Question
In: Accounting
Determine which financial statement is impacted by the transactions listed below -A.B.C.D. On March 31st, purchased...
Determine which financial statement is impacted by the transactions listed below
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Solutions
ekkarill92 answered 2 years agoRelated Solutions
Listed below are transactions that might be reported as investing and/or financing activities on a statement...
Listed below are transactions that might be reported as
investing and/or financing activities on a statement of cash flows.
Possible reporting classifications of those transactions are
provided also.
Required:
Indicate the reporting classification of each transaction by
entering the appropriate classification code. (The first item is
provided as an example.)
Classifications
+
I
Investing activity (cash inflow)
–
I
Investing activity (cash outflow)
+
F
Financing activity (cash inflow)
–
F
Financing activity (cash outflow)
N
Noncash investing and financing...
The Income Statement of Adom Enterprise for the year ended 31st March, 2020 as prepared by...
The Income Statement of Adom Enterprise for the year ended 31st
March, 2020 as prepared by an
AccountsAssistantindicatedanetprofitofGHS148,080.Though,thecashbookon31st
March,2020 showed a balance at bank to be GHS 13,460. Your
attention is however drawn to the following:
i) Cheques from customers totalling GHS 14,940 which were
recorded in the cash book on
March 25, 2020 were not credited by the bank until April 2,
2020.
ii) Cheques issued on March 13, 2020 totalling GHS 22,260 in
favour of suppliers were not...
Please demonstrate which line item on which financial statement will be impacted by 1) Sales Budget;...
Please demonstrate which line item on which financial statement
will be impacted by
1) Sales Budget;
2) Production budget;
3) SG&A;
The Following are extracts from the financial statements of Wewe Ltd. As at 31st March: 2018...
The Following are extracts from the financial statements
of Wewe Ltd. As at 31st March:
2018
2017
Shs ‘000’
Shs ‘000’
Shs ‘000’
Shs ‘000’
Fixed assets:
2,800
2,900
Goodwill
16,800
12,000
Freehold Land & building
5,860
6,350
Plant & Machinery (NBV)
3,600
3,750
Investment at cost
29,060
25,000
Current Assets:
10,050
8,700
Stock
6,140
7,800
Accounts receivable
1,710
840
Investment
200
430
Cash at hand & bank
18,100
17,770
Current Liabilities:
(2,390)
(6,540)
Bank overdraft
(5,850)
(5,250)
Account Payable...
Listed below are a few events and transactions of Kodax Company. Year 1 Jan. 2 Purchased...
Listed below are a few events and transactions of Kodax
Company.
Year 1
Jan.
2
Purchased 82,000 shares of Grecco Co. common stock for $546,000
cash. Grecco has 246,000 shares of common stock outstanding, and
its activities will be significantly influenced by Kodax.
Sept.
1
Grecco declared and paid a cash dividend of $1.30 per
share.
Dec.
31
Grecco announced that net income for the year is $510,900.
Year 2
June
1
Grecco declared and paid a cash dividend of...
Listed below are a few events and transactions of Kodax Company. 2017 Jan. 2 Purchased 26,600...
Listed below are a few events and transactions of Kodax Company.
2017 Jan. 2 Purchased 26,600 shares of Grecco Co. common stock for
$419,000 cash plus a broker’s fee of $4,100 cash. Grecco has 76,000
shares of common stock outstanding, and its policies will be
significantly influenced by Kodax. Sept. 1 Grecco declared and paid
a cash dividend of $2.60 per share. Dec. 31 Grecco announced that
net income for the year is $503,400. 2018 June 1 Grecco declared
and...
Listed below are a few events and transactions of Kodax Company. Year 1 Jan. 2 Purchased...
Listed below are a few events and transactions of Kodax
Company.
Year 1
Jan.
2
Purchased 65,000 shares of Grecco Co. common stock for $471,000
cash. Grecco has 195,000 shares of common stock outstanding, and
its activities will be significantly influenced by Kodax.
Sept.
1
Grecco declared and paid a cash dividend of $2.10 per share.
Dec.
31
Grecco announced that net income for the year is $495,900.
Year 2
June
1
Grecco declared and paid a cash dividend of...
Listed below are a few events and transactions of Kodax Company. Year 1 Jan. 2 Purchased...
Listed below are a few events and transactions of Kodax
Company.
Year 1
Jan.
2
Purchased 75,000 shares of Grecco Co. common stock for $531,000
cash. Grecco has 300,000 shares of common stock outstanding, and
its activities will be significantly influenced by Kodax.
Sept.
1
Grecco declared and paid a cash dividend of $1.70 per
share.
Dec.
31
Grecco announced that net income for the year is $504,900.
Year 2
June
1
Grecco declared and paid a cash dividend of...
Listed below are a few events and transactions of Kodax Company. 2017 Jan. 2 Purchased 24,960...
Listed below are a few
events and transactions of Kodax Company.
2017
Jan.
2
Purchased 24,960
shares of Grecco Co. common stock for $409,000 cash plus a broker’s
fee of $3,100 cash. Grecco has 96,000 shares of common stock
outstanding, and its policies will be significantly influenced by
Kodax.
Sept.
1
Grecco declared and
paid a cash dividend of $1.60 per share.
Dec.
31
Grecco announced
that net income for the year is $488,400.
2018
June
1
Grecco declared and...
(Audit ) PalEx a Palestinian listed company issued its financial statements on the 31st of December...
(Audit )
PalEx a Palestinian listed company issued its financial
statements on the 31st of December 2019. The company does not issue
comparative statements. The company Audit report in 2018 was
qualified due to material departure from IFRS in accounting for
inventory. The company now Accounts for their inventory using FIFO.
You are an auditor PalEx asked to review the financial
statements.
Required:
- Can you conduct a review Explain your
answer?
- Based on your answer what would you...
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