Chapter 1, Problem 3EYCT

From the following ledger balances of Regal Limited as on 31/03/2017, you are required to prepare the Balance Sheet as on 31/03/2017 as per Schedule-III of the Companies Act.   Particulars ₹ Particulars ₹ Office Equipment 480600 General Reserve 415000 9% Debentures in APCO Ltd. 245000 Creditors for Goods 168500 Loose Tools 163000 Creditors for Expenses 36000 Plant & Machinery 1800000 Bank Overdraft 75000 Computer Software 83250 Mortgage Loan 310000 Debtors 190000 8% Preference Share Capital 550000 Share Issue Expense (Unwritten Off) 30000 Equity Share Capital 1500000 Stores and Spares 100200 Staff Welfare Fund 85000 Interest Accrued on Investment  51000 Provision for Taxation 26550 Bank 23000

During the course of your examination of the financial statements of the Hales Corporation for the year endedDecember 31, 2016, you discover the following:a. An insurance policy covering three years was purchased on January 1, 2016, for $6,000. The entire amountwas debited to insurance expense and no adjusting entry was recorded for this item.b. During 2016, the company received a $1,000 cash advance from a customer for merchandise to be manufacturedand shipped in 2017. The $1,000 was credited to sales revenue. No entry was recorded for the cost ofmerchandise.c. There were no supplies listed in the balance sheet under assets. However, you discover that supplies costing$750 were on hand at December 31.d. Hales borrowed $20,000 from a local bank on October 1, 2016. Principal and interest at 12% will be paid onSeptember 30, 2017. No accrual was recorded for interest.e. Net income reported in the 2016 income statement is $30,000 before reflecting any of the above items.Required:Determine…

The following balances are extracted from the books of Happy-go Lucky Stores for the year ended 30 June 2018. The two images attached form part of the same table3. Prepare the Statement of Comprehensive Income of Happy-go-Lucky Stores for the most recent accounting period.4. Prepare the Statement of Financial Position of Happy-go-Lucky Stores on 30 June 2018

The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2016 ($ in 000s): sales revenue, $15,300; cost of goods sold, $6,200; selling expenses, $1,300; general and administrative expenses, $800; interest revenue, $85; interest expense, $180. Income taxes have not yet been recorded. The company’s income tax rate is 40% on all items of income or loss. These revenue and expense items appear in the company’s income statement every year. The company’s controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2016 ($ in 000s). All transactions are material in amount. 1. Investments were sold during the year at a loss of $220. Schembri also had unrealized gains of $320 for the year on investments. 2. One of the company’s factories was closed during the year. Restructuring costs incurred were $1,200. 3. During…

The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2018 ($ in thousands): sales revenue, $15,300; cost of goods sold, $6,200;selling expenses, $1,300; general and administrative expenses, $800; interest revenue, $85; interest expense, $180.Income taxes have not yet been recorded. The company’s income tax rate is 40% on all items of income or loss.These revenue and expense items appear in the company’s income statement every year. The company’s controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2018 ($ in thousands). All transactions are material in amount.1. Investments were sold during the year at a loss of $220. Schembri also had unrealized gains of $320 for theyear on investments.2. One of the company’s factories was closed during the year. Restructuring costs incurred were $1,200.3.…

Badger Bagels had the following separate situations occur during 2016.The company’s accountant is preparing the annual financial statements at December 31, 2016 and has asked you to record the adjusting entries for each situation in the journal entry form.  a. The Unearned Revenue account has an unadjusted balance of $8,000 consisting of gift cards sold to customers.  Redeemed gift cards that have not yet been recorded total $4,800. b. At the beginning of the year, the company purchased supplies worth $5000 and paid cash. At December 31, 2016, the supplies available are $2000. c. At December 31, 2016, employee wages of $9,200 have been incurred but not paid or recorded. d. Nine months ago, the company paid one year's advance rent of $1200 in cash.   e. The company purchased equipment on January 1 by paying $ 100,000 cash. Unrecorded depreciation on equipment is $11,200.

Need asap please and thank you.  Cullumber Company provides you with the following balance sheet information as of December 31, 2017. Current assets   $14,720   Current liabilities   $15,360 Long-term assets   32,860   Long-term liabilities   16,860    Total assets   $47,580   Stockholders’ equity   15,360            Total liabilities and stockholders’ equity   $47,580 In addition, Cullumber reported net income for 2017 of $20,480, income tax expense of $3,904, and interest expense of $1,664.     Compute the current ratio and working capital for Cullumber for 2017. (Round current ratio to 2 decimal places, e.g. 2.75. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Current ratio   enter current ratio rounded to 2 decimal places :1 Working capital   $enter a dollar amount

The income statement for the year 2018 of Stellar Co. contains the following information: Revenues$70700Expenses:         Salaries and Wages Expense$44800         Rent Expense12400         Advertising Expense9900         Supplies Expense5600         Utilities Expense2400         Insurance Expense2100                  Total expenses77200Net income (loss)$ (6500) After the revenue and expense accounts have been closed, the balance in Income Summary will be a)a credit balance of $70700. b)a credit balance of $6500. c)a debit balance of $6500. d)$0.

The following transactions occurred during the month of June 2024 for the Stridewell Corporation. The company owns and operates a retail shoe store. Issued 110,000 shares of common stock in exchange for $550,000 cash. Purchased office equipment at a cost of $91,250. Cash of $36,500 was paid and a note payable was signed for the balance owed. Purchased inventory on account at a cost of $220,000. The company uses the perpetual inventory system. Credit sales for the month totaled. Prepare journal entries to record each of the transactions and events listed above.