ABFA1173 Principles of AccountingQuestion 3Brandon is a stationery retailer. The following are the balances extractedfrom his ledger accounts as at 30 June 20X1:Additional information:1. Inventory at the end of the accounting year was RM6,050.2. Non-current assets are to be depreciated as follows:RMRMInventory @ 1 July 20xoRepairs and maintenanceSalaries and wagesPremises at 10% per annum using straight line methodMotor vehicles at 15% per annum using reducing balance method3. Salaries and wages outstanding were RM150 and utilities paid in5,300PurchasesSalesReturns inwards70,000 Returns outwards41,12051,4201,7302,2009002,300advance were RM120.Premises at cost4.Bad debts to be written off amounted to RM700 and the owner hasdecided to provide an allowance for doubtful debts of RM247 as at yearend.5. Drawings made by Brandon for personal use but not recorded in thebooks were as follows:Accumulated depreciation: PremisesUtilities65014,000 Drawings56,000 Discount allowedDiscount received2,100Motor vehicles650Accumulated depreciation: Motor vehiclesInsurance on goods purchased2,27015,540 Advertising150 Duty on imports3,170 CapitalGoods for resale amounting to RM1,300Cash valued at RM1,0506105206. An error was found in which one third of the carriage inwards shouldbe regarded as carriage outwards7. Bank loan interest for the year is still outstanding as at year endTrade receivables82,350Trade payablesAllowance for doubtful debts2,560Bad debts400290 Rent1,0501,2003,000720Commission receivedBank overdraft3,20016,000 Cash in hand660 Carriage outwardsRequired:5% Long term bank loanCarriage inwards(a) Prepare the Trial Balance (before making the adjustments in theadditional information) as at 30 June 20X1;(b) Prepare Statement of Profit or Loss (after making the adjustments inthe additional information) for the year ended 30 Junc 20X1; and(c) Statement of Financial Position as at 30 June 20X1.

Trial Balance The purpose of preparing the trial balance to tally the debit and credit items of the…

Required: (a) Prepare the Trial Balance (before making the adjustments in the additional information) as at 30 June 20xi; (b) Prepare Statement of Profit or Loss (after making the adjustments in the additional information) for the year ended 30 June 20X1; and (c) Statement of Financial Position as at 30 June 20X1.

Required: (a) Prepare the Trial Balance (before making the adjustments in the additional information) as at 30 June 20xi; (b) Prepare Statement of Profit or Loss (after making the adjustments in the additional information) for the year ended 30 June 20X1; and (c) Statement of Financial Position as at 30 June 20X1.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 21E: (Appendix 21.1) Visual Inspection The following changes in account balances were taken from Walson...

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(Appendix 21.1) Visual Inspection The following changes in account balances were taken from Walson Companys adjusted trial balance at the end of 2019: In addition, the following information was obtained from the companys records: Land was sold, at cost, for 1,900. Dividends of 4,000 were declared and paid. Equipment was purchased for 10,400. Common stock was issued for 9,000. Beginning cash balance was 17,000. Required: Using visual inspection and the direct method, prepare Walsons 2019 statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)
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Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the year ended December 31, 20Y8. are as follows: a. Wages accrued but not paid at December 31. $2150 b. Depreciation of equipment during the year. $12500 c. Laundry supplies on hand at December 31. $1,500 d. Insurance premiums expired. $4600 Instructions 2. Prepare an income statement and statement of stockholders equity for the year ended December 31. 20Y8. The common stock balance as of January 1. 20Y8. was $25000. The retained earnings balance as of January 1, 20Y8, was $101,500.
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Title Verne Cova Company has the following balances in selected accounts on December 31, 2014.Accounts Rec Description Verne Cova Company has the following balances in selected accounts on December 31, 2014.Accounts Receivable$ 0Accumulated DepreciationâEquipment0Equipment6,606Interest Payable0Notes Payable10,213Prepaid Insurance2,220Salaries and Wages Payable0Supplies2,318Unearned Service Revenue41,421All the accounts have normal balances. The information below has been gathered at December 31, 2014.1.Verne Cova Company borrowed $9,950 by signing a 12%, one-year note on September 1, 2014.2.A count of supplies on December 31, 2014, indicates that supplies of $881 are on hand.3.Depreciation on the equipment for 2014 is $1,942.4.Verne Cova Company paid $2,220 for 12 months of insurance coverage on June 1, 2014.5.On December 1, 2014, Verne Cova collected $28,400 for consulting services to be performed from December 1, 2014, through March 31, 2015.6.Verne Cova performed…
Question 2:Tarcy Enterprise is operated by Priscilla Tam. She provided the followingTrial Balance for the year ended 30 June 20X1: Dr CrRM RM Inventory, 1 July 20X0 160,0006% Long term loan 200,000Water and electricity 4,300Bank 6,000Capital 1,000,000Carriage inwards 1,800Purchases and Sales 956,000 1,254,600Cash 8,800Allowance for doubtful debts, 1 July 20X0 1,000Custom duty 3,000Trade receivables and payables 136,000 68,000Bad debts 3,700Carriage outwards 3,000Drawings 12,000Freehold premises 800,000Motor vehicles 100,000Plant and machinery 300,000Accumulated depreciation: motor vehicles 12,000Accumulated depreciation: plant & machinery 24,000General expenses 2,200Interest on loan 3,500Discounts 600 800Advertisement 16,000Returns 4,500 3,000Salaries 60,000Commission received 6,0002,575,400 2,575,400 Additional information:1. Closing inventory was valued at RM175,000.2. Included in the purchases were goods worth RM6,000 which had beentaken by Priscilla for family use. No recording…
19 Marriage Company’s trial balance reflected the following account balances on December 31, 2021: Cash 400,000 Trade receivable 1,500,000 Inventory, including inventory expected in the ordinary course of operations to be sold beyond 12 months amounting to P800,000 1,200,000 Prepaid insurance 240,000 Financial assets at fair value through profit or loss 300,000 Financial assets at fair value through OCI 600,000 Financial assets at amortized cost 1,000,000 Deferred tax asset 150,000 Bank overdraft 250,000 Machinery 800,000 Accumulated depreciation 200,000 Noncurrent asset held for sale – building 650,000 Land used as a plant site 920,000 How much is the total noncurrent assets for the year ended December 31, 2021? Group of answer choices 2,670,000 3,920,000 3,270,000 3,320,000
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T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.