A. Prepare the following for the year ended 31 December 2020i. Statement of affairs as at january 1 2020ii. Bank accountiii.accounts payable and accounts receivable accountsiv. Income statement V.balance sheet in Protected View.Enable Editingactivated. To keep using Word without interruption, activate before Monday, 17 May 2021.Activate3. All cash and cheques received were paid into the bank account immediately. Janetestimates the following receipts for the yearCheque received from trade receivables $194,500Cash Sales$ 32,7004. Depreciation is to be written-off the buildings at 20% per annum and Fixtures and Fittingat 10 % per annum.5. At December 31, 2020, building expenses owing was $4,582, and insurance paid inadvance was $5,354.6. Included in the amount paid for Fixtures and fittings were:A table bought for $2,600, which Janet resold during the year at cost, some woodenshelving (cost $1,500), which Janet used in building an extension to her personal garage.7. Cheque written for personal use during the year amounted to $43,0008. Other balances at 31 December 31, 2020 were:$4Trade accounts receivable23,042Trade accounts payable19,890Inventory of furniture28,126T FosusDO om the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View.Enable Editingactivated To keep using Word without interruption, activate before Monday, 17 May 2021.ActivateSECTION AJanet Wilson has run a furniture business for many years, but has never kept adequateaccounting records. However, a need to obtain a loan for the expansion of the business hasnecessitated the preparation of the final accounts for the year ended December 31, 2020. Sheis seeking your help in the preparation of the statements.1. Janet is able to provide you with the following information about her financial positionat January 1, 2020: inventory of furniture $21,420; Trade accounts receivable $20,286;Trade accounts payable $18,196; Buildings $25,200;"Fixtures and Fittings $23,400,building expenses owing $4864, insurance prepaid $ 4,000, bank $8,8402. Cheques drawn during the year were estimated as follows:Trade payables54,843Electricity12,180Telephone11,220Rent15,500Advertising & PromotionFixtures and Fittings13,36015,600Insurance12,392Building expenses14,732

SECTION A Janet Wilson has run a furniture business for many years, but has never kept adequate accounting records. However, a need to obtain a loan for the expansion of the business has necessitated the preparation of the final accounts for the year ended December 31, 2020. She is seeking your help in the preparation of the statements. 1. Janet is able to provide you with the following information about her financial position at January 1, 2020: inventory of furniture $21,420; Trade accounts receivable $20,286; Trade accounts payable $18,196; Buildings $25,200;"Fixtures and Fittings $23,400, building expenses owing $4864, insurance prepaid $ 4,000, bank $8,840 2. Cheques drawn during the year were estimated as follows: 54,843 Trade payables Electricity Telephone 12,180 11,220 Rent 15,500 Advertising & Promotion Fixtures and Fittings 13,360 15,600 Insurance 12,392 Building expenses 14,732

SECTION A Janet Wilson has run a furniture business for many years, but has never kept adequate accounting records. However, a need to obtain a loan for the expansion of the business has necessitated the preparation of the final accounts for the year ended December 31, 2020. She is seeking your help in the preparation of the statements. 1. Janet is able to provide you with the following information about her financial position at January 1, 2020: inventory of furniture $21,420; Trade accounts receivable $20,286; Trade accounts payable $18,196; Buildings $25,200;"Fixtures and Fittings $23,400, building expenses owing $4864, insurance prepaid $ 4,000, bank $8,840 2. Cheques drawn during the year were estimated as follows: 54,843 Trade payables Electricity Telephone 12,180 11,220 Rent 15,500 Advertising & Promotion Fixtures and Fittings 13,360 15,600 Insurance 12,392 Building expenses 14,732

Pkg Acc Infor Systems MS VISIO CD

10th Edition

ISBN:9781133935940

Author:Ulric J. Gelinas

Publisher:Ulric J. Gelinas

Chapter7: Controlling Information Systems: Introduction To Enterprise Risk Management and Internal Control

Section: Chapter Questions

Problem 4P

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I kindly ask of you please do not just copy and paste a previous solution done by another expert. I have posted this question 3 times and all instances I was provided with what was previously done by past experts which is not clear to understand. Thank you kindly. Ridley Corporation is in the process of adjusting and correcting its books at the end of 2020. In reviewing its records, the following information was discovered. Prepare the journal entries necessary at December 31, 2020, to record the corrections and changes. The books are still open for 2020. The income tax rate is 40%. The company has not yet recorded its 2020 income tax expense and payable amounts so current-year tax effects may be ignored. Prior-year tax effects must be considered in item 4. 1. The company did not accrue sales commissions payable at the end of each of the last 2 years, as follows. December 31, 2019 $19,000 December 31, 2020 $11,000 2. In reviewing the December 31, 2020, inventory, Ridley discovered…
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