FINANCIAL PLANNING TOOLS (C.P5, C.M3 & C.D3)The following trial balance has been extracted by the bookkeeper at John Barclay at 31December 2019DR (£)CR (£)Opening Inventory63,084Purchases600,128Sales Revenue864,321Office expenses33,947Salaries122,611Rent paid25,000Printing expensesInterest paid1,0002,000Discount Allowed1,100Office equipment at costMachinery at cost23,25040,000Land and Building at cost207,785Sales ledger control (receivables)74,328Bank1,197Cash100CapitalDrawingsLoan from bank155,00021,710140,000Purchases ledger control(payables)52,919Value Added Tax5,0001,217,2401,217,240Closing inventory66,941Required:a. Prepare the statement of Profit or Loss for John Barclay Ltd for the year ended 31stDecember 2019. C.P5b. Prepare the statement of financial position for John Barclay Ltd for the year ended 31stDecember 2019. C.P5c. From the financial statements prepared in a and b above, calculate (C.M3) and interpret(C.D3) any three ratios under the following categories: Profitability, Liquidity, andEfficiency ratios

Statement of profit & loss account shows all income and expenses of the business and at the end,…

The following trial balance has been extracted by the bookkeeper at John Barclay at 31* December 2019 DR (£) CR (£) Opening Inventory 63,084 Purchases 600,128 Sales Revemue 864,321 Office expenses Salaries Rent paid Printing expenses Interest paid 33,947 122,611 25,000 1,000 2,000 Discount Allowed 1,100 23,250 Office equipment at cost Machinery at cost Land and Building at cost 40,000 207,785 Sales ledger control (receivables) 74,328 Bank 1,197 Cash 100 Capital Drawings Loan from bank Purchases ledger control(payables) Value Added Tax 155,000 21,710 140,000 52,919 5,000 1,217,240 1,217,240 Closing inventory 66,941 Required: a. Prepare the statement of Profit or Loss for John Barclay Ltd for the year ended 31st December 2019. C.P5 b. Prepare the statement of financial position for John Barclay Ltd for the year ended 31st December 2019. C.P5 c. From the financial statements prepared in a and b above, calculate (C.M3) and interpret (C.D3) any three ratios under the following categories: Profitability, Liquidity, and Efficiency ratios

The following trial balance has been extracted by the bookkeeper at John Barclay at 31* December 2019 DR (£) CR (£) Opening Inventory 63,084 Purchases 600,128 Sales Revemue 864,321 Office expenses Salaries Rent paid Printing expenses Interest paid 33,947 122,611 25,000 1,000 2,000 Discount Allowed 1,100 23,250 Office equipment at cost Machinery at cost Land and Building at cost 40,000 207,785 Sales ledger control (receivables) 74,328 Bank 1,197 Cash 100 Capital Drawings Loan from bank Purchases ledger control(payables) Value Added Tax 155,000 21,710 140,000 52,919 5,000 1,217,240 1,217,240 Closing inventory 66,941 Required: a. Prepare the statement of Profit or Loss for John Barclay Ltd for the year ended 31st December 2019. C.P5 b. Prepare the statement of financial position for John Barclay Ltd for the year ended 31st December 2019. C.P5 c. From the financial statements prepared in a and b above, calculate (C.M3) and interpret (C.D3) any three ratios under the following categories: Profitability, Liquidity, and Efficiency ratios

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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Financial statements Alpine Realty. Inc., organized July 1. 20Y8, is operated by Angela Griffin. How many errors can you find in the following financial statements far Alpine Realty, Inc. prepared after its first month of operations?
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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…
IT IS URGENTTTT Trial Balance of FRS Company’s accounts as of January 31 2020 given as follows: Trial Balance Account Title Debit Credit Cash 372850 Accounts Receivable 48500 Supplies 26000 Prepaid Insurance 10800 Inventory 16425 Equipment 46000 Accumulated Depreciation-Equipment 20000 Accounts Payable 96000 Salary Payable 0 Unearned Sales Revenue 25000 Capital 341800 Withdrawals 0 Sales Revenue 96000 Sales Returns& Allowances 7500 Sales Discounts 1650 Cost of Goods Sold 49075 Insurance Expense Depreciation Expense-Equipment Supplies Expense Salary Expense Total 578800 578800 On January 31, 2018 FRS Company completed following adjusting entries: Expiration of prepaid insurance for one month is 1800$ Depreciation of equipment for the month, $8,500…
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NEED ANSWER ASAP At the end of the 2021 year, the accounting staff at Prestige Design Flooring Inc. (PDF) have the followingunadjusted trial balance as at December 31, 2021.Cash 6,700Accounts Receivable 24,327Supplies 4,231Prepaid Insurance 5,700Equipment 896,000Accumulated Depreciation (Equipment) 112,600Other Assets 64,225Accounts Payable 14,327Unearned Service Revenue 16,600Note Payable (due 2026) 80,000Common Shares 289,540Retained Earnings, 12/31/2020 38,454Service Revenue 802,427Wages Expense 131,650Rent Expense 218,415Interest Expense 2,700 Total $1,353,948 $1,353,948The accounting staff have identified the following items where a year end accrual entry may be required.a. PDF purchased 12-month insurance on July 1, 2021. It is reported as prepaid insurance in the trial balanceabove.b. A physical inventory count showed that $690 of office supplies is on hand at year end.c. PDF’s equipment depreciation was $31,980 for the 2021 year.d. An analysis showed the unearned service…
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Chandra's bakery business has the following account balances at 30 December 2019: Equipment OR 38000, inventories OR 4100, Account payables OR 2650, loan of OR 5000 bank of OR 1090, purchase return 2500, sale 23040 and capital 10000. The total amount of the trial balance is: Select one: a. OR 38660 b. OR 43190 c. OR 30190 d. Correct answer not available e. OR 35540