Spent materials 5.000,00
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| Spent materials | 5.000,00 |
| Revenue | 300.000,00 |
| Expenses on energy, water, telephone | 10.000,00 |
| Wages Staff | 80.000,00 |
| 5.000,00 | |
| Advertisment expenses | 3.000,00 |
| Profits from share disposals | 2.000,00 |
| Losses by disposal of tangible fixed assets | 500,00 |
| Interest expenses | 1.000,00 |
| Purchase commodity | 120.000,00 |
| Interest credit | 15.000,00 |
| Third party fees | 30.000,00 |
| Sales commission revenue | 6.000,00 |
| Dividend income | 9.000,00 |
| losses from the evalutaion on listed shares | 1.500,00 |
a. 1.1.20X1 inventories were 10,000
b. the closing inventorie at 31.12.20X1 was 20,000
c. the income tax rate is 30%
Prepare the 20X1
Step by step
Solved in 2 steps
- Commodity markets -purchase 30.000,00 Wage of the staff 10.000,00 Depreciation of fixed assets 6.000,00 Premiums 1.000,00 Advertising and promotion 800,00 Overhead cost 4.000,00 Revenue from sales 250.000,00 Income from investments and investments 15.000,00 Gains from disposal of property, plant and equipment 500,00 Loss from disposal of financial data 100,00 Rental income 50.000,00 Third party fees 2.500,00 Credit interest 1.400,00 Debt interest 4.500,00 Fixed maintenance costs 2.000,00 Considering that: a) the stocks 1.1.20X0 were 5000 € b) the final stock on 31.12.20X0 was determined by physical inventory at 3000 € (c) the income tax rate is 30%; compile the 20X0 income statement, vertical by type.Refer to the following data of OCT2023CPACompany: Assets to be realized 1,375,000Assets acquired 825,000 Liabilities liquidated 1,875,000Assets realized 1,200,000Liabilities not liquidated 1,700,000 Assets not realized 1,375,000Llabilities assumed 1,625,000Llabilities to be liquidated 2,250,000 Supplementary charges 3,125,000 Supplementary credits 2,800,000 Compute the beginning cash balance assuming that the ending balance of ordinary share and retained earnings are P1,200,000 and (400,000), respectivelyPQ16.05 A company has the following assets: Buildings and Equipment, less accumulated depreciation of $5,000,000 Patents Trademarks Land $25,000,000 2,400,000 10,000,000 12,000,000 Goodwill 2,000,000 Cash 8,000,000 The total amount reported under Property, Plant, and Equipment would be??
- Cash-generating unit (adopted from Wiley publication) Sydney Ltd reported the following assets in its statement of financial position at 30 June 2020: Assets Carrying Amount Plant $570 000 Land 300 000 Patent 240 000 Office equipment 280 000 Inventory 400 000 $1 790 000 The recoverable amount of the entity was calculated to be $1 660 000. The fair value less costs of disposal of the land was $280 913. Required: Prepare the journal entry for any impairment loss at 30 June 2020. Answer: Carrying amount of assets = Recoverable amount = Impairment loss = Assuming the inventory is carried at the lower of cost and net realisable value, the allocation of the impairment loss will not involve both cash and inventoryThe following schedule reflects the incremental costs and revenues for acapital project. The company uses straight-line depreciation. The interestexpense reflects an allocation of interest on the amount of this investment,based on the company’s weighted average cost capital:Revenues $650,000Direct costs $270,000Variable overhead 50,000Fixed overhead 20,000Depreciation 70,000General & administrative 40,000Interest expense 8,000458,000Net profit before taxes $192,000══════The annual cash flow from this investment, before tax considerations, would be:Estimate the average total estimated useful life of depreciable property, plant, and equipment. Starbucks reports 580.6 million of depreciation and amortization in the statement of cash flows, of which 4.5 million relates to amortization of limited-life intangible assets. Does the estimate reconcile with stated accounting policy on useful lives for property, plant, and equipment? Explain.
- The components of the cost of a major item of equipment are given below.GHSPurchase price 780,000Import duties 117,000VAT (refundable) 78,000Site preparation 30,000Installation costs 28,000Pre-production costs 18,000Initial operating losses before the asset reaches planned performance 50,000Estimated cost of dismantling and removal of the asset, recognized as a provision under IAS 37 Provisions,Contingent Liabilities and Contingent Assets 100,0001,201,000In accordance with IAS 16 Property, Plant and Equipment, what amount should be recognized as the cost of the asset?Dr.Cr.(GH₵)(GH₵)Stated capital310Income surplus at 1 January 2017456Inventory at 1 January 2017236Turnover1,468Purchases856Salaries46Directors salaries (admin expense)116Land & building at cost550Plant & equipment at cost578Land & building- accumulated depreciation as at 1 January 2017154Plant & equipment –accumulated depreciation as at 1 January 2017266Bank interest received6Sundry expenses56Trade receivables110Trade payables122Accruals42Cash at bank43Dividends paid36Administrative expenses183Interest paid142,8242,824The following information is also relevant:(1) Inventory at 31st December 2017 is GH₵256(2) The tax liability for the year is estimated to be 20% of the profit before tax.4(3) The original cost of land and buildings is made up of GH₵100 land and GH₵450 buildings. Buildings are used in administration and depreciation is charged on a straight line basis over the estimated useful life of 50 years.(4) Plant & equipment are used in distribution and…Keisha Co. incurred the following expenditures on internally developed intangible assets Internally developed goodwill 100,000 Brands 230,000 Mastheads 50,000 Publishing titles 100,000 Customer lists 70,000 Keisha incurred P 100,000 additional costs in maintaining the customer lists. The company also treated all the intangible assets with an indefinite useful life. How much is the total carrying amount of the capitalized intangible assets at year-end?
- Refer to the following data of SG Company: Assets to be realized1,375,000Liabilities liquidated1,875,000Assets acquired825,000Liabilities not liquidated1,700,000Assets realized1,200,000Liabilities to be liquidated2,250,000Assets not realized1,375,000Supplementary charges3,125,000Liabilities assumed1,625,000Supplementary credits2,800,000Compute the beginning cash balance assuming that the ending balance of ordinary share and retained earnings are P1,200,000 and (400,000), respectively.23Which one of the following is capital expenditure? Select one: a. repairs to motor vehicles. b. goods taken by owner for own use. c. cost of raw materials used in extending the premises. d. renewing the electrical wiring in the office. 28Which of the following best explains what is meant by “capital expenditure”? Capital expenditure is expenditure Select one: a. relating to the acquisition or improvement of non current assets. b. relating to the issue of share capital. c. on non current assets, including repairs and maintenance. d. on expensive assets. 7Revenues may be defined as: Select one: Increases in assets from all sources. The amount of capital invested by the owners of a business. The reduction of liabilities previously owed. The increase in equity other than contributions from equity participants. 1-The cost of start-up activities include fees of attorneys should be: A.expensed when incurred B. Captilazed and amortized C. Captailazed but not amortized 2-A…Six situations are given below concerning a plant asset currently used in operations.CA-Carrying amount; ViU-Value in use; FV-CTS-Fair value less costs to sellCase CA ViU FV-CTS1 120,000 180,000 135,0002 135,000 195,000 120,0003 150,000 180,000 255,0004 180,000 120,000 90,0005 210,000 165,000 195,0006 225,000 195,000 255,000Which among the cases, if any, require impairment loss recognition?
