Real Sdn Bhd did not keep his books of accounts under double entry system. Depreciation on Non-current asset is given at 10% using straight line method. Bank RM RM 8,000 Cash Purchases 40,000 Creditors 30,000 Sundry expenses Cartage Drawings 14,000 20,000 6,000 2,000 To compute 28,000 78,000 Bal b/d Cash Sales Receipt from debtors Bal c/d 78,000 Other information: 31 December 2020 31 December 2021 Debtors 9,000 14,400 10,000 40,000 3,000 12,000 6,800 16,000 40,000 3,000 1,400 1,700 Creditors Inventory of Materials Office Equipment Furniture Discount allowed Discount received
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- Alpha limited has the following events for the current year . Revenues $10,000 Cost of goods sold $3,50,000 Depreciation $400,000 Interest paid $1,50,000 Calculate the net profit and select the correct amount from below .Assume that none of the relevant transactions are based on credit . a)$1,000,000 b)$ 900,000 c) $500,000 d) 250,000Swish Ltd has the following results for the year ended 31 March 2020. £ Net loss per Accounts (Note (1)) (116,500) Interest receivable 3,500 Chargeable gain 44,500 Notes (1) Net loss is after charging: £ Depreciation 10,800 Entertaining customers 1,200 (2) All other expenses are allowable for corporation tax. (3) The written down value of plant and machinery on the main pool at 1 April 2019 was £20,000. There were no purchases or sales during the year ended 31 March 2020. (4) Swish Ltd has…The accounts and balances shown below are gathered from Den Company's adjusted trial balance. Wages Payable P250,000 Cash 137,000 Bonds Payable 600,000 Dividends Payable 140,000 Prepaid Expenses 126,000 Inventory 802,000 Longterm Funds 525,000 Financial Assets at Fair Value Through Profit or Loss 135,000 Accumulated Depreciation - Prop., Plant & Equipment 400,000 Financial Assets At Fair Value Through Other Comprehensive Income 300,000 Discount on Bonds Payable 48,000 Investment in Associates 1,020,000 Taxes Payable 228,000 Accounts Payable 248,000 Accounts Receivable 360,000 Property, Plant and Equipment 1,200,000 Goodwill 450,000 Advances from Affiliated Companies 900,000 Den Company should report total current assets of_______.
- The accounts and balances shown below are gathered from Den Company's adjusted trial balance. Wages Payable P250,000 Cash 175,000 Bonds Payable 600,000 Dividends Payable 140,000 Prepaid Expenses 136,000 Inventory 820,000 Longterm Funds 525,000 Financial Assets at Fair Value Through Profit or Loss 153,000 Accumulated Depreciation - Prop., Plant & Equipment 400,000 Financial Assets At Fair Value Through Other Comprehensive Income 300,000 Discount on Bonds Payable 48,000 Investment in Associates 1,020,000 Taxes Payable 228,000 Accounts Payable 248,000 Accounts Receivable 366,000 Property, Plant and Equipment 1,200,000 Goodwill 450,000 Advances from Affiliated Companies 900,000 Den Company should report total non-current assets of ________.Viserys Corporation, a dealer of cars, sold its old warehouse with carryingamount of P600,000 for P1,000,000. Initial payments of P300,000 wascollected as of December 31, 2018. Compute for the gross profit to be reportedfor the year 2018. a. 60,000b. 120,000c. 133,333d. 400,000e. Answer not givenSummer Inc has machine with a carrying value of 450,000 on December 31, 2021. The following information was available on December 31, 2021: · Expected net cash flows (undiscounted)- P420,000 · Expected net cash flows discounted at 7%- P400,000 · Fair value, using the assets with other assets- P415,000 · Fair value, assuming the assets are sold stand-alone- P428,000 What is the impairment loss that SUmmer Inc must report in its 2021 income statement for this machine?
- Tibra Inc.'s trial balance TBAcontained the following accounts at December 31, 2021, the end of company's fiscal year.Accounts …… …… …… …… …… …… …… Balances ($)Accumulated Depreciation-Building…. …… 125000Accumulated Depreciation-Equipment….…. 37000Additional Paid in Capital-Common Stock.. 237000Auditors Fee …. …. …. …. …. …. ….. ….. ….. .. 207000Buildings…. …. …. …. …. …. ….. ….. ….. ….. ... 407000Cash …. …. …. …. …. …. ….. ….. ….. ….. ….. …. 180530Common Stock ($2 each)…. …. …. …. …. ….. 105000Cost of Goods Sold …. …. …. …. ….. …. ….… 1087000Equipment …. …. …. …. …. …. ….. ….. ….. ….. 219000Interest Expense …. …. …. …. …. …. ….. ….. …. 21600Loss on Sale of Property …. …. …. …. …. …. 7520Merchandise Inventory …. …. ……. …. …. …. 226000Mortgage Loan …. …. …. …. …. …… …. …. …. 116000Rent Revenue …. …. …. …. …. …. … …. …. …. 52000Retained Earnings …. …. …. …. …… …. …. …. 51900Salaries and Wages Expense …. …. …. …. …. 106000Sales …. …. …. …. …. …. ….. ….. ……. …. …. …. 1754000Sales Returns…The accounts and balances shown below are gathered from Den Company's adjusted trial balance. Wages Payable P250,000 Cash 175,000 Bonds Payable 600,000 Dividends Payable 140,000 Accrued Expenses 136,000 Inventory 820,000 Longterm Funds 525,000 Financial Assets at Fair Value Through Profit or Loss 153,000 Accumulated Depreciation - Prop., Plant & Equipment 400,000 Financial Assets At Fair Value Through Other Comprehensive Income 300,000 Discount on Bonds Payable 48,000 Investment in Associates 1,020,000 Income Tax Payable Payable 228,000 Accounts Receivable 248,000 Accounts Payable 366,000 Property, Plant and Equipment 1,200,000 Goodwill 450,000 Advances from Affiliated Companies 900,000 Den Company should report total current liabilities of _______. Den Company should report total current assets of ________.The statement of the financial position of Happy Easter Enterprise given below did not agree andthe balance of GH¢26,940 was entered in the suspense account.HAPPY EASTER ENTERPRISESTATEMENT OF FINANCIAL POSITION AS AT 30TH JUNE, 2018Non-Current Assets: Cost Depreciation Net Book ValueGH¢ GH¢ GH¢Furniture & Fittings 90,000 36,000 54,000Delivery Van 12,000 6,000 6,000102,000 42,000 60,000Current Assets:Inventory 6,000Accounts receivable 12,000Cash at bank 300 18,300Current Liabilities:Accounts payable (7,200)Net current asset 11,100Net assets 71,100Financed By:Capital 12,000Net profit for the year 32,160Suspense account 26,94071,100Upon investigations, the following errors were discovered:(i) Accounts payable had been understated by GH¢6,000.(ii) The sales figure for the period was understated by GH¢540.(iii) The closing inventory amounted to GH¢7,200 but the amount stated in the statementof financial position was the beginning inventory.(iv) A loan from the D-Bank of GH¢3,000 was…
- On September 1, 2020, the account balances of Tom Cruise Repair, Inc. were asfollows.No Debit No Credit101 Cash £4,880 158 Accumulated DepreciationEquipment£2,100112 AccountsReceivable3,520 201 Accounts Payable 3,400126 Supplies 2,000 209 Unearned Service Revenue 1,400157 Equipment 18,000 212 Salaries and Wages Payable 500311 Share Capital-Ordinary 10,000320 Retained Earnings 11,000£28,400 £28,400During September, the following summary transactions were completed.Sept. 8 Paid £1,700 for salaries due employees, of which £1,200 is for September.10 Received £1,200 cash from customers on account.12 Received £3,400 cash for services performed in September.15 Purchased store equipment on account £3,000.17 Purchased supplies on account £1,200.20 Paid creditors £4,500 on account.22 Paid September rent £500.25 Paid salaries £1,050.27 Performed services on account and billed customers for services provided£1,600.29 Received £750 from customers for future service.Adjustment data consist of:1.…Gold Company provided the following trial balance on December 31, 2019: Cash overdraft P100,000 Accounts receivable P350,000 Inventory 600,000 Prepaid expenses 100,000 Land held for sale 1,000,000 Property, plant and equipment 950,000 Accounts payable 200,000 Accrued expenses 150,000 Ordinary share capital 1,500,000 Share premium 250,000 Retained earnings 800,000 P3,000,000 P3,000,000 Checks amounting to P300,000 were written to vendors and recorded on December 29, 2019 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2020. Land held for sale was sold for cash on January 31, 2020. The entity issued the financial statements on March 31, 2020. What total amount should be reported as current liabilities?Tibra Inc.'s trial balance TBAcontained the following accounts at December 31, 2021, the end of company's fiscal year.Accounts …… …… …… …… …… …… …… Balances ($)Accumulated Depreciation-Building…. …… 124000Accumulated Depreciation-Equipment….…. 35000Additional Paid in Capital-Common Stock.. 237000Auditors Fee …. …. …. …. …. …. ….. ….. ….. .. 203000Buildings…. …. …. …. …. …. ….. ….. ….. ….. ... 408000Cash …. …. …. …. …. …. ….. ….. ….. ….. ….. …. 189120Common Stock ($2 each)…. …. …. …. …. ….. 122000Cost of Goods Sold …. …. …. …. ….. …. ….… 1083000Equipment …. …. …. …. …. …. ….. ….. ….. ….. 219000Interest Expense …. …. …. …. …. …. ….. ….. …. 21500Loss on Sale of Property …. …. …. …. …. …. 7680Merchandise Inventory …. …. ……. …. …. …. 231000Mortgage Loan …. …. …. …. …. …… …. …. …. 112000Rent Revenue …. …. …. …. …. …. … …. …. …. 51000Retained Earnings …. …. …. …. …… …. …. …. 52200Salaries and Wages Expense …. …. …. …. …. 107000Sales …. …. …. …. …. …. ….. ….. ……. …. …. …. 1752000Sales Returns…