Day 1. Established a company with authorized capital – 550000 AZN. Day.2 Rented an office with...

Day 1. Established a company with authorized capital – 550000 AZN. Day.2 Rented an office with monthly fee
– 4000 AZN.Day 3. Hired employees: Executive manager-1700 AZN, 3 mid chain managers – each 1100 AZN, 7
sales specialists – each 700 AZN, one warehouseman – 1100 AZN. Day 5. Obtained a warehouse for keeping goods
– 15000 AZN. Day 8. Purchased 1000 units of microprocessors by the price 70 AZN per unit.Day 10. Obtained a
small truck for transportation needs – 9000 AZN.Day 12. Purchased additionally 800 units of microprocessors by
the price 100 AZN per unit and 1200 video graphic adapters by the price 150 AZN per unit. Day 16. By the decision
of procurement and sales departments additionally purchased 1200 units of microprocessors by the price 90 AZN
per unit and 800 video graphic adapters by the price 120 AZN. Day 20. The company realized 2000 units of
microprocessors and 1500 units of video graphic adapters with 65% trade surcharge. Day 24. The company received
bill for utilities – 1200 AZN. Day 30. The company paid for all expenses including sales tax (4%). For
purchase/selling operations use FIFO method. The terms of the problem: To prepare appropriate Profit and Loss
Statement regarding above mentioned operations.To prepare appropriate Cash Flow Statement regarding above
mentioned operations.To prepare appropriate Balance Sheet Statement regarding above mentioned operations.

Expert Solution

Absweer

ekkarill92 answered 2 years ago

The company was established with authorized capital 300 000$, of which 200 000$ were in cash,...

The company was established with authorized capital 300 000$, of which 200 000$ were in cash, 60 000$ was in Building, 40 000$ was in equipment. The company has employees with salary 15 000$. During the week the company acquired a car for company needs, by the price 20 000$ and paid in cash the full amount. Then it obtained office supplies from Intellect LLC by the price 2000$, but paid 20% in cash. In order to get familiar to...

Ultimate Office Products was an old, established manufacturing company in the turbulent office products industry. Discount...

Ultimate Office Products was an old, established manufacturing company in the turbulent office products industry. Discount merchandisers and office product superstores were spreading rapidly and altering the traditional distribution channels once dominated by wholesalers and smaller retail stores. The growing power of the superstores was forcing manufacturers to improve customer service. The traditional manufacturers were being challenged by new companies more willing to cut prices and use technologies favored by the superstores, such as electronic orders and billing. Ultimate Office...

Gilligan Corporation was established on February 15, Year 1. Gilligan is authorized to issue 500,000 shares...

Gilligan Corporation was established on February 15, Year 1. Gilligan is authorized to issue 500,000 shares of $6.00 par value common stock. As of December 30, Year 1, Gilligan's stockholders' equity accounts report the following balances: Common stock, $6 par, 500,000 shares authorized 55,000 shares issued and outstanding $ 330,000 Paid-in capital in excess of par - Common 440,000 $ 770,000 Retained earnings 1,400,000 Total Stockholders' Equity $ 2,170,000 On December 31, Year 1, Gilligan decides to issue a 5%...

A. Roberson Corporation was organized on January 1, 2014, with authorized capital of 750,000 shares of...

A. Roberson Corporation was organized on January 1, 2014, with authorized capital of 750,000 shares of $10 par value common stock. During 2014, Roberson issued 30,000 shares at $12 per share, purchased 3,000 shares of treasury stock at $13 per share, and sold 3,000 shares of treasury stock at $14 per share. What is the amount of Additional paid-in capital on December 31, 2014? B. Roberson Corporation purchases 3,000 shares of its own $5 par common stock for $8 per...

Page Ltd. was incorporated as a private company on January 2, 2018, and is authorized to...

Page Ltd. was incorporated as a private company on January 2, 2018, and is authorized to issue an unlimited number of common shares and $1 preferred shares. The company had the following share transactions in its first month of operations: Jan. 6 Issued 197,000 common shares for $1.50 per share. 12 Issued 50,000 common shares for $1.81 per share. 17 Issued 10,200 preferred shares for $26.00 per share. 18 Issued 453,000 common shares for $2.00 per share. 24 Reacquired 190,000...

10m Wind Speed Data Day 1 Day 2 Day 3 Day 4 Day 5 Day 6...

10m Wind Speed Data Day 1 Day 2 Day 3 Day 4 Day 5 Day 6 Day 7 3.226 2.908 2.355 3.341 1.507 6.355 6.846 3.144 3.026 2.235 3.402 1.418 6.465 6.581 3.197 2.843 2.168 3.242 1.433 6.613 6.894 3.007 2.995 2.125 3.039 1.6 6.363 6.401 3.05 3.245 2.474 2.983 1.837 6.149 7.19 3.02 3.349 2.421 3.165 2.054 7.19 6.795 3.001 3.085 2.369 2.915 1.669 5.826 7.16 2.957 3.003 2.344 2.414 2.136 6.628 6.583 3.012 3.01 2.509 1.619 2.849 5.999...

Baxby Fashion Ltd is a long-established Australian company, based in Brisbane that manufactures office cloths. Started...

Baxby Fashion Ltd is a long-established Australian company, based in Brisbane that manufactures office cloths. Started in 1995 as a family-owned business, it expanded rapidly with branches around Australia and was listed on the Australian Securities Exchange (ASX) in 2000. The governance structure of Baxby Fashion includes seven directors, four of whom are executive directors and three Baxby Fashion Ltd is a long-established Australian company, based in Brisbane that manufactures office cloths. Started in 1995 as a family-owned business, it...

Question 1 Oovenya Ltd was incorporated on 01 September 2019 with authorized share capital consisting of...

Question 1 Oovenya Ltd was incorporated on 01 September 2019 with authorized share capital consisting of 400 000 10% preference shares of N$ 1 each and 2 000 000 ordinary shares of 50c each. On 05 September 2019, the subscribers to the memorandum took and paid for 100 000 ordinary shares at par. During the year of 2019, the remaining shares were offered to the public as follows: The full public offer is underwritten by Virtual Underwritters Ltd for a...

Case study 5: Scenario 1: ABC S.A.O.G was incorporated with an authorized capital of 300 million...

Case study 5: Scenario 1: ABC S.A.O.G was incorporated with an authorized capital of 300 million shares, ordinary shares of 500 baiza each. The company has in issue 100 million shares. On 15-january-2017 the company has repurchased 8 million shares at the rate of 3.250 each after the completion of all the requirements posed by capital market Authority-CMA. The company re issued such shares in the march 2018 @ rate of 4.000 R.O per share. The general rules set by...

On January 1, 2012, Vallahara Company purchased machinery for $650,000, which it installed in a rented...

On January 1, 2012, Vallahara Company purchased machinery for $650,000, which it installed in a rented factory. It is depreciating the machinery over 12 years by the straight-line method to a residual value of $50,000. Late in 2016, because of increasing competition in the industry, the company believes that its asset may be impaired and will have a remaining useful life of 5 years, over which it estimates the asset will produce total cash inflows of $1,000,000 and will incur...

Question