December 31, 2020 but notmailed until January 31, 2021…Below is information about Adam Ltd’s cash position for the month of May 2020. The general ledger Cash at Bank account had a balance of $42,400 on 30 The cash receipts journal showed total cash receipts of $585,408 for The cash payments journal showed total cash payments of $530,148 for The June bank statement reported a bank balance of $82,368 on 30 Outstanding cheques at the end of May were: 221, $2896; no. 225, $308; and no. 230, $820. Cash receipts of $20,180 for 31 May were not included in the May bank A dishonoured cheque written by a client Jim Ltd, $272 A credit for an electronic transfer from a customer of $1,288 Interest earned, $88 Account and transaction fees, $240. Required: Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate the total cash receipts and cash payments for May. Post from cash receipts and cash payments journals to the Cash at Bank ledger account and balance the account. Prepare a bank reconciliation…The Cash account of Silver Maple Art Gallery shows the following at April 30, 2014CashDate Item Jrnl. Ref. Debit Credit BalanceApril 1 Balance 13,911April 30 CR.6 10,672 24,583April 30 CR.11 10,924 13,659On April 30, 2014, Silver Maple Art Gallery received the following bank statement:Bank Statement for April 2014Beginning Balance $13,911Deposits & Other Credits:April 1 $ 300 EFTApril 4 4,174April 9 501April 12 559April 17 2,187April 22 1,300 BCApril 23 1,854 10,875Checks & Other Debits:April 7 (cheque no. 3113) $ 891April 13 (cheque no. 3115) 1,390April 14 900 USApril 15 (cheque no. 3114) 147April 18 (cheque no. 3116) 664April 21 200 EFTApril 26 (cheque no. 3117) 1,472April 30 (cheque no. 3118) 1,000April 30 20 SC (6,684)Ending Balance $18,102Explanations: EFT – electronic funds transfer; BC – bank collections; US – unauthorizedsignature; SC – service charge.Additional data for the bank reconciliation:a. The EFT deposit was a receipt of rent. The EFT debit was an…
- The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from:Collections from customers $380,000Interest on notes receivable 6,000Collection of notes receivable 50,000Sale of investments 30,000Issuance of notes payable 100,000Cash Paid for:Purchase of inventory 160,000Interest on notes payable 5,000Purchase of equipment 85,000Salaries to employees 90,000Payment of notes payable 25,000Dividends to shareholders…The breakdown of the Cash and Cash Equivalents account of b Corporation as of December 31, 2021 is as follows:Cash on hand 135,000Cash funds 5,450,000Cash in bank 8,900,000Investments 2,400,000Some relevant items related to cash on hand are presented below:• Included in the balance are as follows:o A check received from a customer dated January 5, 2022, P5,000o A customer check dated November 11, 2021, P12,000o A customer check dated February 4, 2021, P5,000o Unused postage stamps, P800o An undelivered check dated December 28, 2021, P24,000• Excluded from the balance are as follows:o A customer check dated December 30, 2021, P10,000o An undelivered check dated December 30, 2021, P8,000o A customer check dated March 31, 2021, P1,000o Money order, P4,500Relevant information regarding the cash funds are as follows:• The petty cash fund balance is at P20,000. As of December 31, 2021, included in the fund are bills and coins forP8,000, and various expense vouchers at P12,000.• Dividend…The breakdown of the Cash and Cash Equivalents account of b Corporation as of December 31, 2021 is as follows:Cash on hand 135,000Cash funds 5,450,000Cash in bank 8,900,000Investments 2,400,000Some relevant items related to cash on hand are presented below:• Included in the balance are as follows:o A check received from a customer dated January 5, 2022, P5,000o A customer check dated November 11, 2021, P12,000o A customer check dated February 4, 2021, P5,000o Unused postage stamps, P800o An undelivered check dated December 28, 2021, P24,000• Excluded from the balance are as follows:o A customer check dated December 30, 2021, P10,000o An undelivered check dated December 30, 2021, P8,000o A customer check dated March 31, 2021, P1,000o Money order, P4,500Relevant information regarding the cash funds are as follows:• The petty cash fund balance is at P20,000. As of December 31, 2021, included in the fund are bills and coins forP8,000, and various expense vouchers at P12,000.• Dividend…