ssignment 1 The following are the Statements of Financial Position of Yomi Limited for the years ended December 31, 2020 and 2021. 2021 2020 Assets GH₵ GH₵ GH₵ GH₵ Land 560,000 300,000 Building and Equipment 2,000,000 1,900,000 2,560,000 2,200,000 Accumulated Depreciation (800,000) (770,000) 1,760,000 1,430,000 Long-Term Investments 50,000 25,000 Current Assets Inventory 300,000 320,000 Accounts Receivable 410,000 460,000 Cash 30,000 50,000
Assignment 1
The following are the
|
2021 |
2020 |
|||
|
Assets |
GH₵ |
GH₵ |
GH₵ |
GH₵ |
|
Land |
560,000 |
300,000 |
||
|
Building and Equipment |
2,000,000 |
1,900,000 |
||
|
2,560,000 |
2,200,000 |
|||
|
|
(800,000) |
(770,000) |
||
|
1,760,000 |
1,430,000 |
|||
|
Long-Term Investments |
50,000 |
25,000 |
||
|
Current Assets |
||||
|
Inventory |
300,000 |
320,000 |
||
|
Accounts Receivable |
410,000 |
460,000 |
||
|
Cash |
30,000 |
50,000 |
||
|
Prepaid |
20,000 |
760,000 |
15,000 |
845,000 |
|
2,570,000 |
2,300,000 |
|||
|
Equities and Liabilities |
||||
|
Ordinary shares (GH₵2 par value) |
200,000 |
160,000 |
||
|
Share premium |
710,000 |
550,000 |
||
|
|
670,000 |
620,000 |
||
|
Bonds |
500,000 |
800,000 |
||
|
Long-Term Note Payable |
150,000 |
0 |
||
|
Current Liabilities Accountable Payable |
300,000 |
120,000 |
||
|
Accrued Liabilities |
40,000 |
50,000 |
||
|
2,570,000 |
2,300,000 |
Additional information about 2021 transactions and events:
- i) Net profit for the year was GH₵110,000
- ii) Depreciation expense on buildings and equipment was GH₵60,000
- iii) Sold equipment with a cost of GH₵50,000 and accumulated depreciation of GH₵30,000 for cash of GH₵17,000
- iv) Declared and paid cash dividends of GH₵60,000
- v) Issued a GH₵150,000 long-term note payable for buildings equipment.
- vi) Purchased long-term investments for GH₵25,000
- Paid GH₵300,000 on the bonds payable
- Issued 20,000 shares of GH₵2 par value ordinary shares for GH₵200,000.
- ix) Purchased land for GH₵260,000.
Required:
Prepare the company’s statement of
Step by step
Solved in 2 steps
