Required: i. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March 2019 ii. Prepare Statement of Financial Position as at 31 March 2019
Q: Required: Prepare the statement of comprehensive income for the year ended 31 December 2021. Prepare…
A: Financial statements are statements that are prepared at the end of accounting period for review of…
Q: Requirement What is the revenue figure to be presented in the statement of profit or loss for the…
A: Discount allowed is a contra sales account. It reduces the revenue. Discount received reduces the…
Q: Prepare the company’s Statement of Profit or Loss for the year ended 31 March 20X3, in a form…
A: Given to us is the trial balance and additional information for C L Worcester Ltd who provides…
Q: That was the total estimated gross profit recognized or realized as of December 31, 2018? What…
A: Answered:
Q: Prepare the Statement Profit or Loss and Other Comprehensive Income for the year ended 31 Mac 2020.…
A: The financial statements are the systematic format of recording the financial information to…
Q: Prepare the statement of retained earnings for 2019
A: Retained Earnings as name suggest, are the profits earned by the Business Entity and are retained…
Q: ) statement of profit and loss and other comprehensive income for the year ended 30 june 2019 ii)…
A: Financial Statement:- These are statements prepared at the end of the financial year to know the…
Q: Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year Ended 31…
A: Meaning of Financial Statements Financial Statements consists of various statements like income…
Q: What is the correct balance of Retained earnings on December 31, 2019?
A: The term retained earnings does mean excessive profits of the company. It is generated by a…
Q: Required: 1. Prepare journal entries to recognize revenue for 2018, 2019 and 2020. I
A: In Year 2018 Construction contract price: $8,360,000 %age completion= $2,120,000…
Q: An expense incurred/used up in 2020 is not paid until 2021. Using the accrual basis of accounting,…
A: The accrual concept states that the revenues and expenses should've reported when accrued,…
Q: Prepare the Income Statement of PUN Company for the year to 31 December 2019 and the Statement…
A: Required financial statements are given below"
Q: (a) Prepare the Statement of Financial Performance for the year ended 31 January 2020. (b) Prepare…
A: At the end of the financial year, every business entity prepares a statement of financial…
Q: What is the correct balance of Retained earnings on December 31, 20197
A: Step 1 Retained earnings are the amount of net income left over for the business after it has paid…
Q: Do the formal income statement and formal balance sheet. Bebang Inc is the company name and year…
A: Financial statements are mandatory to be prepared by the companies in a structured manner to depict…
Q: Required: i. Statement of Profit or Loss and Others Comprehensive Income for the year ended 31…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Question for income statement : BAYAN INVESTMENT CO. (K.S.C.P) a. List 2 expense accounts AND their…
A: Net profit is gross profit minus operating expenses and other expenses a like interest expenses…
Q: i. Statement of Profit or Loss and Others Comprehensive Income for the year ended 31 December 2019.…
A: Statement of Comprehensive Income: comprehensive income consists of 1) a corporation's net income…
Q: REQUIRED: Prepare the STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2021 IN A PRESCRIBED REPORT…
A: Balance sheet is the financial statement in which all the summary of the accounts balance in…
Q: The following accounts are from XYZ, Inc. Balance Sheet as of December 31, 2020: Requirements: 1.…
A: Current assets means those assets which will be converted in to cash in near future generally one…
Q: ) statement of profit and loss and other comprehensive income for the year ended 31 july 2020 ii)…
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: ended 30 June 2021. Prepare an income statement for the year ended 30 June 2021. Note: An Earnings…
A:
Q: Prepare the Statement of Financial Position as of 31 December 2019, for TT Resources Berhad. Account…
A: Balance sheet is also known as the statement of financial position. It shows the assets, liabilities…
Q: ow much uncollectible accounts expense should be presented on the statement of comprehensive income…
A: Allowance for doubtful accounts means where we expect some debts to become bad in near future then…
Q: Required: Prepare the 2019 year-end Income statement for Armani Company
A: Income Statement - This is the statement which shows whether the organization has earned profit or…
Q: Required: Determine the following 2021 balance sheet items: 1. Current assets 2. Shareholders'…
A: Solution Formula used Current ratio =current assets / current liabilities Acid test ratio…
Q: Required; Prepare an income statement for the year ending 31* December 2020 and a balance sheet as…
A: Income statement and balance sheet helps to understand the financial performance of the company.
Q: Required: i) prepare statement profit or loss and other comprehensive income for the year ended 30…
A: Given below are the required financial statements:
Q: A) Prepare in good form a single step statement of earnings (income statement) of Palm Realtors Ltd.…
A: Introduction: Income statement: All revenues and expenses are recorded in Income statement. It tells…
Q: I have obtained Target Corporation’s annual report for its 2018 fiscal year (year ended February 2,…
A: A basic Accounting equation is given as under: Assets = Equity + Liabilities
Q: Required Calculate the net income for March 31, 2020 under accrual basis of accounting and cash…
A: Cash basis:- Under this system, revenues and expenses are recorded when they are actually received…
Q: From the Trial Balance, Prepare the statement of comprehensive income for the year ended 31…
A: Statement of Comprehensive income is the statement which shows all income and expenses of the…
Q: Prepare Statement of Comprehensive Income and Statement of Financial Position as at 31 Dec 2021.
A: We are given the trial balance of Zombie Berhad as on 31st Dec 2021 along with some additional…
Q: What amount should be reported as total current assets at December
A: Solution Concept Current asset are the assets which are expected to be realized within a period of…
Q: Required: i. Statement of Profit and Loss and Others Comprehensive Income for the year ended 30 June…
A: The income statement refers to the statement that shows the company's profitability by taking all…
Q: Net Income for 2019? Net Income for 2020? Net Income for 2021? Retained Earnings as of December 31,…
A: Net income is transferred to retained earning account
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: Required: (a) Prepare the statement of profit or loss of Okalongo-stores for the year ended 31 March…
A: Statement of profit and loss shows all incomes and all expenses of the business and at the end it…
Q: Prepare an income statement for the year ending December 31, 2021
A: Income statement: It is a statement which shows the net income of the company by subtracting total…
Q: REQUIRED: Prepare the Statement of Comprehensive Income and the Statement of Financial Position as…
A: As per the format and sequence, ratio analysis is done when financial statements are prepared. The…
Q: Which among the following reports bears correct date/period?
A: Statement of financial position is the summary of assets and liabilities as at a particular date.…
Q: Required: 1. Prepare the following statements of the company from the data given above: Income…
A: The financial statements of the business include the income statement and balance sheet of the firm.
Q: Prepare Statement of Financial Position as of December 31, 2019.
A: Financial statement means the statement which include the income statement and the balance sheet.…
Q: What is the balance of the retained earnings account as of 31 December 2019?
A: Retained earnings are those earnings which has to the company out from the earnings earned by the…
Q: A revenue was earned in 2019 but payment is not received until 2020. Using the accrual basis of…
A: Introduction: Accrual basis of Accounting: Recording of a transactions irrespective of cash paid or…
Q: Statement profit or loss and other comprehensive income for the year ended 31 january 2020 2)…
A: The preparation of the financial statement is the most important part of the accounting cycle as it…
Q: a. Prepare Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June…
A: Statement of financial position: Statement of financial position is defined as the statement that…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
- Balance Sheet The following is a list (in random order) of KIP International Products Companys December 31, 2019, balance sheet accounts: Required: 1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2019. 2. Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2019.The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.Using the following select financial statement information from Black Water Industries, compute the accounts receivable turnover ratios for 2018 and 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Black Water Industries?
- (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.)Multiple-step income statement On March 31, 20Y5, the balances of the accounts appearing in the ledger of Lange Daughters Inc. are as follows: a. Prepare a multiple-step income Statement for the year ended March 31, 20Y5. b. Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements.Using the following select financial statement information from Black Water Industries, compute the number of days sales in receivables ratios for 2018 and 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Black Water Industries?
- Balance Sheet The following is an alphabetical list or Lloyds Hudson Dealership Inc.s December 31, 2019, balance sheet accounts and amounts: Required: 1. Prepare a properly classified balance sheet for Lloyds Hudson Dealership as of December 31, 2019. List the additional parenthetical or note disclosures (if any) that should be made for each item. 2. Next Level Compute the current ratio. What does it indicate about Lloyds Hudson Dealership?Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown in random order as follows: Required: 1. Prepare a December 31, 2019, balance sheet for Baggett. 2. Compute the debt to-assets ratio.1. Below is a trial balance of Ali Mamat Enterprise, extracted after one year’s trading.Ali Mamat EnterpriseTrial Balance as at 31 December 2019Particulars Debit (RM) Credit (RM)Sales 190,576Purchases 119,832Salaries 56,527Motor expenses 2,416Rent 1,894Insurance 372General expenses 85Premises 95,420Motor vehicles 16,594Account receivables 26,740Account payable 16,524Cash at bank 16,519Cash in hand 342Drawings 8,425Capital 138,066TOTAL 345,166 345,166Required: i. Statement of Profit or Loss and Others Comprehensive Income for the year ended 31 December 2019.ii. Statement of Financial Position as at 31 December 2019.
- Below is a trial balance of Ali Mamat Enterprise, extracted after one year’s trading. Ali Mamat EnterpriseTrial Balance as at 31 December 2019Particulars Debit (RM) Credit (RM)Sales 190,576Purchases 119,832Salaries 56,527Motor expenses 2,416Rent 1,894Insurance 372General expenses 85Premises 95,420Motor vehicles 16,594Account receivables 26,740Account payable 16,524Cash at bank 16,519Cash in hand 342Drawings 8,425Capital 138,066TOTAL 345,166 345,166 Required:i. Statement of Profit or Loss and Others Comprehensive Income for the yearended 31 December 2019.ii. Statement of Financial Position as at 31 December 2019.1. The following balances were extracted from Gerut Trading as at 31 December 2019.Prepare the trial balance as at 31 December 2019.Items RMCash in hand 1,000Sales 200,000Purchases 80,000Land and Building 300,000Creditors 60,000Salaries 28,000Capital 101,000Bank 10,000Machinery 150,000Debtors 30,000Stock 12,000Loan 250,0003. The following was the trial balance extract from ABC Trading as at 31 March 2019.Particulars DEBIT (RM) CREDIT (RM)Purchases and Sales 22,800 41,000Inventory on 1 April 2018 5,100Capital 8,170Bank overdraft 4,300Cash 140Discount allowed and received 1,440Returns inwards and outwards 790Carriage outwards 2,180Office expenses 450Fixtures and fittings 1,210Delivery van 2,000Accounts receivables and account payables 11,900 6,720Rent and insurance 1,790Drawings 2,850Wages and salaries 8,980TOTAL 61,690 61,690Additional information as at 31 March 2019:a. Inventory on 31 March 2019 was RM4,250b. Wages and salaries accrued as at 31 march 2019 was RM210; outstanding office expenses was RM30c. Rent and insurance prepaid was RM150Required:i. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March 2019ii. Prepare Statement of Financial Position as at 31 March 2019