Question
In: Accounting
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
Solutions
ekkarill92 answered 1 year agoRelated 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...
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...
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...
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...
Topic to be tested: Financial Statements Learning Objectives: To understand the presentation of Profit and loss...
Topic to be tested:
Financial Statements
Learning Objectives:
To understand the presentation of Profit and loss
account/Income statement.
GDB Question:
Mr. Waseem is working as an accountant in a business
organization under the name of ABC Brothers. He has recently
prepared financial statements by using the data available in Trial
Balance of ABC Brothers and he has presented the financial
statements to the Manager accounts of the organization. Manager
accounts observed the following errors in the income statement
prepared by...
Prepare statement of profit and loss and statement of financial position DR CR Prepaid expense 1000...
Prepare statement of profit and loss and statement of financial
position
DR
CR
Prepaid expense
1000
account receivable
2200
office supplies
1800
office equipment
15000
cash
5400
accumulated depreciation-office equipment
4000
account payable
900
interest payable
100
salaries payable
1000
loan
2000
service revenue accrual
5000
share capital
12000
retained earning
4400
dividends paid
2000
service revenue
3000
office supplies expense
600
depreciation expense
2500
rent expense
1900
The statement of profit or loss for Blue Cross (Pty) Ltd for the financial year ended...
The statement of profit or loss for Blue Cross (Pty) Ltd for the
financial year ended 28 February 2019 is as follows:
R
Sales (note 1) 2000 000
Cost of sales (800 000)
Gross profit 1200 000
Salaries (450 000)
Depreciation (note 3) (100 000)
Repairs (15 000)
Profit from the sale of machinery (note 4) 30 000
Local dividends received 35 000
Interest received 28 000
Profit before tax 728 000
Note 1
Blue Cross (Pty) Ltd received a...
Question 4 The statement of profit or loss for Blue Cross (Pty) Ltd for the financial...
Question 4
The statement of profit or loss for Blue Cross (Pty) Ltd for the
financial year ended 28 February 2019 is as follows:
R
Sales (note 1) R2000 000
Cost of sales R(800 000)
Gross profit R1200 000
Salaries R(450 000)
Depreciation (note 3) R (100 000)
Repairs R(15 000)
Profit from the sale of machinery (note 4) R30 000
Local dividends received R35 000
Interest received R28 000
Profit before tax R728 000
Note 1
Blue Cross (Pty)...
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...
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