The following are trial balance of Clarissa Amanda Sdn. Bhd. as at 31* December 2021. Debit Credit RM RM Opening stock, 1 Jan 2021 Purchases Sales return Carriage inwards Plant and machinery Furnitures and fixtures Land Cash in hand Carriage outwards Wages Salaries Duty on purchases Account receivable Travelling expenses Rent and assessment Drawings Insurance General expenses Capital Sales return Purchases return Discount received Loan Account payables 16,000 75,000 5,000 1,500 40,000 5,000 45,650 5,000 400 30,000 18,000 800 28,000 1,200 4,800 5,000 450 12,200 294,000 80,000 200,000 2,000 500 10,000 1,500 294,000

The following are trial balance of Clarissa Amanda Sdn. Bhd. as at 31* December 2021. Debit Credit RM RM Opening stock, 1 Jan 2021 Purchases Sales return Carriage inwards Plant and machinery Furnitures and fixtures Land Cash in hand Carriage outwards Wages Salaries Duty on purchases Account receivable Travelling expenses Rent and assessment Drawings Insurance General expenses Capital Sales return Purchases return Discount received Loan Account payables 16,000 75,000 5,000 1,500 40,000 5,000 45,650 5,000 400 30,000 18,000 800 28,000 1,200 4,800 5,000 450 12,200 294,000 80,000 200,000 2,000 500 10,000 1,500 294,000

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

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 6E: Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown...

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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…
The trial balance and additional information given below was obtained from the records of Vancouver Traders on 28 February 2020, the end of the financial year.REQUIREDUse the trial balance, adjustments and additional information to prepare the Income statement for the year ended 28 February 2020 Vancouver TradersPRE-ADJUSTMENT TRIAL BALANCE ON 28 FEBRUARY 2020Balance sheet accounts sectionDebitCreditCapital1 300 000Drawings96 000Land and Buildings912 000Vehicles at Cost672 000Equipment at Cost480 000Accumulated Depreciation on Vehicles384 000Accumulated Depreciation on Equipment168 800Fixed deposit: Fin Bank (9% p.a.)144 000Trading inventory123 000Debtors control142 420Provision for Bad Debts7 200Bank59 944Cash Float7 200Creditors Control133 344Mortgage Loan Fin Bank (12%)240 000Nominal Accounts SectionSales1 510 320Cost of sales432 000Sales returns9 600Salaries and wages427 200Bad debts13 400Stationery21 800Rates and Taxes57 100Motor expenses96 000 Repairs to building17 200Telephone32…
Exercise : Preparation of Statement of Comprehensive Income (SOCI) and Statement of Financial Position (SOFP), Comprehensive Example Questions: The following is the trial balance extracted from the books of Syarikat Indah Alam as at 31 December 2019 Syarikat Indah Alam Trial Balance as at 31 December 2019 Particular Debit (RM) Credit(RM) 50,000 Capital at 1 January 2019 Drawings Freehold premises (cost) Fixture and fitting (cost) Stock at 1 January 2019 Cash 2,400 16,000 16,600 16,000 4,600 Debtors 42,660 Creditors Loan from Maybank 26,392 5,000 Bad debts 640 Rent 4,970 Bank Charges Carriage inwards Carriage outwards 240 380 1,092 250 Discount allowed Electricity General Expenses Printing and stationary 5,720 4,750 2,350 33,300 3,480 173,096 Salaries Travelling expenses purchases Sales 247,090 Return inwards 500 Return outwards 270 Discount received 276 Total 329,028 329,028 Closing stock as at 31 December 2019 was valued at RM16,100 You are required to prepare: a) The statement of…
What is the adjusting journal entry on December 31, 2019? Debit Unrealized Holding Gain/Loss (P&L), P200,000; Credit Retained Earnings, P200,000 Debit Financial Asset FVPL, P500,000; Credit Retained Earnings, P500,000 Debit Retained Earnings, P100,000; Credit Financial Asset FVPL, P100,000 Debit Retained Earnings, P300,000; Credit Unrealized Gain (P&L), P300,000 Debit Retained Earnings, P200,000; Credit Unrealized Holding Gain/Loss (P&L), P200,000 None of the choices
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Debits 14,600 345,000 14,500 54,000 640,000 Account Title Credits Cash Accounts receivable Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Notes payable (due in six months) Salaries payable Interest payable Common stock Retained earnings Sales revenue 266,000 78,000 72,000 7,800 2,400 400, 000 165,000 780,000 Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense 468,000 117,000 43, 500 64,000 4,800 5,800 1,771, 200 1,771, 200 Totals Required: 1-a. Prepare an income statement for the year ended December 31, 2021. 1-b. Prepare a classified balance sheet as of December 31, 2021. Re LA Reg 1a Re 2 Prepare an incoe statement for the year anded December 31, 2021. BLUEBOY CHEESE CORPORATION Income Satement For the Year Ended December 31, 221
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QUESTION 2 The following is the Trial Balances extracted from the books of Rosemary Garden Enterprise as at 31 December 2021: Debit (RM) Credit (RM) 153,900 Capital Drawings 3,500 Sales 400,000 Purchases 250,000 Return Inwards and outwards 4,150 450 Inventory as at 1 January 2021 Delivery van at cost Office equipment at cost Accumulated depreciation at 1 January 2021 Delivery van Office equipment 65,000 20,000 36,000 4,500 10,800 Account Receivable 90,000 Account Payable 32,000 Insurance on machinery 750 Allowance for doubtful debts as at 1 January 2021 1550 Discount allowed and discount received 350 800 Stationery General expenses Rental expense 300 2,200 3,300 Interest on loan 5,600 Cash in hand 4,250 Cash at bank Carriage inwards Wages and salaries expenses 10% Long term investment 8% Loan from Tekun 9,000 1,500 16,100 162,000 70,000 674,000 TOTAL 674,000 Additional information: a) The closing inventory as at 31 December 2021 is RM 30,000. b) The amount of a debtor of RM750 is to be…
Transactions Alex and Hagi decided to open a home cleaning service company, H@L The following information is a partial list of transactions from H@L Inc. January 1- Alex and Hagi each donated $ 25.000 in exchange for common stock to start the business. March 3- H@L Inc., paid $ 3.000 cash for a two-year insurance policy that was effective immediately. March 15-The Company purchased $8.000 of supplies on account. April 5- The Company purchased some cleaning equipment for $10.000 cash. The equipment should last for five years with no residual value. H@L company will take a full year of depreciation in 2020. May 1-H@L Inc., purchased a year's worth of advertising in a local newspaper for $ 1.200 cash. September 1- The Company obtained a nine-month loan for $ 15.000 at 5% from Do Not Trust Bank, with interest and principal payable on June 2021. December 31- The Company paid $ 5.000 of accounts payable owed from transaction 3. December 31- The Company earned service revenues of $ 26.225, of…
Blyth Traders are a well-established wholesale business operating in the north of England and south Scotland. Their trial balance for year ended 31" December 2021 is presented below: Dr [E] Cr (E] Non-current assets (cost): Plant and machinery 150,000 Vehicles 100,000 Premises 600,000 Accumulated depreciation (1-1-21): Plant and equipment Vehicles 90,000 50,000 Premises 96,000 Sales Sales returns Purchases Carriage in Wages and salaries Discounts allowed Electricity costs Vehicle maintenance Advertising and marketing Irrecoverable debts 829,000 2,000 335,000 15.000 114.000 4.500 37.500 8,000 2,500 14,000 3,000 Allowance for receivables Bank 1,500 19,200 Accounts payable Accounts receivable 31,600 60,000 Inventory (1-1-21) 91,700 Drawings Bank loan [10%] Capital (1-1-21) 60,000 150.000 324,900 1.594.700 1.594.700 Additional notes: 1) Inventory at 31" December 2021 was valued at £94,000. However, on 4th January 2022 additional lines of inventory were uncovered that had not been included…
1. The financial year of Shah Enterprise ended on 31 December 2019. Show the ledger account for the following items including the balance transferred to the necessary part of the financial statements.a) Rent expenses: Paid RM700 in 2019; owed RM30 as at 31 December 2019b) Insurance expenses: Paid RM500 in 2019; prepaid as at 31 December 2019 wasRM40c) Commission received: Received RM650 in 2019; amount accrued as 31 December2019 was RM100d) Rent received: Received RM400 in 2019; amount received in advance as at 31December 2019 was RM100 2. The following balances were extracted from the ledger of CTSha Trading as at 31 October 2019. DEBIT (RM) CREDIT (RM) Insurance 12,000 Water and electricity 4,800 Wages and salaries 16,000 Rental income 9,900 Interest income 6,000 Prepaid insurance as at 1 Nov 2018 1,500 Accrued wages and salaries as at 1 Nov 2018 2,000 Accrued rental income as at 1 Nov 2018 1,800 The following adjustment were to be…
The following is the accounts found in the trial balance of Lei, Inc., an SME: 2020 2019 Lease liabilities - current portion 24,979 19,699 Income and other taxes payable 21,185 19,901 Selling and Administrative expense 85,972 82,110 Financing charges - net 45,344 38,304 Dividends Payable 4,116 4,042 Current Portion of biological assets - net 4,151 4,245 Prepaid Expenses and other current assets 86,585 92,043 Investment and advances - net 52,861 50,519 Investment in equity and debt instruments 42,055 42,126 Biological assets - net of current portion 2,808 2,844 Intangible assets - net 279,087 277,460 Other noncurrent assets 110,782 89,215 Loans payable 169,492 184,024 Accounts Payable and accrued expenses 176,037 149,764 Other Income (Charges) - net 6,848 (5,628) Income tax expense 28,513 24,468 Current maturities of long-term debt 43,808 55,697 Long-term debt - net of current portion 638,996 561,918 Cash and…