The following is an extract of the Statement of Financial Position of Armani Enterprise: Statement of Financial Position (extract) as at 30 June 2015 RM Current assets Prepaid advertising expenses 1,280 Accrued rental received 2,000 Current liability Unpaid electricity expenses 120 Receipts and payments account (extract) for the year ended 30 June 2016 Receipts RM Payments RM Rent received 10,000 Advertising 600 Electricity 1,000 Additional information: Advertising in arrears as at 30 June 2016 amounted to RM200 Electricity bill of RM150 has been paid in advance as at 30 June 2016 According to the rental agreement, the monthly rental is RM1,000 per month. As at 30 June 2016, 4 months’ rental has yet to be received. Required: Prepare and balance off the following accounts for the year ended 30 June 2016: (a) Prepaid advertising expenses account (b) Advertising expenses account (c) Accrued advertising account (d) Accrued rental received account (e) Rental received account (f) Accrued electricity account (g) Electricity account (h) Prepaid electricity account

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter14: Statement Of Cash Flows (cashflow)

Section: Chapter Questions

Problem 1R: The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal...

See similar textbooks

Similar questions

The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal year, is as follows: Additional data obtained from the records of Prime Sports Gear are as follows: a. Net income for 2013 was 121,610. b. Depreciation reported on income statement for 2013 was 46,500. c. Purchased 165,000 of new equipment, putting 90,000 cash down and issuing 75,000 of bonds for the balance. d. Old equipment originally costing 19,500, with accumulated depreciation of 7,950, was sold for 8,000. e. Retired 60,000 of bonds. f. Declared cash dividends of 64,000. g. Issued 1,500 shares of common stock at 27 cash per share. You have been asked to prepare a statement of cash flows for Prime Sports Gear for 2013. Review the worksheet called CASHFLOW that has been provided to assist you in preparing the statement. The worksheet has been designed so that as you make entries in columns D and F, column G will be automatically updated. For example, FORMULA1 should be entered as =B17+D17F17. Columns C and E are to be used to enter letter references for each of the debit and credit entries on the worksheet.
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…
Given the following financial statements for Voice-Soft, a voice recognition company, answer the questions on the next page. Income Statements Year Ended December 31, 20X2 20X1 Sales 8000 5000 Cost of goods sold (COGS) 7300 4380 EBITDA 700 620 Depreciation and Amortization 200 120 EBIT 500 500 Interest Expense 75 100 EBT 425 400 Taxes (20%) 85 80 Net Income 340 320 Balance Sheets As of December 31, 20X2 20X1 Assets Current assets: Cash 300 20 Short term investments 460 100 Accounts receivable 640 400 Inventories 800 480 Total current assets 2200 1000 Net plant and equipment 1800 1500 Total assets 4000 2500 Liabilities and Stockholders' Equity Current liabilities: Notes…
Computing Gross Profit and Operating Income Following is an excerpt from the Packer Inc. year-end trial balance dated December 31, 2020. Selected Adjusted Trial Balance Amounts Acct. No. Description Debit Credit 400 Sales revenue $112,000 402 Consulting revenue 1,600 404 Gain on sale of investments 4,480 510 Cost of goods sold $40,000 511 Selling expense 17,600 512 Salaries expense 4,800 520 Rent expense 3,200 526 Insurance expense 800 528 Depreciation expense 1,600 530 Research and development expense 8,000 535 Loss on sale of investments 2,880 540 Interest expense 800 542 Income tax expense 3,120 Required a. Compute gross profit for 2020. Answer b. Compute operating income for 2020. Answer
Given the income statement items of the company for the year ended December 31, 2018. (RM 000) Impairment charges 3,015 Cost of goods sold 129,364 Advertising 14,258 Net earnings/income 9,394 Interest expense 2,585 Interest income 422 Operating profit 19,243 Depreciation charges 3,998 Selling and administrative expenses 45,722 Gross profit 86,236…
The following was extracted from the accounting records of a trader on 28 February 2015: Extracts from the income statement: Total sales 217 750 Cost of sales 124 430 Net profit 54 430 After the capital account had been credited with the above net profit, the balance sheet reflected the following balances: Land and buildings…………………………………………………………218 400Equipment at carrying value.........................................................41 300Capital…………………………………………………………………………314 400Long term loan……………………………………………………………59 200Investment……………………………………………………………………54 600Current assets…………………………………………………………………134 900Creditors control……………………………………………………………75 600Debtors control………………………………………………………………36 400Bank (dr)…………………………………………………………………………33 600 ADDITIONAL INFORMATION: 1. Credit sales represent 60% of total sales.2. Creditors allow 3 months credit.3. Similar industries in South Africa have a stock turnover rate of 3 times per annum. REQUIRED: The formula for…
The following trial balance extracts (i.e. it is not a complete trial balance) relate to Adongo as at 30 June 2015: GHC’000                    GHC’000 Revenue (note (i) 113,500 cost of sales 88,500 esearch and development costs (note (ii)) 7,800 Distribution costs 3,600 Administrative expenses (note (iv)) 6,800 Loan note interest and dividends paid (notes (iv) and (vii)) 5,000 Investment income 300 Equity shares of GHC1 each (note (vii))…
The following trial balance extracts (i.e. it is not a complete trial balance) relate to Adongo as at 30 June 2015: GHC’000                        GHC’000 Revenue (note (i))                                                                                                       113,500 Cost of sales                                                                                                                    88,500 Research and development costs (note (ii))                                       7,800 Distribution costs                                                                                3,600 Administrative expenses (note (iv))                                                   6,800 Loan note interest and dividends paid (notes (iv) and (vii))             5,000 Investment income                                                                                                     300 Equity shares of GHC1 each (note (vii))…
The following trial balance extracts (i.e. it is not a complete trial balance) relate to Adongo as at 30 June 2015: GHC’000                    GHC’000 Revenue (note (i))                                                                                                       113,500 Cost of sales                                                                                                                    88,500 Research and development costs (note (ii))                                        7,800 Distribution costs                                                                                3,600 Administrative expenses (note (iv))                                                   6,800 Loan note interest and dividends paid (notes (iv) and (vii))              5,000 Investment income                                                                                                      300 Equity shares of GHC1 each (note (vii))…
Alaga Mo Patabain Ko Cooperative was established on November 2, 2016. Below are the balances financial position accounts on the beginning of December, 2016 and the transactions for December, 2016Total Liabilities is 40% of Total Members’ EquityTotal Non-Current Assets is 60% of Total AssetsCash and Cash Equivalents is P2,400,000 which is 40% of Total Current AssetsNet Surplus/(Net Loss) is (P650,500) based on the result of operation of November, 2016December, 2016 TransactionsInterest Income from Loans – P250,000Service of Income – P150,000Cost of Service – P85,000Membership Fees – P45,000Commission Income – P25,000Miscellaneous Income – P5,000Interest Expense from Deposits – P25,000Administrative Expense – P150,000Gains in Sale of Investment – P35,000Cooperative acquired a delivery truck by issuing a promissory notes worth P350,000 on December 1 with 10 years depreciation. This transaction was omitted in the book. The correct balance of Non-Current Assets as of December 31, 2016.…
Below are the accounts of J.L Laundry for the month ended March 31, 2015 Instructions: Prepare a statement of financial position and label its parts. After which, answer the following questions. How much is the total current asset of the entity? Delivery Truck 120,000.00 Cash 22,400.00 Accounts Payable 120,000.00 Laundry Supplies 2,000.00 Inerest Payable 1,200.00 Laundry Equipment 80,000.00 Accounts Recievable ₱3,900.00 Net profit for the month 11,100.00 J.L Capital 104,000.00 J.L Drawing 1,000.00 Filipinas Hotel 4,600.00 D & E Coffee Shop 2,400.00
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…

SEE MORE QUESTIONS

Recommended textbooks for you

Excel Applications for Accounting Principles

Accounting

ISBN:

9781111581565

Author:

Gaylord N. Smith

Publisher:

Cengage Learning

Excel Applications for Accounting Principles

Accounting

ISBN:

9781111581565

Author:

Gaylord N. Smith

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

	RM
Current assets
Prepaid advertising expenses	1,280
Accrued rental received	2,000

Current liability
Unpaid electricity expenses	120

Receipts RM	Payments RM
Rent received 10,000	Advertising 600
	Electricity 1,000