Silver Company started operations from January 1, 2022, with owners investing $300,000 for Silver shares. No...
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Silver Company started operations from January 1, 2022, with owners investing $300,000 for Silver shares. No additional shares were issued during the year. By Dec 31, 2022, Silver cash on hand of $85,000, Machinery and equipment (net) of $125,000, inventories of $178,000, and trade payables of $30,000. Silver signed a notes payable for 2 year for $110,000 with its bank. Total sales for 2022 was valued at $864,000. Of this amount, customers still owed $74,000. Silver paid dividends of $35,000 to its shareholders. a. Based on the information above, prepare a classified statement of financial position for Silver Company as at December 31, 2022. (8 marks) b. Calculate the Net Profit earned by Silver company in 2022. (2 marks) Silver Company started operations from January 1, 2022, with owners investing $300,000 for Silver shares. No additional shares were issued during the year. By Dec 31, 2022, Silver cash on hand of $85,000, Machinery and equipment (net) of $125,000, inventories of $178,000, and trade payables of $30,000. Silver signed a notes payable for 2 year for $110,000 with its bank. Total sales for 2022 was valued at $864,000. Of this amount, customers still owed $74,000. Silver paid dividends of $35,000 to its shareholders. a. Based on the information above, prepare a classified statement of financial position for Silver Company as at December 31, 2022. (8 marks) b. Calculate the Net Profit earned by Silver company in 2022. (2 marks)
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Related Book For
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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