Prepare the post adjustment trial balance of Musketeer Traders on 30 September 2019.
Q: Your new audit client, Guimba Company prepared the trial balance below as of December 31, company…
A:
Q: Instructions: Compute the balance in each of the following accounts at December 31, 2019, and…
A: Solution: Introduction: Book balance refers to a value recorded in the respective account as an…
Q: E. Assuming the company closets it's books on December 31, prepare the journal entres for 12/31/2019…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Daisy Pte Ltd intends to change its accounting year end from 31 December to 31 March. Its next set…
A: Where a company changes its accounting year as a result of which the first accounting year after the…
Q: Prepare necessary adjusting entries at December 31, 2020 to record the admiss partner D and the…
A:
Q: What total amount should be reported as on December 31, 2021? adjusting events
A: Auditing refers to the process of inspecting or examining the financial records and statements of…
Q: Requirements: 1. Prepare journal entries on the books of the investor from 2015 to 2019.
A: Step 1 Journal is the Part of Book Keeping.
Q: 1. Prepare the trial balance as of 30 June 2019.
A: Trial balance is the summary form of financial statement prepared after balancing all the general…
Q: transaction occur on 25 June 2019 is an income to
A: An income is to be recognized if the right to receive the amount of consideration is confirmed. As…
Q: Becker Ltd. is planning to adopt IFRS and prepare its first IFRS financial statements at December…
A: International Financial Reporting Standards (IFRS): IFRS is a set of international accounting…
Q: Required: 1. to 3. Prepare the journal entries to record their issuance by The Gorman Group on June…
A: The financial instrument which provides fixed interest as a return over the period of investment is…
Q: Adjustin entry for January 31 of: On December 28, 2018, FTS received a payment from a customer in…
A: An adjusting journal entry is an entry in a company's general ledger that occurs at the end of an…
Q: Required: Show all your working. (a) Prepare the Income Statement for the year ended 31 December…
A: Income statement is one of the financial statement which shows all incomes and all expenses of the…
Q: Prepare a balance sheet as of December 31, 2019
A: 1. Balance Sheet of XYZ Company as on December…
Q: Which of the following adjusting entries prepared on December 31, 2021 (without amounts and…
A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…
Q: At the end of the year, on December 31, 2019, the bookkeeper of the Jonny Company prepared an…
A: Statement of changes in owners equity shows all changes in the equity balance of the business for…
Q: Marina Sdn. Bhd. commenced operations on 10 June 2020 and prepared its accounts to 30 April 2021…
A: Basis period refers to the time duration for which the partnership or the sole trader that pays the…
Q: From the adjusted Trial Balance, prepare an Income Statement and a Retained Earnings Statement for…
A: Income statement: It is one of the financial statements prepared by an organization. This statement…
Q: Rates and insurance outstanding at 31 December 2019 was GHC 675. However, at 31 December 2020, rates…
A: The income and expenditure account shows the expenses and revenues that are incurred and earned…
Q: scovered the
A: Here we will take one by one tranasction and first will…
Q: Before an adjusting entry on December 31, 2020, the fair value adjustment account contained a credit…
A: Net Fair value adjustment = $800 ( $1600 + $1000 - $1800) The adjusting entries to reflect the…
Q: Prepare the necessary adjusting entry for the Salam Agency on August 30, assuming it recorded Ali…
A: In order to ensure the accuracy of the account state the expenses incurred as well as the revenues…
Q: repare an unadjusted trial balance as of december 31 2020
A:
Q: Following information relates to Manish Malhotra for the year ended on December 31,2019 : Required:…
A: Income Statement of the business shows all income and expenses of the business and at the end it…
Q: Marwan Ltd started trading on 1 December 2018 and prepared its first set of accounts to 31 March…
A: The whole annual accounting period is modelled after a standard twelve-month calendar period.…
Q: Prepare the company’s Post-Closing Trial Balance as at December 31, 2021
A: Post closing trail balance is the trail balance which as the name suggests is the post closing of…
Q: Use the information to prepare adjusting entries as of December 31, 2019.
A: The formula:
Q: Please prepare the adjusting entries for December 31,2020. Answer b-d
A: Adjusting entries are those entries which are passed at the end of the period in order to accurately…
Q: Indicate how each of the following items would be classified on a statement of financial position…
A: A statement of financial position is also known as the balance sheet. A balance sheet is a statement…
Q: Prepare the journal entries to record the following adjustment information of September 30, 2019 and…
A: Adjusting journal entries are used to record transactions that have occurred but have not yet been…
Q: The trial balance columns of the worksheet for Marigold at March 31, 2019, are as follows.
A: Solution: Marigold Worksheet Adjustments Adjusted Trial Balance Income Statement Balance…
Q: Write a brief report about the accruals and deferrals of Amazon’s 2018 annual report.
A: Accrual - The process of recording transactions w.r.t Income or Expenses to the accounting period to…
Q: The following accounts are found in the trial balance of Goodwill Trading Corporation at December…
A: As per the guidelines, only three subparts are allowed to be solved. Please resubmit the questions…
Q: Required: Prepare an income statement for the month of June and a balance sheet in account format…
A:
Q: Prepare the journal entries that should be made by Sage Hill Corporation in 2021. when the amount is…
A: Cash dividend being commonly found dividend payment in companies, is declared by Board of directors…
Q: Prepare the necessary journal entries and statement of financial position for the month ending…
A: Date / S.NO Particular Debit Credit 1 Cash and bank 100,000 To capital 100,000…
Q: Prepare journal entries for the purchase transaction held on December 1, 2020. Prepare the forward…
A: The question is related Journal Entires to be made in the books of Chrysler Exporters Inc. regarding…
Q: Use the following đata to calculate adjustments and prepare the adjusting entries as of December 31,…
A:
Q: Required Prepare a classified balance sheet using the balances listed above. innut hoxes. For…
A: Total assets 57840 Total liabilities and shareholder's equity 57840
Q: Prepare the company’s adjusted trial balance as of September 30, 2020.
A: The adjustment entries need to be posted first and then posted to ledger accounts to compute the…
Q: Prepare the Adjusted Trial balance for the period ending June 30, 2020
A: Depreciation - Furniture and Fixtures = 800,000-160,00010…
Q: Prepare the journal entries, with appropriate journal entry descriptions, for 2020, including any…
A: Prepaid expenses are those expenses which are paid in advance but relates to some future period.…
Q: Mely Bhd commenced their business on 1 April 2021 and prepared its first set of accounts to 30 June…
A: Given: Mely Bhd commenced their business on 1 April 2021 First Set = 1 April 2021 to 30 June 2022…
Q: ) Icon International, a software company, incorporated on January 1, 2019 is planning to convert to…
A: The correct date for transition of IFRS standards will be the year in which company starts adopting…
Q: You are required to prepare the Trial Balance for the year ended, 31 st Decemvber, 2020.
A: Trial balance is a statement of all the debit and credit balance of accounts of the books.
Q: Required to prepare : A) Trading and profit and loss appropriation account for the year ended 31…
A: Statement of income shows all the income(s) earned by the organization. There are certain ways for…
Q: An examination of Insurance Policies of Standard Company is presented below: Policy Date of Purchase…
A: Here in this question, we are required to calculate the amount that will be there in the prepaid…
Q: Prepare the general journal entries required to account for the above transactions and events for…
A: A journal entry is an act of maintaining or making statistics of any transactions both monetary or…
Required:
Prepare the post adjustment
Step by step
Solved in 2 steps with 1 images
- 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 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.Extract of Balance sheet items as at 31 December 2019 OR Equipment 20000 Account receivables 3500 Retained earnings 11500 Inventories 5000 Loan 3000 Bank overdraft 1500 Cash and bank 500 Mortgage loan 7500 Furniture 1650 Trade payables 6000 Accumulated Depreciation (Equipment) 1000 Short term Investments 200 Goodwill 4500 Drawings 1000 Capital 7150 Prepaid Expenses 1300 Calculate Total Net Assets(Total Assets)? Select one: a. 35350 OMR b. 34350 OMR c.35650 OMR d. 30350 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 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 OMRUse the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Balance Sheets for 2020 & 2021.Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).
- 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 OMRxtract 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 OMRNairobi Ltd Trial Balance As at 31st December 2020 Dr. Cr. Kshs'000 Kshs'000 Sales 500 Furniture-at cost 35 Salaries 80 Buildings-at Cost 100 Accounts Receivable 120 Cash and Cash Equivalent 443 Machinery-at Cost 122 Accounts Payable 105 Salaries Payable 42 Long-term Loans 100 Ordinary Share Capital 150 Stock(Inventories) on 31.12.2020 94 Retained Earnings 157 Cost of Sales 60 1,054 1,054 Additional information (i) Machinery is to be depreciated at 10% p.a.…
- 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 OMRShafNita Sdn. Bhd. Statement of Financial Position as at 31 December2019 2020RM RM RM RM Non Current AssetsBuilding 100,000 100,000Fixtures less accumulated depreciation 3,600 4,000Van less accumulated depreciation 7,840 14,800111,440 118,800 Current AssetInventory 11,200 24,800Trade account receivable 12,800 16,400Bank 1,800 -Cash 440 400 26,240 41,600Total assets 137,680 160,400Finance by:Capital account:Balance at 1 January 74,080 105,080Add: Net profit for the year 70,400 42,320Cash introduced - 20,000144,480 167,400Less: Drawings (39,400) (43,200)105,080 124,200 Non Current LiabilitiesLoan (repayable in 10 years time) 20,000 30,000Current LiablitiesAccount Payable 12,600 6,012Bank overdraft - 188Retained earnings 32,600 36,200Total liabilities and equity 137,680 160,400 Additional information at 31 December 2020: Fixtures bought in 2020 cost RM800. Van bought in 2020 cost RM11,000. Required: Prepare statement of cash flow for ShafNita Sdn. Bhd. for the year ended 31 December…Determine the missing amount: cash$239,186;short term investment$353,700;acct receiv$504,944;inventory? Prepaid exp$83,259;total current asset$1,594927; property&equipment? what is the inventory amount and property& equipment amount?