Question
In: Accounting
REQUIRED: Use the information below to prepare the Statement of Comprehensive Income of Ayoba Traders for...
REQUIRED: Use the information below to prepare the Statement of Comprehensive Income of Ayoba Traders for the year ended 28 February 2019
INFORMATION: Ayoba Traders Pre-adjustment trial balance as at 28 February 2019
DEBIT CREDIT BALANCE SHEET ACCOUNTS SECTION
Capital 596 000 Drawings 130 500 Equipment 145 000 Depreciation on equipment 33 000 Land and buildings 600 000 Fixed deposit (8 % p.a.) 50 000 Loan (DBS Bank 16 % p.a.) 60 000 Debtors control 51 630 Creditors control 74 800 Bank 18 720 Petty cash 1 500 MODULE ACCOUNTING TOTAL MARKS 20 MARKS NOMINAL ACCOUNTS SECTION Sales 841 600 Opening inventory 105 330 Purchases 408 760 Purchases returns 4 500 Sales returns 6 000 Rent income 80 400 Interest on fixed deposit 2 000 Bank charges 2 700 Water and electricity 18 810 Telephone 5 250 Insurance 5 850 Interest on loan 7 250 Rates and taxes 24 600 Salaries and wages 84 640 Consumable stores 10 960 Advertising 14 800 1 692 300 1 692 300 Adjustments 1. On 28 February 2019 consumable stores amounted to R900 2. Inventory on hand on 28 February 2019 amounted to R91 000. 3. Bad debts of R240 must be written off 4. Insurance includes R500 for the business owner’s personal insurance 5. The tenant has already paid rent for March 2019. The rental was R6 000 and was increased by 10 % from 01 December 2018. 6. Advertising includes a payment of R1 080 for the period 01 November 2018 to 30 April 2019. 7. Depreciation for equipment is calculated at 10 % p.a. on the diminishing balance method. 8. The fixed deposit investment was made on 01 June 2018. Provide for outstanding interest on this investment. The investment will mature on 01 June 2019. 9. The loan with DBS Bank was obtained on 01 February 2018. Provide for outstanding interest on this loan.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
QUESTION 2 (20 Marks) REQUIRED Use the information provided below to prepare the Statement of Comprehensive...
QUESTION 2
REQUIRED
Use the information provided below to prepare the Statement of
Comprehensive Income for the year ended
29 February 2020. Use the following format as a guide:
Statement of Comprehensive Income format
Sales
Cost of sales
Gross profit
Other operating income
Gross operating income
Operating expenses
Operating profit
Interest income
Interest expense
Net profit for the year
vmc
INFORMATION
DURAVIT TRADERS
PRE-ADJUSTMENT TRIAL BALANCE AS AT 29 FEBRUARY 2020
Debit (R)
Credit (R)
Balance Sheet accounts section
Capital...
Required Use the following information to prepare a multistep income statement and a classified balance sheet...
Required
Use the following information to prepare a multistep income
statement and a classified balance sheet for Eller Equipment Co.
for Year 1. (Hint: Some of the items will not
appear on either statement, and ending retained earnings must be
calculated.)
Salaries expense
$
122,000
Beginning retained earnings
$
61,100
Common stock
110,000
Warranties payable (short term)
6,500
Notes receivable (short term)
32,500
Gain on sale of equipment
19,000
Allowance for doubtful accounts
19,000
Operating expenses
65,000
Accumulated depreciation
66,000...
Required Use the following information to prepare a multistep income statement and a classified balance sheet...
Required
Use the following information to prepare a multistep income
statement and a classified balance sheet for Eller Equipment Co.
for Year 1. (Hint: Some of the items will not
appear on either statement, and ending retained earnings must be
calculated.)
Salaries expense
$
103,000
Beginning retained earnings
$
42,100
Common stock
91,000
Warranties payable (short term)
4,600
Notes receivable (short term)
13,500
Gain on sale of equipment
8,000
Allowance for doubtful accounts
15,000
Operating expenses
46,000
Accumulated depreciation
47,000...
Use the income statement and additional information provided below and the appropriate software to prepare the...
Use the income statement and additional information provided
below and the appropriate software to prepare the annual budgeting
income statement for the next three year. You need to save and
upload your budget to Moodle with the final submission for this
assessment.
Additional information
?? Annual sales are expected to increase by 10% each
year
?? Expected average gross profit margin is
30%
?? Advertising costs are expected to increase by $800
each year
?? Depreciation charges are the same...
2. Use the information below to prepare an Income Statement and Balance Sheet for 2011 &...
2. Use the information below to prepare an Income Statement and
Balance Sheet for 2011 & 2012. Also include a 40% tax rate
expense on your pretax income.
2011
2012
Sales
$4,203
$4,507
Cost of Goods Sold
2,422
2,633
Depreciation
785
952
Interest
180
196
Dividends
225
250
Current Assets
2,205
2,429
Net fixed Assets
7,344
7,650
Current Liabilities
1,003
1,255
Long-Term debt
3,106
2,085
Use the balance sheet and income statement below to prepare a statement of cash flows for...
Use the balance sheet and income statement below to
prepare a statement of cash flows for Valium’s Medical
Supply Corporation. (Enter your answers in thousands.
Amounts to be deducted should be indicated with a minus sign.)
VALIUM’S MEDICAL SUPPLY CORPORATION
Balance Sheet as of December 31, 2018 and
2017
(in thousands of dollars)
Assets
2018
2017
Liabilities and Equity
2018
2017
Current assets:
Current liabilities:
Cash and marketable securities
$
79
$
78
Accrued wages and taxes
$
60
$...
Requirements a. Prepare a single statement of comprehensive income beginning with operating income. b. Prepare separate...
Requirements
a.
Prepare a single statement of comprehensive income beginning
with operating income.
b.
Prepare separate statements of income and comprehensive
income
1
Operating income amounted $390000
2.
The
company sold investments in bonds at a pretax loss of $20,000.
3.
SuperbSuperb reported a $ 5 comma 500$5,500
unrealized loss on an available-for-sale portfolio that is
included in other comprehensive income.
4.
The
company reported a $ 13 comma 000$13,000 unrealized gain on its
trading portfolio, which is included in...
Use the information presented in this worksheet to prepare an income statement, retained earnings statement, and...
Use the information presented in this worksheet to prepare an
income statement, retained earnings statement, and balance
sheet. Show cell references if possible.
ESP
Corporation
Worksheet for year ended
December 31, 2018
Trial Balance
Adjustments
Adjusted Trial Balance
Income Statement
Balance Sheet
Cash
5,900
$
5,900
$
5,900
Accounts Receivable
12,450
$ 2,800
$ 15,250
$ 15,250
Office Supplies
$
200
$
200
$
200
Prepaid insurance
2,400
$ 1,800
$
600
$
600
Equipment
169,000
$ 169,000
$ 169,500...
2. Use the following information to prepare, in good form, an income statement, a statement of...
2. Use the following information to prepare, in good form, an
income statement, a statement of changes in equity, and a statement
of financial position for Geelin Industries Ltd. for the month
ended August 31, 2018:
...... Accounts
payable..........................................................
$ 9,375
...... Accounts
receivable......................................................
5,500
...... Bank loan
payable.........................................................
13,750
......
Cash..............................................................................
58,750
...... Common
shares............................................................
94,375
...... Dividends
declared........................................................
6,250
...... Income tax
expense......................................................
17,375
...... Insurance
expense........................................................
2,125
......
Building.............................................................................
prepare the financial statements of the Company: A) Statement of Comprehensive Income B) Statement of Financial...
prepare the financial statements of the Company:
A) Statement of Comprehensive Income
B) Statement of Financial Position
C) Statement of Changes in Owner's Equity
Accounts Payable
63,200.00
Accounts Receivable
74,100.00
Accrued Expenses
20,300.00
Accrued Income
5,000.00
Accumulated Depreciation - Equipment
20,000.00
Accumulated Depreciation - Furniture
10,000.00
Bonds Payable
1,500,000.00
Capital
517,685.00
Cash in Bank
280,000.00
Cash on Hand
35,000.00
Depreciation Expense - Furniture
500.00
Depreciation Expense - Equipment
...
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