The following data ure talen from the records of Pageng Delivery Services for the year 2018Cash receivedPou0.000From custumersCollection of accounts90,000PIociteds of financing loanProceeds from sale of furnitureDividends on stock420,000S5.00023,00011,000BIL00099,000Commission incomeAdditional invertmentRent incomeCash paid700,00045.000180,000310.000Purchase of lattInterest on loanPartial paymentaf financing InanOperating expensesTanes and licenses3,750Cash balance beganning is P98,000Gain on sale of hurniture in P5,000,Hequired: Prepate a statement of cash flows then determine the following1. Net cash flow from operating activities2. Net cash flow from investing activities3 Net cash flow from inancing actiities4. Net increase/decrease in cash5. Cash balance on December 31, 2018

A cash flow financial statement that summarizes all cash inflows received by a company from both…

The following data are talen from the recurds of Pagong Delivery Services for the year 201 Cash received pou0.000 From customers Collection of accounts 90,000 420,000 PIocHeds of inancing loan Proceeds from sale of furniture Dividends on stock Commission income Additional investment Rent income S5.000 23,000 11,000 BIL,O00 99,000 Casih paid Purchase of latnid Interest on loan 700,000 45.000 180,000 310.000 Fartial payment of financing Inan Operating expenses Tanes and licenses 3.750 Cash balance beginning is P98.000 Gain on sale of furniture in P5,000. Hequired: Prepate a statement of cash flows then determine the followitng: 1. Net cash flow from operating activities 2. Net cash flow from investing activities 3. Net cash flow from financing activities 4. Net increase/decrease in cash 5. Cash balance on December 31, 2018

The following data are talen from the recurds of Pagong Delivery Services for the year 201 Cash received pou0.000 From customers Collection of accounts 90,000 420,000 PIocHeds of inancing loan Proceeds from sale of furniture Dividends on stock Commission income Additional investment Rent income S5.000 23,000 11,000 BIL,O00 99,000 Casih paid Purchase of latnid Interest on loan 700,000 45.000 180,000 310.000 Fartial payment of financing Inan Operating expenses Tanes and licenses 3.750 Cash balance beginning is P98.000 Gain on sale of furniture in P5,000. Hequired: Prepate a statement of cash flows then determine the followitng: 1. Net cash flow from operating activities 2. Net cash flow from investing activities 3. Net cash flow from financing activities 4. Net increase/decrease in cash 5. Cash balance on December 31, 2018

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please try to answer accurately and accordance with requirements.Thank you!The general ledger of Emerates Traders Ltd includes the following accounts as at 30 June 2018:$000Sales Revenue 8,280Dividend Received 126Interest Received 65Cost of Sales 1,105Selling and Distribution expenses 450Administration expenses 1,550Finance costs 16Valuation loss on trading investments (considered a material item) 250Income tax expense charged to profit and loss 1,500Expenses classified by nature include:Auditors Remuneration:Audit of accounts 20Information technology controls advice 5 25Depreciation expense:Buildings 120Plant and Equipment 225 345Additional InformationThe valuation loss on investments held for trading is not tax deductible.Task 4a. Complete a Statement of Comprehensive Income showing expenses classified byfunction on the face of the Income Statement together with notes to the incomestatement including the material item.- Note that Emerates Traders Ltd discloses material items on the…
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…
The following information was extracted from the records of Tshabalala Traders Ltd for the yearended 31 December 2019. RCapital 1 January 2019 350 000Drawings 20 000Sales (70% on credit) 950 000Gross profit 250 000Total expenses 80 000Bank favourable 26 000Net profit 74 000Trade creditors 26 000Property, plant and equipment 350 000Fixed deposit 20 000Inventory 72 000Trade Debtors 80 000Mortgage Loan 100 000 Additional InformationThe opening balance of the inventory, debtors and creditors was R50 000, R60 000 and R30 000respectively. Assume a 365 day year. Calculate the following ratios and explain what each ratio means in relation to theindustry average given in brackets. Show your calculations as marks will be awardedfor these. Round off to 2 decimal places.Q.2.1.1 Net profit margin (10%). Q.2.1.2 Debt equity ratio (30%). Q.2.1.3 Average creditors settlement period (60 days). Assume purchases are equalto cost of sales and 60% of all purchases are on credit. Q.2.1.4 Current ratio…
The following information was extracted from the records of Tshabalala Traders Ltd for the yearended 31 December 2019. RCapital 1 January 2019 350 000Drawings 20 000Sales (70% on credit) 950 000Gross profit 250 000Total expenses 80 000Bank favourable 26 000Net profit 74 000Trade creditors 26 000Property, plant and equipment 350 000Fixed deposit 20 000Inventory 72 000Trade Debtors 80 000Mortgage Loan 100 000 Additional InformationThe opening balance of the inventory, debtors and creditors was R50 000, R60 000 and R30 000respectively. Assume a 365 day year. Calculate the following ratios and explain what each ratio means in relation to the industry average given in brackets. Show your calculations as marks will be awarded for these. Round off to 2 decimal places. Q.2.1.2 Debt equity ratio Q.2.1.4 Current ratio (2:1)
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
Assume the following information is given:Income statementNet sales sh. 200,000Operating income 10,000 Balance sheetCurrent assets 95,000Total assets 150,000 Current liabilities 80,000Total liabilities 125,000Retained earnings 25,000 The market value of equity is sh. 300,000Required:Evaluate the credit worthiness of the borrower using Altman Z
Given below is AU Chiefs Company’s financial statements. Compute for the financial rations and showthe solutions in a sheet of paper.1. Expenses to sale ratio2. Return on assets3. Return on Equity4. Asset Turnover ratio 2020 2019 Cash 122,500 104,700 Accounts Receivable 90,650 80,550 Inventory 66,200 53,000 Prepaid Expense 85,450 106,000 Total Current Assets 364,800 344,250 Property, Plant and Equipment 925,000 786,350 TOTAL ASSETS 1,654,600 1,475,350 Total Current Liability 381,500 423,350 Long-term Liabilities 359,900 230,600 Mabini, Capital 913,200 821,400 Total Liability and Equity 1,654,600 1,475,350 Sales 1,047,050 1,151,755 Cost of Sales 322,750 355,025 Gross Profit 724,300 796,730 Selling Expenses 353,250 388,575 Administrative Expenses 128,150 140,965 Operating Income 242,900 267,190 Interest Income…
The following information was extracted from the records of Tshabalala Traders Ltd for the yearended 31 December 2019. Capital 1 January 2019 350 000Drawings 20 000Sales (70% on credit) 950 000Gross profit 250 000Total expenses 80 000Bank favourable 26 000Net profit 74 000Trade creditors 26 000Property, plant and equipment 350 000Fixed deposit 20 000Inventory 72 000Trade Debtors 80 000Mortgage Loan 100 000 Additional InformationThe opening balance of the inventory, debtors and creditors was R50 000, R60 000 and R30 000 respectively. Assume a 365 day year. Calculate the following ratios and explain what each ratio means in relation to the industry average given in brackets. Show your calculations as marks will be awardedfor these. Round off to 2 decimal places. Q.2.1.2 Debt equity ratio (30%). Q.2.1.3 Current ratio (2:1)
Some selected balances of DD Co. for year ended Dec-31-2019 are as follows with theirnormal balances before adjustments:Cash and Cash Equivalent Br 20,000 Owners’ Capital 40,000Notes Receivables45,000Retained Earnings75,000Office Supplies12,000Sales Revenues640,000Prepaid Insurance72,000Interest Income12,000Inventory (Average Cost)24,000Cost of Goods Sold320,000Fixed Assets120,000Selling Expenses21,000Accum. Depr- Fixed assets36,000Salary and Wages Expense105,000Unearned Rent (Liability)56,000Rent Expense15,000Requireda. Prepare the necessary adjusting entries for the following items as not yet recorded on Dec-31-2019:i. The office supplies consumed during the year is Br 8,000ii. The Unexpired part of insurance is only Br 26,000iii. Br 30,000 is earned sales revenues from the unearned advance collectioniv. Salary and wages accrued as on 31-Dec-2019 amounts to be Br 18,000v. Depreciation Expenses allocated for the year amounts to be Br 15,000vi. There are accrued interest of Br 8,000 on…
On August 1, 2020, the business accounts of Peter and Senen appear below:Assets Peter SenenCash P11,000 P22,354Accounts receivable 84,536 217,890Inventories 100,035 240,102Land 603,000 428,267Buildings 200,345 384,789Other Assets 22,000 23,600Total P1,020,916 P1,317,002Liabilities and CapitalAccounts payable P178,940 P243,650Notes payable 200,000 345,000Peter, Capital 641,976Senen, Capital 728,352Total P1,020,916 P1,317,002Peter and Senen agreed to form a partnership contributing their respective assets and liabilitiessubject to the following adjustments:Accounts receivable of P20,000 and P35,000 are uncollectible in Peter and Senen’s respectivebooks.Inventories of P5,500 and P6,700 are worthless in Peter and Senen’s respective booksOther Assets of P2,200 and P3,600 in Peter and Senen’s books are written off.After five days Ethel was offered to join Peter and Senen and will contribute for a 20% interestin the firm. They also agreed to divide profits and losses in the ratio of 4:4:2…
Please see attachment. The bottom portion is what I cannot figure out. The following financial information is for Priscoll Company. Priscoll CompanyBalance SheetsDecember 31 Assets 2020 2019 Cash $ 84,700 $ 78,650 Debt investments (short-term) 66,550 48,400 Accounts receivable 125,840 108,900 Inventory 278,300 199,650 Prepaid expenses 30,250 27,830 Land 157,300 157,300 Building and equipment (net) 314,600 223,850 Total assets $1,057,540 $844,580 Liabilities and Stockholders’ Equity Notes payable (short-term) $205,700 $145,200 Accounts payable 78,650 62,920 Accrued liabilities 48,400 48,400 Bonds payable, due 2023 302,500 205,700 Common stock, $10 par 242,000 242,000 Retained earnings 180,290 140,360 Total liabilities and stockholders’ equity $1,057,540 $844,580 Priscoll CompanyIncome StatementFor…
The following is a trail balance of ACC Limited for the year ended 31 December 2014:RBALANCE SHEET ACCOUNTSCapital 250 000Drawings 4 400Land and buildings (at cost) 180 000Vehicles (at cost) 120 000Furniture (at cost) 15 000Bank 5 900Debtors 40 140Stock ( 1/01/2014) 4 000Creditors 50 750Accumulated Depreciation: Vehicles 26 000Accumulated Depreciation: Furniture 3 000NOMINAL ACCOUNTSSales 252 145Sales returns 615Commission Income 670Rent received 1950Purchases 170 550Purchases Returns 550Bad Debts/credit losses 230Insurance 2 750Packing material 800Salaries 38 500Water and electricity 3300Additional information:1. Inventory on 31 December 2014 : Trading inventory R6 500Packing Material R1752. Debtor Jacob is insolvent. His debt of R140 has been written off as irrecoverable3. Provision must be made for depreciation as follows:a. Vehicles 20% on diminishing balance method/reducing balance.b. Furniture 10% Straight Line method.4. A Debtor, Mr Fletcher who wed R230 finally managed to pay…