Question 1 Zicco owns a provision shop at Keta. On 31" December, 2020 the following trial balance was extracted from her books: Dr. Cr. GHC GHE Capital (1/1/2020) 960,000 680,000 Motor van(cost) Equipment (cost) 320,000 Accumulated Motor van Equipment 104,000 Inventory (1/1/2020) Purchases and sales 450,000 Returns 12,000 Carriage outwards Carriage inwards Trade Receivables Trade payables 120,000 Allowance for depreciation: 128,000 1520,000 27,000 120,000 48,000 20,400 290,000
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- Spreadsheet The following 2019 information is available for Payne Company: Partial additional information: The net income for 2019 totaled 1,600. During 2019, the company sold, for 390, equipment that cost 390 and had a book value of 300. The company sold land for 200, resulting in a loss of 40. The remaining change in the Land account resulted from the purchase of land through the issuance of common stock. Required: Making whatever additional assumptions that are necessary, prepare a spreadsheet to support the 2019 statement of cash flows for Payne.Worksheet for Service Company Whitaker Consulting Company has prepared a trial balance on the following partially completed worksheet for the year ended December 31, 2019: Additional information: (a) On January 1, 2019, the company had paid 2 years rent in advance at 100 a month for office space, (b) the office equipment is being depreciated on a straight-line basis over a 10-year life, and no residua! value is expected, (c) interest of 150 has accrued on the note payable but has not been paid, and (d) the income tax rate is 30% on current income and will be paid in the first quarter of 2020. Required: 1. Complete the worksheet. 2. Prepare financial statements for 2019.The unadjusted trial balance of Dores Marie Pateno Hobby Shop on Dec 31, 2020 appears below: Dores Marie Pateno Hobby Shop Unadjusted Trial Balance December 31, 2020 110 Cash 100,000 120 Accounts receivables 500,000 130 Merchandise inventory 700,000 140 Prepaid rent 300,000 150 Shop equipment 1,600,000 155 Accumulated depreciation 200,000 210 Accounts payable 400,000 220 Pateno, capital 1,300,000 230 Pateno, withdrawals 100,000 240 Sales 2,900,000 310 Sales discount 100,000 320 Purchases 800,000 410 Purchases returns and allowances 200,000 510 Transportation in 100,000 520 Salaries expense 400,000 530 Advertising expense 150,000 540 Utilities expense 100,000 550 Supplies expense…
- Gawucho Furniture Manufacturing Company (Gawucho) commenced business on 1st January, 2019, preparing account to 31st December each year. The accountant of the business has provided you with the below information.Assets Note Original Cost (USD)Furniture 1 424,000Plywood 2 130,000Motor Vehicle 3 350,000Plant and Machinery 4 100,000Total Assets 1,004,000Additional Information1. The Furniture was produced on 1st March, 2019 for sales but Gawucho used GH¢ 20,000 of these Furniture in its Administration offices. No sales was made during the year.2. Plywood was purchased on 1st January, 2019 for the production of the furniture. 3. Motor Vehicle was acquired on 1st January, 2019 to convey furniture to customers’ destination only.4. Plant and machinery was bought on 1st October, 2019 for production of furniture.5. The business depreciates its asset at the rate of 20% on straight line method on one month ownership basis.6. All the above assets existed as of 31st December, 2019.Required a. Draft…Gawucho Furniture Manufacturing Company (Gawucho) commenced business on 1st January, 2019, preparing account to 31st December each year. The accountant of the business has provided you with the below information.Assets Note Original Cost (GH¢)Furniture 1 424,000Plywood 2 130,000Motor Vehicle 3 350,000Plant and Machinery 4 100,000Additional Information's 1. The Furniture was produced on 1st March, 2019 for sales but Gawucho used GH¢ 20,000 of these Furniture in its Administration offices. No sales was made during the year.2. Plywood was purchased on 1st January, 2019 for the production of the furniture.3. Motor Vehicle was acquired on 1st January, 2019 to convey furniture to customers’ destination…asap!! please asap!! The following information relates to the business of Maria & Co for the year ended 31 Dec 2020. Particulars Debit Credit Rs.(000) Rs.(000) Capital account 1 Jan 2020 13,640 Building at cost 7,500 Furniture at cost 2,000 Motor cars at cost 6,300 Accumulated depreciation- Motors cars 2,370 Accumulated depreciation-Furniture 800 Accumulated depreciation –Building 450 Inventory 1 Jan 2020 6,740 Purchases…
- Assignment 1 The following is the Trial Balance of Sonia HR Enterprises, a dealer in HR Software, as at 31stDecember, 2021. GHS GHS Capital 240,000 Receivables and Payables 159,000 51,000 Inventory 99,000 Motor vehicles: (cost) 72,500 Accumulated depreciation (31 December 2020) 32,500 Office equipment: (cost) 90,000 Accumulated depreciation (31 December 2020) 30,000 Administrative expenses 26,000 Purchases and sales…The Delivery Equipment account of Freedom Company showed the following details for 2022:Delivery Equipment01.01.22 Balance 1,500,00001.15 5,000 08.30 225,00009.30 535,000 10.31 180,000 Your examination disclosed the following:a. The P5,000 charged to the Delivery Equipment account on January 15, 2022 represents paymentof LTO registration fees for the company’s delivery equipment for the year 2022.b. The company bought a second-hand delivery truck on September 30 for P535,000, whichincludes P35,000 worth of comprehensive insurance for one year effective October 1, 2022.c. The company wrote-off a fully depreciated truck with an original cost of P225,000 on August 30;further verification disclosed that this truck is still being used by the company.d. The credit of P180,000 on October 31 represents proceeds from sale of one truck costingP350,000, which is 50% depreciated as of December 31, 2021.e. There is only one entry made to the Accumulated Depreciation account during 2022, a debit…Assignment 1 The following is the Trial Balance of Sonia HR Enterprises, a dealer in HR Software, as at 31stDecember, 2021. GHS GHSCapital 240,000Receivables and Payables 159,000 51,000Inventory 99,000Motor vehicles: (cost) 72,500Accumulated depreciation (31 December 2020) 32,500Office equipment: (cost)…
- Wildhorse Co. sells office equipment on July 31, 2022, for $23,790 cash. The office equipment originally cost $81,100 and as of January 1, 2022, had accumulated depreciation of $40,350. Depreciation for the first 7 months of 2022 is $3,700.Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)Merah Sdn. BhdUnadjusted Trial Balance as at 30 June 2020 RM RMCash 15,400 Account Receivables 25,000 Inventory 1 July 2019 68,000 Prepaid Insurance 10,800 Office Supplies On Hand 12,500 Furniture And Fittings 120,000 Accumulated Depreciation : Furniture And Fittings 12,000Account Payable 51,100Capital 68,000Sales 785,400Sales Return 2,600 Sales Discount…Chandra's bakery business has the following account balances at 30 December 2019: Equipment OR 38000, inventories OR 4100, Account payables OR 2650, loan of OR 5000 bank of OR 1090, purchase return 2500, sale 23040 and capital 10000. The total amount of the trial balance is: Select one: a. OR 38660 b. OR 43190 c. OR 30190 d. Correct answer not available e. OR 35540