Question

In: Accounting

Describe the changes in: a. Statement of financial position b. Statement of profit and loss c....

Describe the changes in:

a. Statement of financial position

b. Statement of profit and loss

c. Other comprehensive income

d. Statement of cash flows

in the following:

(1) Cost of services (COGS) has been $1000 less (paid) owing to increased effeciencies

(2) $500 has been paid off on a mortgage (Current)

(3) Equipment for $6000 has been bought on account

(4) Income had been $2000 higher owing to increased prices (Credit sales affected)

(5) A bill for $600 delivery services was recieved (not paid for)

(6) Equipment was depreciated by $700

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Given below are the Statements of Financial Position and the Statement of Profit or Loss for...
Given below are the Statements of Financial Position and the Statement of Profit or Loss for BA107 Trading Bhd: 2020 (RM) Sales 505,000 Cost of sales (105,000) Gross profit 400,000    Expenses   (252,000) Profit before tax 148,000 Taxation (40,000) Profit after tax   108,000 2020 2019 (RM) (RM) Property, plant and equipment 355,000 300,000 Trade receivables 80,000 75,000 Inventory 145,000 120,000 Bank balance   24,500      15,000 604,500    510,000 Ordinary share capital 250,000 250,000 Retained profits 222,500    140,000 472,500 390,000 Other payables 87,000...
You need to describe these financial statements. The statements are the profit and loss statement, statement...
You need to describe these financial statements. The statements are the profit and loss statement, statement if retained earnings, banalce sheet and the cash flow statement. For each of these reports describe what they are, what is involved in their preparation and how they are dealt with in preparing the financial reports. 800 words
Explain the purpose and use of the Statement of profit or loss, Statement of changes in...
Explain the purpose and use of the Statement of profit or loss, Statement of changes in equity, Statement of financial position (also known as the Balance Sheet) and of the Statement of cash flows. Explain why the Statement of cash flows differs from the Statement of profit or loss (125 words).
Statement of profit or loss and comprehensive income and statement of changes in equity. Determine whether...
Statement of profit or loss and comprehensive income and statement of changes in equity. Determine whether the following transactions would appear in the statement of profit or loss and other comprehensive income. If so explain how they would be disclosed. (a)A gain on foreign currency translation of $83 000. (b)As a result of a fall in share prices in a recession, directors decided to write down the value of the company’s investment, Shares in Pluto Ltd, by $80 000. (c)...
Prepare an income statement, a statement of changes in equity, and a statement of financial position...
Prepare an income statement, a statement of changes in equity, and a statement of financial position for Norman Rae Ltd., a service business, from the items listed below for the month of October, 2018: ...... Accounts payable.............................................................................       $10,000 ...... Accounts receivable.........................................................................         14,000 ...... Cash.................................................................................................         10,000 ...... Common shares...............................................................................         28,000 ...... Dividends paid..................................................................................           6,000 ...... Income tax expense.........................................................................           4,500 ...... Equipment........................................................................................         30,000 ...... Supplies............................................................................................       2,800er. ...... Supplies expense.............................................................................           3,500 ...... Rent expense......................................................................................
The comparative statement of financial positions and statement of profit or loss of Karvina Electronics Limited...
The comparative statement of financial positions and statement of profit or loss of Karvina Electronics Limited are as follows: Karvina Electronics Limited Statement of financial positions /Balance Sheets At 31 December 2017 2017               2016    $                 $ Assets: Cash                                                                                       107,267          123,040 Accounts receivable                                                               32,180            29,400 Merchandise inventory                                                          383,125          61,710 Long-term investments                                                          55,900            56,400 Equipment                                                                              275,500          145,500 Accumulated depreciation                                                     (33,550)          (31,200) Total assets                                                                             820,422          384,850...
The comparative statements of financial position for 2023 and 2022 and the statement of profit or...
The comparative statements of financial position for 2023 and 2022 and the statement of profit or loss for 2023 are given below for Arduous Company. Additional information from Arduous’ accounting records is also provided. ARDUOUS COMPANY Comparative Statements of Financial Position December 31, 2023 and 2022 ($ in millions) 2023 2022 Assets Cash $ 109 $ 81 Accounts receivable 190 194 Investment revenue receivable 6 4 Inventory 205 200 Prepaid insurance 4 8 Long-term investment 156 125 Land 196 150...
The comparative statements of financial position for 2023 and 2022 and the statement of profit or...
The comparative statements of financial position for 2023 and 2022 and the statement of profit or loss for 2023 are given below for Dux Company. Additional information from Dux's accounting records is also provided. DUX COMPANY Comparative Statements of Financial Position December 31, 2023 and 2022 ($ in 000s) 2023 2022 Assets Cash $ 33 $ 20 Accounts receivable 48 50 Less: Allowance for uncollectible accounts (4 ) (3 ) Dividends receivable 3 2 Inventory 55 50 Long-term investment 15...
1. Nonprofit Financial Statements do not include a Profit/Loss Statement whih is an important financial statement...
1. Nonprofit Financial Statements do not include a Profit/Loss Statement whih is an important financial statement in the For-profit sector and is important for reflecting how well a business performed during the reported period. If a perspective donor asked you for this information for your nonprofit organization, how would you respond and what Financial Documentation would you use to present your nonprofits "Financial Performance"? 2. Discuss the purpose of the following nonprofit financial statements and what purpose they might serve...
Statement of Changes in Financial Position A. From the perspective of an investor, determine whether or...
Statement of Changes in Financial Position A. From the perspective of an investor, determine whether or not you would invest in Target Corporation based on the company's statement of changes in financial position (SCFP). Support your opinion. B. Review Target Corporation's SCFP for any concerns that may need to be addressed. As controller of Target Corporation, prepare a memo to your CEO, giving a summary report for possible recommendations. Cash flow statement Period Ending 1/28/2017 1/30/2016 Cash Flow Statement Net...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT