P. Ramish is a car mechanic operating from a small garage. He has been so busy that
Question:
P. Ramish is a car mechanic operating from a small garage. He has been so busy that he has not had time to keep proper financial records. He is able to provide the following information.
R Ramish also notes that during the year his drawings totalled $30,800, but that he did invest an extra $20,000 of capital during the year.
Prepare statement of affairs at 1 June 2013 and 31 May 2014 to calculate the opening and closing capital. Calculate the profit or loss for the year ended 31 May 2014.
Transcribed Image Text:
1 Jun 2013 31 May 2014 $ Premises 260 000 225 200 Vehicles 24 000 20 400 Machinery 24 100 26 600 Inventory 38 300 28 800 Trade receivables 39 500 36 000 3 700 6 900 Other receivables 4 000 Other payables 5 100 Loan 11 200 29 300 Trade payables 13 400 44 500 Bank overdraft 5 700 Cash at bank 10 600
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (7 reviews)
To prepare the statement of affairs at 1 June 2013 and 31 May 2014 we need to list all the assets an...View the full answer
Answered By
Maurat Ivan
I have been working in the education and tutoring field for the past five years, and have gained a wealth of experience and knowledge in this area. I have a bachelor's degree in education, and have completed additional coursework in teaching and tutoring.
In my previous roles, I have worked as a teacher in both private and public schools, teaching a variety of subjects including math, science, and English. I have also worked as a private tutor, providing one-on-one tutoring to students in need of additional support and guidance.
In my current role, I work as an online tutor, providing virtual tutoring services to students around the world. I have experience using a variety of online tutoring platforms and technologies, and am comfortable working with students of all ages and skill levels.
I am passionate about helping students succeed and reach their full potential, and I believe that my education and tutoring experience make me an excellent candidate for a tutoring job at SolutionInn. I am confident that my knowledge, skills, and experience will enable me to provide top-quality tutoring services to students on the SolutionInn platform.
0.00
0 Reviews
10+ Question Solved
Related Book For
Accounting For Cambridge International AS And A Level
ISBN: 9780198399711
1st Edition
Authors: Jacqueline Halls Bryan, Peter Hailstone
Question Posted:
Students also viewed these Business questions
-
The records of Nilson Company provide the following information for the year ended December 31. Required 1. Use the retail inventory method to estimate the companys year-end inventory at cost. 2. A...
-
The records of Alaska Company provide the following information for the year ended December 31. Required 1. Use the retail inventory method to estimate the companys year- end inventory at cost. 2. A...
-
The records of Macklin Co. provide the following information for the year ended December 31. Required 1. Use the retail inventory method to estimate the companys year- end inventory. 2. A year- end...
-
We are given a number of darts. Suppose it is known that each time we throw a dart at a target, we have a probability of 1/4 of hitting the target. An experiment consists of throwing three darts at...
-
Write the complete and net ionic equations for the neutralization reaction between HClO3(aq) and Zn(OH)2(s) using the hydronium ion in place of H+. Assume the salt is soluble. What difference does it...
-
Regis Clothiers can borrow from its bank at 17 percent to take a cash discount. The terms of the cash discount are 3/19, net 45. Should the firm borrow the funds?
-
Of the following four transactions, which carries the most risk: purchase of a call option; sale of a call option; purchase of a put option; sale of a put option; Why?
-
During 2016, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of $7,000. Compute the amount of FICA taxes that should be withheld from her: OASDI HI a. 9th paycheck b....
-
Holly has the option of borrowing $540 for one week at an APR of 700% or borrowing the $540 for one week with a fee of $75. Which is the "better" deal? A. Borrowing the $540 for one week with a fee...
-
Bob Mackey is the principle owner of Fuels Inc. Bob has been able to increase his salary by a factor of over 100. At the present time, Bob has to remain competitive in his industry, so he has the...
-
Explain each of the following terms: a. Non-current asset b. Current asset c. Non-current liability d. Current liability e. Capital.
-
Ahmed has extracted a trial balance from his books of account at 30 November 2014 that includes the following entries. You are told that one month's rent of $1100 is still outstanding and that Ahmed...
-
What is an odd-lot differential? How can you avoid odd-lot differentials? Which of the following transactions would involve an odd-lot differential? a.Buy 90 shares of stock b.Sell 200 shares of...
-
Research various types of stereotyping such as racial, ethnic, religious, and gender. Based on your research and understanding, respond to the following: How will you conduct the investigation? What...
-
The life of a highly paid professional athlete would seem to be all positive, but evidence shows that many elite athletes are exposed to a range of workplace stressors that are both similar to and...
-
Sometimes we have incomplete information, or we make mistakes. Often people follow a set approach because they are afraid of trial and error. Part of critical thinking involves looking at opposing...
-
Zarko Company reports net income of $ 7 9 0 , 0 0 0 and declared a cash dividend of $ 2 . 4 0 per share on each of its 2 3 0 , 0 0 0 shares of common stock outstanding. What are earnings per share?...
-
Mid-State Construction built roads and a bridge at Atlantis World in Orlando, Florida, at a cost of $15,000,000. Atlantis World uses MACRS for tax purposes. No Section 179 or speci depreciation...
-
Economists Michael Bordo of Rutgers University and Angela Redish of the University of British Columbia have argued that the "Bretton Woods system functioned for a number of years but beginning in the...
-
[a] Two foam blocks, each with a charge of 19 micro coulombs (1 C = 10-6 C), are both held in place 19 cm apart in the east-west direction. A foam ball with a charge 49 C is placed 55 cm north of the...
-
Assume the same facts as in Problem 38, except that the cash distribution to Lizzie amounts to $40,000. Determine Lizzies stock basis at the end of the year, and the treatment of her cash...
-
Maple, Inc., is an S corporation with a single shareholder, Bob Maple. Bob believes that his stock basis in the entity is $50,000, but he has lost some of the records to substantiate this amount....
-
In Problem 44, how much of the Whitman loss belongs to Ann and Becky? Beckys stock basis is $41,300. In problem At the beginning of the year, Ann and Becky own equally all of the stock of Whitman,...
-
$'000 $'000 $'000 $'000 $'000 Sales revenue 4,620 2,840 530 f 6,930 Less cost of goods sold Opening inventories 680 630 i 30 1,280 Add purchases 3,600 2,120 f 530 5,190 Less closing inventories 710...
-
Problem 5-25 (Algo) Changes In Fixed and Variable Costs; Break-Even and Target Profit Analysis [LO5-4, LO5-5, LO5-6] Neptune Company has developed a small inflatable toy that it is anxious to...
-
4 20 points Since 1981, family-owned Southern Tool has grown into the ultimate destination for hard working do-it-yourselfers and professionals. Southern Tool Corporation has two divisions: Hand...
Study smarter with the SolutionInn App