The Following is tue Trial balance g j JamiesonJamieson a31 october 2020, You are to draw Up an income stateDebit16,950Credit.purchasesSalesStouk in hand 31october 201923, 2404,135pastages andMotor expensesSalariesSundry expensesRenttelephone2283994,36483'390Rates1554,698DebtorsOreditorsPremisesMotor VehiclesFixture and FittingsBank OverdraftDrawingsCapital3,174סטס ןסב2,35011201,458503,820,85048,72248722StNotes as at 31 October 2020(1)Stock on hand was 2,859(2) Expense Owing(2): Sundry expenses 22, motur Expenses 58Telephone 11Expenses prepaid: Rates 23,re the depreciation(4) 1gn ot Fixed Asset.NBe Intome Statement -please Ure, good inggohendwrittspreparefor easy Follow,

J.Jamieson Income Statement For the year ended on 31 Oct 2020 Revenue Sales 23,240…

The fallowing is tue Trial balance % j jamieson as on. 31 october 2020. You are to draw up an income state Debit 16,950 Credi't. prchases Sales 23, 240 Stouk in hand 3l october 2019. 4,135 pustages and telephone Motor expenses Salaries 228 399 4,364 Sundry Expenses Rent Rates Debtors Ereditors 83 390 15 4,698 3,174 Premises Maor Vehicles fixture and Fittings Bank Overdraf t Druw ings Capital ססס ,סו 2,350 120 1,458 3,850 20,850 48722 4872 st Notes as at 31 October 2020 (4) Stock on hand was 2,851 ( Expewe Owing: Sundry expenses 22, motur expenses 58 O Expenses prepaid: Rates 23, Telephone 11 (4) 1gnore tue depreciation Fixed Asset. prepare Intome Statement for easy Follow, NB - goud handwritting please Use

The fallowing is tue Trial balance % j jamieson as on. 31 october 2020. You are to draw up an income state Debit 16,950 Credi't. prchases Sales 23, 240 Stouk in hand 3l october 2019. 4,135 pustages and telephone Motor expenses Salaries 228 399 4,364 Sundry Expenses Rent Rates Debtors Ereditors 83 390 15 4,698 3,174 Premises Maor Vehicles fixture and Fittings Bank Overdraf t Druw ings Capital ססס ,סו 2,350 120 1,458 3,850 20,850 48722 4872 st Notes as at 31 October 2020 (4) Stock on hand was 2,851 ( Expewe Owing: Sundry expenses 22, motur expenses 58 O Expenses prepaid: Rates 23, Telephone 11 (4) 1gnore tue depreciation Fixed Asset. prepare Intome Statement for easy Follow, NB - goud handwritting please Use

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 18E: Errors During the course of your examination of the financial statements of Burnett Co., a new...

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Company is considering purchasing EKC Company. EKCs balance sheet at December 31, 2019, is as follows: At December 31, 2019, Elm discovered the following about EKC: a. No allowance for uncollectible accounts has been established. An allowance of 5,000 is considered appropriate. b. The LIFO inventory method has been used. The FIFO inventory method would be used if EKC were purchased by Elm. The FIFO inventors-valuation of the December 31, 2019, ending inventors-would be 180,000. c. The fair value of the property, plant, and equipment (net) is 730,000. d. The company has an unrecorded patent that is worth 120,000. e. The book values of the current liabilities and bonds payable are the same as their market values. Required: 1. Compute the value of the goodwill if Elm pays 1,350,000 for EKC. 2. Next Level Why would the book value of a companys identifiable net assets differ from its market value?
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Errors During the course of your examination of the financial statements of Burnett Co., a new client, for the year ended December 31, 2019, you discover the following: Inventory at January 1, 2019, was understated by 6,000. Inventory at December 31, 2019, was overstated by 5,000. During 2019, the company received a 1,000 cash advance from a customer for merchandise to be manufactured and shipped during 2020. It had credited the 1,000 to sales revenue. The companys gross profit on sales is 50%. Net income reported on the 2019 income statement (before reflecting any adjustments for the above items) is 20,000. Required: Next Level What is the correct net income for 2019?
A. You are provided with the following information form the accounts of BBS Ltd for the year ending 30 June 2019Cash Sales950 000Cost of Goods Sold35 000Amount received in advance for services to be performed in August 20199 500Rent expenses for year ended 30 June 20199 000Rent Prepaid for two months to 31 August 20191 200Doubtful debts expenses1 200Amount provided in 2019 for employees’ long-service leave entitlements5 000Goodwill impairment expenses7 000Required:Calculate the taxable profit and accounting profit for the year ending 30 June 2019.B. GYV Ltd has the following deferred tax balances as at 30 June 2019.Deferred tax asset $9 00 000Deferred tax liability $7 00 000The above balances were calculated when the tax rate, was 20 per cent. On 1 December 2019 the government raises the corporate tax rate to 25 per cent.Required:Provide the journal entries to adjust the carry-forward balances of the deferred tax asset and deferred tax liability.
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Solve for the following with provided solution: for reference: https://www.bartleby.com/questions-and-answers/income-statement-just-stuff-inc.-for-the-years-ended-dec.-31-2019-and-2020-2019-2020-sales-revenue-p/935f7cfa-fccf-4e0b-b22f-0cb98b1eb001
You have been asked to help prepare the financial statements of Cee Jee trading co.for the year ended 31 December 2019. The company’s trial balance as at 31December and additional information is shown below:Cee Jee trading co.Trial balance as at 31 December 2019 DR (£) CR (£)Capital 90,428Drawings 19,004Purchases 778,144Sales 1,054,700Salaries 66,880Rent and rates 19,720Light and heating 8,284Irrecoverable (Bad) debts 3,768Allowance for Doubtful debts 7,404Trade receivables / Debtors 144,600Trade payables / Creditors 68,616Bank 5,632Cash 668Opening inventories 164,248Motor vehicle at cost 14,400Accumulated depreciation motor vehicle 4,200Total 1,225,348 1,225,3481. The inventories at the close of business at 31 December 2019 are valued at£198,712.2. The rent is 12,800 per annum, payable half-yearly in advance on the 31March and 30 September.3. Business rates for the year ending 31 March 2020 amounting to £2,976 werepaid in full in April 2019.4. Salaries to be accrued amount to…
DATA PROVIDEDThe pre-adjustment trial balance of Wing-It (Pty) Ltd as at 31 August 2022 is presented:AccountDebitCreditProfessional fees765 000Goods sold435 000Cost of sales215 000Interest received19 500Interest on loan6 300Bank charges3 200Cleaning1 500Staff welfare650Salaries and wages35 850Municipal services6 850Printing and stationery16 715Telephone18 600Fuel and oil56 000Repairs and maintenance: Building5 200Repairs and maintenance: Vehicles6 850Capital: Blue520 000Capital: Green630 000Drawings: Blue35 000Drawings: Green27 000Current account: Blue2 500Current account: Green6 400Retained income265 000Land500 000Buildings1 500 000Accumulated depreciation on buildings21 000Vehicles380 000Accumulated depreciation on vehicles65 000Equipment and electronics79 500Accumulated depreciation on equipment and electronics1 5008% Long-term loan325 000Bank: FNB168 000Bank: ABSA32 000Debtors control account85 000Allowance for credit losses6 400Creditors control account78 600Petty cash2…