04:1794%e Tutorial 12.pdfTutorial 12Submission date: 1 February 2021 before 12.00pm1. The statement of financial position of Fateh Enterprise, a sole trader, for twosuccessive years are shown below.Statement of Financial Position as 31 December20192020RMRMRMRMNon Current AssetLand and premises (cost RM52,000)Plant and machinery:(Cost RM19,000)(Cost RM25,000)44,00040,00014,25019,60059,60058,250Current AssetInventoryTrade account receivable6,60017,8006,30012,6007,100Bank24.40082,65026.00085,600FINANCED BY :Capital account:Balance at 1 JanuaryAdd: Net Profit for the year42,00018,00047,00022,00060,000(13,000)47,00069,000(15,000)54,000Less:DrawingCurrent LiabilitiesTrade account payable22,00013,65011,600Bank overdraft35,65011,600Non Current LiabilitiesLoan(repayable December 2022)20.00085,60082,650Required:Prepare statement offor Fateh Enterprise foryear ended 31 December2020.Prepared by: Puan Siti Nor Junita Mohd Radzi2. The following Statement of Financial Position was extracted from the books ofGagah Perkasa Sdn Bhd at 31 December 2018 and 2019.Gagah Perkasa Sdn BhdStatement of Financial Position as at 31 December20182019RMRMRMRMNon-current AssetsBuildingsFixtures less DepreciationVan less Depreciation50,0001,8003,92055,72050,0002,0007,40059,400

Cash flow refers to the net amount of cash and cash-equivalents being inflow and outflow in a…

Answered: Tutorial 12 Submission date: 1 February…

Business

Accounting

Tutorial 12 Submission date: 1 February 2021 before 12.00pm

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

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 10E: Spreadsheet The following 2019 information is available for Payne Company: Partial additional...

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Spreadsheet The following 2019 information is available for Payne Company: Partial additional information: The net income for 2019 totaled 1,600. During 2019, the company sold, for 390, equipment that cost 390 and had a book value of 300. The company sold land for 200, resulting in a loss of 40. The remaining change in the Land account resulted from the purchase of land through the issuance of common stock. Required: Making whatever additional assumptions that are necessary, prepare a spreadsheet to support the 2019 statement of cash flows for Payne.
Nairobi Ltd Trial Balance As at 31st December 2020 Dr. Cr. Kshs'000 Kshs'000 Sales 500 Furniture-at cost 35 Salaries 80 Buildings-at Cost 100 Accounts Receivable 120 Cash and Cash Equivalent 443 Machinery-at Cost 122 Accounts Payable 105 Salaries Payable 42 Long-term Loans 100 Ordinary Share Capital 150 Stock(Inventories) on 31.12.2020 94 Retained Earnings 157 Cost of Sales 60 1,054 1,054 Additional information (i) Machinery is to be depreciated at 10% p.a.…
5. Lepat Trading prepared its account on 30 June every year. On 30 June 2019, the statement of financial position of Lepat Trading showed the folowing. Statement of Financial Position as at 30 June 2019 RM RM Non-Current Asset Machinery 100,000 Accumulated depreciation 20,000 80,000 Motor vehicles 160,000 Accumulated depreciation 96,000 64,000 During the year ended 30 June 2020, machinery worth RM20,000 and motor vehicles worth RM60,000 were purchased by cheques. The machinery was depreciated at 10%per annuum using the straight line method and the motor vehicles at 20% per year using the reducing balance method. Required: Show the following for the year 2020: a) Machinery account b) Motor vehicles account c) Accumulated depreciation accounts for machinery and motor vehicles respectively d) Statement of Financial Position (extract) as at 30 June 2020
Company B's December 31 Year-End Balance Sheet reveals the following: • December 31, 2020 net PPE of $865 • December 31, 2020 Accumulated Depreciation of $250 • December 31, 2021 net PPE of $770 • December 31, 2021 Accumulated Depreciation of $230 • Annual 2021 Depreciation Expense was $100 • During 2021, PPE was purchased for $560; all PPE purchases are made in cash. • During 2021, the gain of the sale of PPE was $20 What is the journal entry Company B recorded to recognize 2021 depreciation expense? Dr. Accumulated Depreciation $20 Cr. Depreciation Expense $20 Dr. Depreciation Expense $100 Cr. Accumulated Depreciation $100 Dr. Depreciation Expense $20 Cr. Accumulated Depreciation $20 Dr. Depreciation Expense $100 Cr. PPE $100
help me Question 6The following trial balance was extracted from the ledger of Juliana at 31 December2020.JulianaTrial Balance as at 31 December 2020RM RMLand at cost 26,000Plant at cost 83,000Accumulated Depreciation at 1 January 2020- Plant 13,000Office Equipment 33,000Accumulated Depreciation at 1 January 2020Office Equipment 8,000Receivables 198,000Payables 52,000Sales 763,000Purchases 516,000Returns inwards 47,000Discount allowed 4,000Capital at 1st January 2020 230,000Drawings 14,000Provision for doubtful debts at 1 January 2020 23,000Salaries Expense 44,000Administration costs 38,000Bank 75,000Bad debts written off 77,000Inventory at 1 January 2020 84,0001,164,000 1,164,000Additional information: Closing inventory is RM74,000. Depreciation on plant is charged at 10% per annum on cost. Depreciationon office equipment is charged at 20% per annum using the reducingbalance method. Administration costs include insurance prepaid of RM3,000. Salary accrued amount to RM2,000. The…
Additional information:1. A physical stock-take on 28 February 2021 revealed the following:• Trade goods on hand was valued at R96 000; and• Consumable stores on hand were R1 830.2. Advertising included an amount of R 2 160 for advertisement to appear in print from 1 November 2020 to 30 April 2021.3. Depreciation on equipment is provided at 10% per year using the reducing balance method. Note that equipment was purchased on 31 July 2020 forR30 000. The purchase was recorded and is included in the above balances.4. The long term borrowing from Niks’ Finance was granted on 1 May 2020. The borrowing is payable in full on 31 April 2025. Provide for the outstanding interest.5. The tenant has already paid the rent for March 2021. Note that the monthly rent was increased by 10% effective on 1 December 2020.6. A debit order of R800 for the insurance of Sifiso’s home was erroneously allocated to the business insurance account. A correction is required.7. A debtor who owed R1 600 has been…
Question 5The following balances were extracted from the books of Billion Precision for the year ended 31 December 2020. Dr (RM) Cr (RM) Land 500 000 Building 200 000 Motor Vehicles 120 000 Plant & machinery 70 000 Profit b/f as at 01.01.2020 237 650 Capital 438 000 Acc depreciation as at 1.1.2020 Building 60 000 Motor Vehicles 69 250 Plant & machinery 40 000 Returns 3 600 4 100 Revenue 800 000 Purchases 400 000 Discounts 5 000 Carriage inwards 7 700 Opening inventory 52 000 Provision for bad debts 2 000 Trade receivable / Trade payable 66 000 43 200 Advertising 18 000 Staff training cost 4 000 Bad debts 12 500 Motor expenses 27 000 Rental 90 000 Bank 7 600 Wages & Salaries 126 000 Grand Total 1 701 800 1 701 800 Additional information:i. The provision for bad debts should be 4% of trade receivables. ii. Depreciation is to be charged as follows:-Buildings 2% on…
The statement of financial position of Fateh Enterprise, a sole trader, for two successive years are shown Statement of Financial Position as 31 December 2019 2020 RM RM RM RM Non Current Asset Land and premises (cost RM52,000) 44,000 40,000 Plant and machinery: (Cost RM19,000) 14,250 - (Cost RM25,000) - 19,600 58,250 59,600 Current Asset Inventory 6,600 6,300 Trade account receivable 17,800 12,600 Bank - 7,100 24,400 26,000 82,650 85,600 FINANCED BY : Capital account: Balance at 1 January 42,000 47,000 Add: Net Profit for the year 18,000 22,000 60,000 69,000 Less:Drawing (13,000) (15,000) 47,000 54,000 Current Liabilities…
E23.10B (L0 1,4) (Classification of Transactions) Following are selected balance sheet accounts of BioLazer Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Increase Selected balance sheet accounts 2020 2019 (Decrease)AssetsAccounts receivable $154,000 $120,000 $34,000Property, plant, and equipment 631,000 581,000 50,000Accumulated…
HW - Ch 20-2 Prepare journal entries to record the effects on Shannon’s accounting records at December 31, 2021, for each of the items described above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars not in thousands of dollars.) (1) Record the gain on sale of investment with an original cost of $186,000 for $232,000 (2) Record the adjustment of equity securities for the investment of $232,000 as on the date of sale. (3) Record the fair value adjustment. (4) Record the loss-lawsuit. (5) Record correction of inventory error. (6) Record correct assets that were incorrectly expensed. (7) Record the 2021 adjusting entry for depreciation. (8) Record the income tax expense.
Question 6The following trial balance was extracted from the ledger of Juliana at 31 December2020. JulianaTrial Balance as at 31 December 2020 RM RMLand at cost 26,000Plant at cost 83,000Accumulated Depreciation at 1 January 2020- Plant 13,000Office Equipment 33,000Accumulated Depreciation at 1 January 2020 Office Equipment 8,000Receivables 198,000Payables 52,000Sales…
S Ltd is considering buying the business of R Ltd the final accounts of which for the last 3years were as follows: MGC-FN-705 Page 5 of 5Profit and loss account for the 3 years ended 31st Dec (Rs.)Particulars 2011 2012 2013Sales 200,000 190,000 224,000Material Consumed(100,000) (95,000) (112,000)Business Exp (80,000) (80,000) (82,000)Depreciation (12,000) (13,000) (14,000)Net Profit 8000 2000 16,000 Balance sheet as at 31st Dec (Rs.)Particulars 2010 2011 2012 2013Fixed Assets(at cost) 100,000 120,000 140,000 180,000Less: Depreciation (70,000) (82,000) (95,000) (109,000)Net fixed Assets 30,000 38,000 45,000 71,000Stock in Trade 16,000 17,000 18,500 21,000Sundry Debtors 21,000 24,000 26,000…