The data below is extracted from the books of Doreen Enterprises distributors of Ladies wear for the period ending 31st December 2019. From the data below: You are required to calculate her working capital requirement for the period ended 31st December 2019 Current Assets & Current Liabilities GH¢ Stocks 50,000 Creditors 70,000 Debtors 100,000 Cash 25,000 Taxation 20,000 Dividend Payable 10,000 Prepayments 5,000 Short Term Loans 30,000

Q: Levi had following information on is books: 2019 2020 Accounts Receivable 500,000 1,000,000 Accounts…

A: NET INCOME FOR 2020                     =       7000000 Add: Depreciation expenses             =…

Q: Beachwood Manufacturing Inc's summarized financial data are shown as follows (amounts are in…

A: Computation of EBITDA (earnings before interest, taxes, depreciation, and amortization)…

Q: Prepare the necessary closing entries at December 31, 2020. Use compound journal entries where…

A: Closing entries:   Closing entries are those journal entries, which are passed to transfer the final…

Q: Coronado Inc., a greeting card company, had the following statements prepared as of December 31,…

A: In this question, we have to calculate cash flow. Cash flow helps in determining the financial…

Q: Prepare the balance sheet of UCLA Ltd. ( the figures are in $ and as on 31 December 2019.) General…

A: Balance sheet of the business shows all assets, liabilities and equity of the business as on…

Q: Fabienne Talent Agency has a beginning capital amounting P 1,250,000, an additional investment of P…

A: Formula: Ending capital = Beginning capital + Additional capital + Net income - drawings

Q: As of December 31, 2019, the capital of Sweet & Spicy Company are equal to two-thirds of the total…

A: Total assets = Capital - liabilities Capital = total assets x 2/3

Q: The table below contains data on Fincorp Inc. The balance sheet items correspond to values at…

A: First Calculate Profit After Tax which is to be used in Cash Flow Statement       Income…

Q: The following select information is taken from Blueberry Pie Corp.'s statements of financial…

A: Inventory Turnover Ratio: Cost of goods sold / Average Inventory   COGS = 123000  Average Inventory…

Q: Brecker Inc., a greeting card company, had the following statements prepared as of December 31,…

A:

Q: Brecker Inc., a greeting card company, had the following statements prepared as of December 31,…

A: Cash flow statement: The financial statements contain a set of statements. The three major…

Q: The following selected account balances were taken from ABC Company's genera ledgers for 2019:…

A: SOLUTION- CASH COLLECTED FROM CUSTOMER-  IT IS CALCULATED BY ADJUSTING TOTAL SALES SHOWN IN THE NET…

Q: The 2018 balance sheet of Spieth’s Golf Shop, Inc., showed long-term debt of $1.565 million, and the…

A: The cash flow of a firm is calculated as a difference in the value of the same account during two or…

Q: Jobim Inc. had the following condensed balance sheet at the end of operations for 2019. Jobim…

A: The statement of cash flows is prepared for the year ending 2020. Operating activities provides net…

Q: The income and expense accounts of Rosie Corp. for the year ended 2019 are listed below. Sales…

A: Total Profit = Total Revenue - Total Expenses

Q: The following accounts were included on Nigel’s adjusted trial balance at December 31, 2020:…

A: Current assets are those assets which are easily convertible in to cash or used with in a period of…

Q: The income and expense accounts of Rosie Corp. for the year ended 2019 are listed below. Sales…

A: Statement of owner's equity gives information about the changes in the owner's capital account.…

Q: On December 31, 2019, Clean and White Linen Supplies Ltd. had the following account balances: Cash…

A: Cash Account Particulars Amount Particulars Amount Balance b/d $90,000 Insurance Premium…

Q: The following information is provided to you by Ahmed LLC for the financial year ending 31st…

A: Net assets(liabilities) = closing assets - closing liabilities  = OMR 60000 - 120000 = OMR-60000

Q: Blue Springs Ltd has provided you with the following figures in respect of the year to 30 June 2021.…

A: Cash flow statement is a statement which records the inflow or outflow of cash from the three main…

Q: what effect each of the following June transactions will have on net profit before tax, cash flow…

A: Cash flow from operations (CFO) refers to the sum of money earned by an entity or an individual in a…

Q: Conrad Air Inc. reported net income of $1,365,000 for the year ended December 31, 2020. Show how…

A: a. When Corner paid no dividends and invested in the marketable securities then, the marketable…

Q: The accountant of M. Albright, a sole trader in cotton materials, presents her annual balance sheets…

A: Cash flow statement is one of the important financial statement which shows all cash inflows and…

Q: Whispering Inc., a greeting card company, had the following statements prepared as of December 31,…

A: The cash flow statement is an essential part of the financial statements of the organization. It is…

Q: The December 31, 2018, balance sheet of Whelan, Inc., showed long-term debt of $1,455,000 and the…

A: Long term debt (2018)= $14,55,000 Long term debt(2019) = $16,90,000 So, Increase in Long Term Debt…

Q: The questions related to this section are based on the following scenario. The financial records of…

A: Liabilities of the business are those which may result in outflow of cash in future. Gross profit is…

Q: Compute the net income that would appear in the income statement of Johnson Service Company for the…

A: Net Income of the business means income of the business after deducting all the expenses.

Q: Brecker Inc., a greeting card company, had the following statements prepared as of December 31,…

A: Statement of cash flows is a statement which shows net cash available after considering the expenses…

Q: Given are the following data for Archers Co. for 2019, its first year of operations: Revenue from…

A: Total revenue = Cash revenue from professional services + Revenue from professional services on…

Q: As at Dec. 31, 2020, the accounting records for Marcus Aurelius Outdoor Ad Concepts contained the…

A: 1. Income Statement 2. Balance Sheet   The first statement shows the income earned and loss incurred…

Q: Included in Outkast Company’s December 31, 2020, trial balance are the following accounts: Prepaid…

A: Outkast CompanyBalance Sheet (Partial)December 31, 2020 Long-term investments:   Debt…

Q: Teejaan Inc, has the following accounts included in its December 31, 2019, trial balance: Accounts…

A: Current Assets means those assets in the business which can be converted into cash in short period…

Q: Following are the current asset and current liability sections of the balance sheets for Freedom…

A: Ratio analysis is a method of measuring the financial position of the organization with different…

Q: Mr. Soie opened up a merchandising business on October 1, 2019 with a cash investment of PS0,000.…

A: Since there are multi sub-parts, we will solve first three for you. To get the remaining sub-parts…

Q: The following items (in thousands) are taken from the financial statements of Huang Company for the…

A: Total current liability = Accounts payable + Salaries and wages  payable

Q: Gator Investments provides financial services related to investment selections, retirement planning,…

A:

Q: Prepare an income statement, statement of stockholder’s equity and balance sheet for the Owens Dry…

A: Income statement Particulars Amount Service revenues 305,000 Less: expenses…

Q: The table below contains data on Fincorp Inc. The balance sheet items correspond to values at…

A: ANSWER    2018 ( in thousands of dollars)  2019 ( in thousands of dollars)  REVENUE…

Q: From the following particulars of AMN Bank as on 31st December 2020, prepare Income statement and…

A: Working Note Working Note - 1   Salaries  20000 Salary Payable 2000 Salary Expenses 22000…

Q: From the following information of Husam Trading Company for the year ended 31st December 2020, you…

A: Husam Trading Company Income Statement for the year ended December 31, 2020   RO RO RO Income:…

Q: working capital and current ratio

A: Working capital = Total current assets - Total current liabilities

Q: Prepare the balance sheet of UCLA Ltd. ( the figures are in $ and as on 31 December 2019. General…

A: The financial statement is an organized and summarized detailed information about the financial…

Q: The cash received for interest during 2020 was

A: Here interest recievable is an asset  Interest revenue is recognized as and when it is recievable as…

Q: The financial statements for Lexington Service Company include the following items: Account 2019…

A: Current ratio = Current assets/Current liabilities

Q: Windsor Inc., a greeting card company, had the following statements prepared as of December 31,…

A: Cash received from Customers = Sales - Increase in accounts receivables Cash paid to suppliers =…

Q: Bramble Inc., had the following condensed balance sheet at the end of operations for 2019. BRAMBLE…

A: Cash flow statement includes: Cash flows from operating activities Cash flows from investing…

Q: Kingbird Inc., had the following condensed balance sheet at the end of operations for 2019.…

A: The cash flow statement segregates the total cash flows into three activities to give a more clear…

Q: Prepare a Projected Statement of Financial Position of Sky Company dated December 31, 2019. Below…

A: Sky Company…

Q: The 2018 balance sheet of Speith's Golf Shop, Inc., showed long-term debt of $6.2 million, and the…

A: Step 1:- Calculate cash flow to creditors * Cash flow to creditors represents the payment made by a…

Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.