Question 1 Date Transaction 1.1.2020 Mr. Salim Ahmed started business as Ahmed Enterprise with OMR 7000 cash and Furniture valued at RO. 3000 as capital 15. 2. 20 Opened Bank Account and deposited 5000 OMR Cash 29.3.20 Purchased goods from Sharuk Traders for OMR 4500, paid 10 % cash and remaining on credit 21.6.20 Sold goods for 14000 OMR. 50% received in cash remaining on account to M/s. Muscat Enterprises 4.9.2017 Purchased building from Ansari Traders 2500 OMR, paid by cheques full Jamount.

Question 1 Date Transaction 1.1.2020 Mr. Salim Ahmed started business as Ahmed Enterprise with OMR 7000 cash and Furniture valued at RO. 3000 as capital 15. 2. 20 Opened Bank Account and deposited 5000 OMR Cash 29.3.20 Purchased goods from Sharuk Traders for OMR 4500, paid 10 % cash and remaining on credit 21.6.20 Sold goods for 14000 OMR. 50% received in cash remaining on account to M/s. Muscat Enterprises 4.9.2017 Purchased building from Ansari Traders 2500 OMR, paid by cheques full Jamount.

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Description: Question 1DateTransaction1.1.2020 Mr. Salim Ahmed started business as Ahmed Enterprise with OMR 7000cash and Furniture valued at RO. 3000 as capital15. 2. 20 Opened Bank Account and deposited 5000 OMR Cash29.3.20 Purchased goods from Sharuk Traders

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter4: Internal Control And Cash

Section: Chapter Questions

Problem 27BE

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Exercise 1-50 Statement of Cash Flows OBJECTIVE o Walters Inc. began operations on January I. 2019. The following information relates to Walters cash flows during 2019. Required: 1. Calculate the cash provided/fused for each cash flow category. 2. CONCEPTUAL CONNECTION Comment on Walters creditworthiness.
(Appendix 3.1) Cash-Basis Accounting Puntarelli Contracting keep its accounting records on a cash basis during the year. At year end, it adjusts its books to the accrual basis for preparing its financial statements. At the end of 2018, Puntarelli reported the following balance sheet items. It is now the end of 2019. The companys checkbook shows a balance of 4,700, which includes cash receipts from customers of 51,300 and cash payments of 49,300. An examination of the cash payments shows that: (1) 30,600 was paid to suppliers, (2) 12,700 was paid for other operating costs (including 7,200 paid on January 1 for 2 years annual rent), and (3) 6,000 was withdrawn by T. Puntarelli. On December 51, 2019, (1) customers owed Puntarelli Contracting 55,900, (2) Puntarelli owed suppliers and employees 7,000 and 900, respectively, and (3) the ending inventory was 6,300. Puntarelli is depreciating the equipment using straight line depreciation over a 10-year life (no residual value). Required: 1. Using accrual based accounting, prepare a 2019 income statement (show supporting calculations). 2. Using accrual-based accounting, prepare a December 31, 2019, balance sheet (show supporting calculations).
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