Net profit for yearAdditional information1. Dividends were not declared during the year ended 28 February 2022.2. Equipment with a book value of R20 000 was sold during the year.3. The company raised loans of R14 000 duringyear ended 28 February 2022.4. The operating costs included in the statement of comprehensive income for the year ended28 February 2022 included the following items:Bad debts expense2 000Wages expense24 000Rent expense10 0004 0003 000Depreciation expenseProfit on disposal of equipment5. 20 000 Class A shares were issued for 50c each during the year and share issue costs ofR2 000 were paid in this transaction.Required:Prepare the cash flow statement of Motivated for the year ended 28 February 2022, using theindirect method.END OF QUESTION PAPER ledger accounts of Polka-Dot (Pty) Ltd for the financial closure. Salaries recorded before yourappointment amounts to R6 000.(4)QUESTION THREE[20]Motivated is a retailer selling inspirational books. The following information was provided by thebookkeeper for the year ended 28 February 2022:Statement of financial position of Motivated as at 28 February 202220222021Non-current assets:EquipmentCurrent assets:InventoryBankTotal assetsEquity:Share capital: class ARetained earningsNon-current liabilities:Long-term loansCurrent liabilities:SARS (income tax)Income received in advanceTrade payablesTotal equity and liabilitiesSales incomeCost of sales expenseGross profitNet operating costsOperating profitInterest expenseProfit before taxTaxation expenseNet profit for yearRAdditional informationR4 000R21 300R 25 300R 78 300RRR53 000RRRRR33 00022 50055 50015 5003 0002 2002 1007 300R 78 300R 27 000RRRR 43 100RRRRRRRR3 80012 30016 100Statement of comprehensive income of Motivated for the year ended 28 February 2022R25 0004 00029 000122 00043 00079 00044 00035 0004 20030 80012 30018 5004 0002 1001 6006 40010 100R 43 100

Statement of cash Flow - Statement of Cash flow includes inflow and outflow of cash for the…

Statement of financial position of Motivated as at 28 February 2022 2022 2021 Non-current assets: Equipment Current assets: Inventory Bank Total assets Equity: Share capital: class A Retained earnings Non-current liabilities: Long-term loans Current liabilities: SARS (income tax) Income received in advance Trade payables Total equity and liabilities Sales income Cost of sales expense Gross profit Net operating costs R Operating profit Interest expense Profit before tax Taxation expense Net profit for year R R R R R R R 78 300 R 53 000 R R R R 4 000 21 300 25 300 33 000 22 500 55 500 15 500 3 000 2 200 2 100 7 300 R 78 300 R 27 000 R R R R 43 100 R R R R R R R R 3 800 12 300 16 100 25 000 4 000 29 000 122 000 43 000 79 000 44 000 35 000 4 200 30 800 12 300 18 500 4 000 Statement of comprehensive income of Motivated for the year ended 28 February 2022 R 2 100 1 600 6 400 10 100 R 43 100

Statement of financial position of Motivated as at 28 February 2022 2022 2021 Non-current assets: Equipment Current assets: Inventory Bank Total assets Equity: Share capital: class A Retained earnings Non-current liabilities: Long-term loans Current liabilities: SARS (income tax) Income received in advance Trade payables Total equity and liabilities Sales income Cost of sales expense Gross profit Net operating costs R Operating profit Interest expense Profit before tax Taxation expense Net profit for year R R R R R R R 78 300 R 53 000 R R R R 4 000 21 300 25 300 33 000 22 500 55 500 15 500 3 000 2 200 2 100 7 300 R 78 300 R 27 000 R R R R 43 100 R R R R R R R R 3 800 12 300 16 100 25 000 4 000 29 000 122 000 43 000 79 000 44 000 35 000 4 200 30 800 12 300 18 500 4 000 Statement of comprehensive income of Motivated for the year ended 28 February 2022 R 2 100 1 600 6 400 10 100 R 43 100

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 8SPB: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the...

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it View History M faith@.. tems 37.66% ··· Bookmarks Window AOL Ma.... B E C eBook U Sales Mail - F... Cost of goods sold Help Operating income Expenses: Selling expenses Administrative expenses The following multiple-step, income statement was prepared for Carlsbad Company contains errors: CARLSBAD COMPANY Income Statement For the Year Ended February 28, 2018 Delivery expense Total expenses Other expense: Interest revenue Gross profit R V Portal h... Check My Work 10 more Check My Work uses remaining. % G Chapter... B v2.cengagenow.com Prepare a corrected income statement for Carlsbad Company for the year ended February 28, 2018. Carlsbad Company Income Statement 6 $ 1,800,000 1,350,000 112,500 H C Cengag.. 9,495,000 (5,962,500) $3,532,500 (3,262,500) 270,000 90,000 $180,000 All work saved. N MacBook Pro ** W Activity... 8 M FA 9 K Save and Exit Submit Assignment for Grading 1
engageNOWv2 | Online teachin X * CengageNOWv2 | Online teachin x+ com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. * eBook Show Me How Return on Total Assets A company reports the following income statement and balance sheet information for the current year: Net income $382,880 Interest expense 67,570 Average total assets 5,850,000 Determine the return on total assets. If required, round the answer to one decimal place. % Check My Work 67°F S
istory Bookmarks Window Help A v2.cengagenow.com ent. C https://geyser.cl-cms.com/assets/fr5am... Bb Learning Module 1- ACCT1105: Financi. : CengageNOWv2 | Online teachin еВook Show Me How Fixed Asset Turnover Ratio Financial statement data for years ending December 31 for Xiong Company follow: Year 2 Year 1 Sales $1,560,000 $1,026,000 Fixed assets: Beginning of year 580,000 500,000 End of year 620,000 580,000 a. Determine the fixed ass nover ratio for Year 1 and Year 2. Round your answers to one decimal place. Fixed asset turnover Year 1 ET Year 2 b. Does the change in the fixed asset turnover ratio from Year 1 to Year 2 indicate a favorable or an unfavorable change? Check My Work ms Save and Exit ctv 31 MacBook Air DII DD F10 80 888 F9 F8 F7 F6 F5 F4 F3 F2 #3 2$ 6. 7 8. 2 * LO
Question 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020. RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500Required:(a) Show the formulae and compute the value of the following for Barry:(i) Purchases(ii) Gross profit(iii)Net Profit
CengageNOWv2 | Online teachin X * CengageNOWv2 | Online teachin x+ v.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker%3D&takeAssignmentSessionLocator=&inp Return on Total Assets A company reports the following income statement and balance sheet information for the current ye Net income $382,880 Interest expense 67,570 Average total assets 5,850,000 Determine the return on total assets. If required, round the answer to one decimal place. 6.5 X % Feedback Y Check My Work Divide the sum of net income and interest expense by average total assets. Check My Work All work saved. Email Instr
eBook Show Me How Print Item Question Content Area Liability Transactions The following items were selected from among the transactions completed by Shin Co. during the current year: Jan. 10. Purchased merchandise on account from Beckham Co., $144,000, terms n/30. Feb. 9. Issued a 30-day, 7% note for $144,000 to Beckham Co., on account. Mar. 11. Paid Beckham Co. the amount owed on the note of February 9. May 1. Borrowed $139,200 from Verity Bank, issuing a 45-day, 8% note. June 1. Purchased tools by issuing a $81,000, 60-day note to Rassmuessen Co., which discounted the note at the rate of 7%. 15. Paid Verity Bank the interest due on the note of May 1 and renewed the loan by issuing a new 45-day, 7% note for $139,200. (Journalize both the debit and credit to the notes payable account.) July 30. Paid Verity Bank the amount due on the note of June 15. 30. Paid Rassmuessen Co. the amount due on the note of June 1. Dec. 1. Purchased office equipment from Lambert…
laun OPI=https%253A%252F%252Fblackboard.waketech.edu%252Fwebapps%252Fportal%252Fframeset.jsp%253Ftab_tab dexternal_browser%3U From the following, prepare a classified balance sheet for Bach Crawlers as of December 31, 2020. Ending merchandise inventory was $5,300 for the year. Cash Prepaid rent Prepaid insurance Office equipment (net) $ 7,300 2,250 5,300 6,300 Accounts payable Salaries payable Note payable (long term) P. Bach, capital* $ 2,450 2,250 9,300 12,450 *What the owner supplies to the business. Replaces common stock and retained earnings section. BACH CRAWLERS Balance Sheet December 31, 2020 Assets Liabilities Current assets: Current liabilities: Total current assets Total current liabilities Long-term liabilities: Total liabilities Plant and equipment: Owner's Equity 回可可 acer
Question Content Area Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $33,234 Accounts receivable 67,995 Accrued liabilities 6,510 Cash 22,738 Intangible assets 35,347 Inventory 83,390 Long-term investments 101,069 Long-term liabilities 79,156 Notes payable (short-term) 27,161 Property, plant, and equipment 689,074 Prepaid expenses 2,037 Temporary investments 30,842 Based on the data for Harding Company, what is the quick ratio (rounded to one decimal place)? a.3.1 b.0.8 c.1.8 d.15.4
teachin Mindlap Ce wONaGP6upn takeAssignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator=assignment-take&inprogress-fa eBook Calculator Merchandise Inventory 115,000 Store Supplies Expense 21 Notes Payable 100,000 Prepare the July 31, 2019, closing entries for Serbian Interiors Company in the order as presented in the chapter. For a compound transaction, if an amount box does not require an entry, leave it blank. Sales 1,437.000 July 31 Administrative Expenses. 440,000 Cost of Merchandise Sold 775,000 Interest Expense 6,000 Selling Expenses 160,000 naimhmnnonmonimnmnnn Store Supplies Expense 21,500 Peter Bronsky, Capital Peter Bronsky, Capital 15,000 July 31 Peter Bronsky, Drawing 15,000 Feedback TCheck My Wbrk First, determine the type of account (Asset, Liability, Owner's Equity, Revenue, or Expense). Recall that closing entrie Drawing account to the Capital acc closed. A contra account is treated like the account to which it is related. close the Check My Work All…
need solution for the problem p-22-3 from the book INTERMEDIATE ACCOUNTING AND REPORTING BY JAMES WAHLEN (3RD edition) Koopman company began operations on january 1 2018,and uses FIFO inventory method.... problem attached as pictures Required: Prepare the 2020 Financial Statements
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PROBLEM 1. Below are selected account balances from the December 31, 2020 trial balance of the Austin Company. Inventory at December 31, 2020 is $1,500. Debit $2,500 Credit Inventory, January 1, 2020 Purchases Selling expenses General and administrative expenses 5,000 500 750 Sales $10,000 1,100 Income tax expense Dividends distributed 500 Required: Using a general journal format, prepare appropriate closing entries.