The business of Chan and Tan Fruit Bowl had the following Balance Sheet items as at...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The business of Chan and Tan Fruit Bowl had the following Balance Sheet items as at April 30 2021 Assets, Liabilities and Capital Motor vehicles 70 000 Debtors 20 000 Premises 600 000 Trade creditors (for stock purchases) 25 000 Stock 22 000 *Loan from Rinklett Finance 50 000 Fixtures & fittings 35 000 Prepaid rent 4 000 Cash at bank 20 000 Equipment 30 000 **Mortgage Loan from Grass Bank 200 000 Capital 526 000 Additional information * Loan from Rinklett Finance must be paid back in full within the next 9 months ** Mortgage loan from Grass Bank will be paid back over the next 10 years, Transactions for the month of May 2021 Cash Transactions %24 Loan repayment - Rinklett Finance Principal 2 000 Interest 900 Mortgage Loan repayment – Grass Bank Principal 3 000 Interest 1 200 Cash sales 120000 Cash paid to creditors 26 000 Wages paid 8 000 Purchase of new equipment 12 000 Insurance paid 1 000 Cash drawings 8 00 Collections from debtors 8 000 Other office expenses 1 500 Advertising 600 Purchase of another motor vehicle (cash deposit) – see details below 5 000 Credit Transactions 2$ Credit sales 30 000 Credit purchases of stock from trade creditors 40 000 Additional advertising expenses on 30-day credit terms (include in May expenses) 3 000 Purchase of another motor vehicle (partly financed by a loan) – see details below 25 000 Additional information: • Depreciation of Equipment at 25% p.a. Depreciation of fixtures & fittings at 8% p. a. Depreciation of motor vehicles at 15% p. a. Wages owing (not yet paid) for the last week of May 2021 is $3 000 • Rent for the month of May is $1 200 • Stock on Hand at end of May 2021 is $14 000 • Purchase of another Motor Vehicle was made at the beginning of the month of May, (total value - $30 000), and was financed by a $5 000 cash deposit and a $25 000 loan from The No-Bias Bank, to be repaid over 5 years Prepare a properly classified Balance Sheet for the end of May 2021 The business of Chan and Tan Fruit Bowl had the following Balance Sheet items as at April 30 2021 Assets, Liabilities and Capital Motor vehicles 70 000 Debtors 20 000 Premises 600 000 Trade creditors (for stock purchases) 25 000 Stock 22 000 *Loan from Rinklett Finance 50 000 Fixtures & fittings 35 000 Prepaid rent 4 000 Cash at bank 20 000 Equipment 30 000 **Mortgage Loan from Grass Bank 200 000 Capital 526 000 Additional information * Loan from Rinklett Finance must be paid back in full within the next 9 months ** Mortgage loan from Grass Bank will be paid back over the next 10 years, Transactions for the month of May 2021 Cash Transactions %24 Loan repayment - Rinklett Finance Principal 2 000 Interest 900 Mortgage Loan repayment – Grass Bank Principal 3 000 Interest 1 200 Cash sales 120000 Cash paid to creditors 26 000 Wages paid 8 000 Purchase of new equipment 12 000 Insurance paid 1 000 Cash drawings 8 00 Collections from debtors 8 000 Other office expenses 1 500 Advertising 600 Purchase of another motor vehicle (cash deposit) – see details below 5 000 Credit Transactions 2$ Credit sales 30 000 Credit purchases of stock from trade creditors 40 000 Additional advertising expenses on 30-day credit terms (include in May expenses) 3 000 Purchase of another motor vehicle (partly financed by a loan) – see details below 25 000 Additional information: • Depreciation of Equipment at 25% p.a. Depreciation of fixtures & fittings at 8% p. a. Depreciation of motor vehicles at 15% p. a. Wages owing (not yet paid) for the last week of May 2021 is $3 000 • Rent for the month of May is $1 200 • Stock on Hand at end of May 2021 is $14 000 • Purchase of another Motor Vehicle was made at the beginning of the month of May, (total value - $30 000), and was financed by a $5 000 cash deposit and a $25 000 loan from The No-Bias Bank, to be repaid over 5 years Prepare a properly classified Balance Sheet for the end of May 2021 The business of Chan and Tan Fruit Bowl had the following Balance Sheet items as at April 30 2021 Assets, Liabilities and Capital Motor vehicles 70 000 Debtors 20 000 Premises 600 000 Trade creditors (for stock purchases) 25 000 Stock 22 000 *Loan from Rinklett Finance 50 000 Fixtures & fittings 35 000 Prepaid rent 4 000 Cash at bank 20 000 Equipment 30 000 **Mortgage Loan from Grass Bank 200 000 Capital 526 000 Additional information * Loan from Rinklett Finance must be paid back in full within the next 9 months ** Mortgage loan from Grass Bank will be paid back over the next 10 years, Transactions for the month of May 2021 Cash Transactions %24 Loan repayment - Rinklett Finance Principal 2 000 Interest 900 Mortgage Loan repayment – Grass Bank Principal 3 000 Interest 1 200 Cash sales 120000 Cash paid to creditors 26 000 Wages paid 8 000 Purchase of new equipment 12 000 Insurance paid 1 000 Cash drawings 8 00 Collections from debtors 8 000 Other office expenses 1 500 Advertising 600 Purchase of another motor vehicle (cash deposit) – see details below 5 000 Credit Transactions 2$ Credit sales 30 000 Credit purchases of stock from trade creditors 40 000 Additional advertising expenses on 30-day credit terms (include in May expenses) 3 000 Purchase of another motor vehicle (partly financed by a loan) – see details below 25 000 Additional information: • Depreciation of Equipment at 25% p.a. Depreciation of fixtures & fittings at 8% p. a. Depreciation of motor vehicles at 15% p. a. Wages owing (not yet paid) for the last week of May 2021 is $3 000 • Rent for the month of May is $1 200 • Stock on Hand at end of May 2021 is $14 000 • Purchase of another Motor Vehicle was made at the beginning of the month of May, (total value - $30 000), and was financed by a $5 000 cash deposit and a $25 000 loan from The No-Bias Bank, to be repaid over 5 years Prepare a properly classified Balance Sheet for the end of May 2021 The business of Chan and Tan Fruit Bowl had the following Balance Sheet items as at April 30 2021 Assets, Liabilities and Capital Motor vehicles 70 000 Debtors 20 000 Premises 600 000 Trade creditors (for stock purchases) 25 000 Stock 22 000 *Loan from Rinklett Finance 50 000 Fixtures & fittings 35 000 Prepaid rent 4 000 Cash at bank 20 000 Equipment 30 000 **Mortgage Loan from Grass Bank 200 000 Capital 526 000 Additional information * Loan from Rinklett Finance must be paid back in full within the next 9 months ** Mortgage loan from Grass Bank will be paid back over the next 10 years, Transactions for the month of May 2021 Cash Transactions %24 Loan repayment - Rinklett Finance Principal 2 000 Interest 900 Mortgage Loan repayment – Grass Bank Principal 3 000 Interest 1 200 Cash sales 120000 Cash paid to creditors 26 000 Wages paid 8 000 Purchase of new equipment 12 000 Insurance paid 1 000 Cash drawings 8 00 Collections from debtors 8 000 Other office expenses 1 500 Advertising 600 Purchase of another motor vehicle (cash deposit) – see details below 5 000 Credit Transactions 2$ Credit sales 30 000 Credit purchases of stock from trade creditors 40 000 Additional advertising expenses on 30-day credit terms (include in May expenses) 3 000 Purchase of another motor vehicle (partly financed by a loan) – see details below 25 000 Additional information: • Depreciation of Equipment at 25% p.a. Depreciation of fixtures & fittings at 8% p. a. Depreciation of motor vehicles at 15% p. a. Wages owing (not yet paid) for the last week of May 2021 is $3 000 • Rent for the month of May is $1 200 • Stock on Hand at end of May 2021 is $14 000 • Purchase of another Motor Vehicle was made at the beginning of the month of May, (total value - $30 000), and was financed by a $5 000 cash deposit and a $25 000 loan from The No-Bias Bank, to be repaid over 5 years Prepare a properly classified Balance Sheet for the end of May 2021 The business of Chan and Tan Fruit Bowl had the following Balance Sheet items as at April 30 2021 Assets, Liabilities and Capital Motor vehicles 70 000 Debtors 20 000 Premises 600 000 Trade creditors (for stock purchases) 25 000 Stock 22 000 *Loan from Rinklett Finance 50 000 Fixtures & fittings 35 000 Prepaid rent 4 000 Cash at bank 20 000 Equipment 30 000 **Mortgage Loan from Grass Bank 200 000 Capital 526 000 Additional information * Loan from Rinklett Finance must be paid back in full within the next 9 months ** Mortgage loan from Grass Bank will be paid back over the next 10 years, Transactions for the month of May 2021 Cash Transactions %24 Loan repayment - Rinklett Finance Principal 2 000 Interest 900 Mortgage Loan repayment – Grass Bank Principal 3 000 Interest 1 200 Cash sales 120000 Cash paid to creditors 26 000 Wages paid 8 000 Purchase of new equipment 12 000 Insurance paid 1 000 Cash drawings 8 00 Collections from debtors 8 000 Other office expenses 1 500 Advertising 600 Purchase of another motor vehicle (cash deposit) – see details below 5 000 Credit Transactions 2$ Credit sales 30 000 Credit purchases of stock from trade creditors 40 000 Additional advertising expenses on 30-day credit terms (include in May expenses) 3 000 Purchase of another motor vehicle (partly financed by a loan) – see details below 25 000 Additional information: • Depreciation of Equipment at 25% p.a. Depreciation of fixtures & fittings at 8% p. a. Depreciation of motor vehicles at 15% p. a. Wages owing (not yet paid) for the last week of May 2021 is $3 000 • Rent for the month of May is $1 200 • Stock on Hand at end of May 2021 is $14 000 • Purchase of another Motor Vehicle was made at the beginning of the month of May, (total value - $30 000), and was financed by a $5 000 cash deposit and a $25 000 loan from The No-Bias Bank, to be repaid over 5 years Prepare a properly classified Balance Sheet for the end of May 2021 The business of Chan and Tan Fruit Bowl had the following Balance Sheet items as at April 30 2021 Assets, Liabilities and Capital Motor vehicles 70 000 Debtors 20 000 Premises 600 000 Trade creditors (for stock purchases) 25 000 Stock 22 000 *Loan from Rinklett Finance 50 000 Fixtures & fittings 35 000 Prepaid rent 4 000 Cash at bank 20 000 Equipment 30 000 **Mortgage Loan from Grass Bank 200 000 Capital 526 000 Additional information * Loan from Rinklett Finance must be paid back in full within the next 9 months ** Mortgage loan from Grass Bank will be paid back over the next 10 years, Transactions for the month of May 2021 Cash Transactions %24 Loan repayment - Rinklett Finance Principal 2 000 Interest 900 Mortgage Loan repayment – Grass Bank Principal 3 000 Interest 1 200 Cash sales 120000 Cash paid to creditors 26 000 Wages paid 8 000 Purchase of new equipment 12 000 Insurance paid 1 000 Cash drawings 8 00 Collections from debtors 8 000 Other office expenses 1 500 Advertising 600 Purchase of another motor vehicle (cash deposit) – see details below 5 000 Credit Transactions 2$ Credit sales 30 000 Credit purchases of stock from trade creditors 40 000 Additional advertising expenses on 30-day credit terms (include in May expenses) 3 000 Purchase of another motor vehicle (partly financed by a loan) – see details below 25 000 Additional information: • Depreciation of Equipment at 25% p.a. Depreciation of fixtures & fittings at 8% p. a. Depreciation of motor vehicles at 15% p. a. Wages owing (not yet paid) for the last week of May 2021 is $3 000 • Rent for the month of May is $1 200 • Stock on Hand at end of May 2021 is $14 000 • Purchase of another Motor Vehicle was made at the beginning of the month of May, (total value - $30 000), and was financed by a $5 000 cash deposit and a $25 000 loan from The No-Bias Bank, to be repaid over 5 years Prepare a properly classified Balance Sheet for the end of May 2021
Expert Answer:
Answer rating: 100% (QA)
Chan and Tan Fruit Bowl Classified balance sheet as at May 31 2021 ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
Students also viewed these accounting questions
-
The Marino Company had the following balance sheet on January 1, 2007: On January 2, 2007 the Paul Company purchased the Marino Company by acquiring all its outstanding shares for $300,000 cash. On...
-
The Marino Company had the following balance sheet on January 1, 2010: On January 2, 2010, the Paul Company purchased the Marino Company by acquiring all its outstanding shares for $300,000 cash. On...
-
Classify the following balance sheet items as current or noncurrent: Retained earnings Bonds payable Accounts payable Accrued wages payable Prepaid expenses Accounts receivable Plant and equipment...
-
How does a project manager calculate start and finish times?
-
A step-up transformer on a 115-V line provides a voltage of 2050 V. (a) If the primary coil has 75.0 turns, how many turns does the secondary coil have? (b) If there is a current of 4.55 A in the...
-
You have just been hired as a financial analyst for Lydex Company, a manufacturer of safety helmets. Your boss has asked you to perform a comprehensive analysis of the companys financial statements,...
-
Calculate the present value of the lease payments assuming an 8% interest rate.
-
Working with chemists at Virginia Tech and George Washington Universities, landscape contractor Kenneth Golding blended his own fertilizer, called "Golding-Grow." It consists of four chemical...
-
10. [-/3 Points] DETAILS LARCALCET7 3.2.095. Find the average rate of change of the function over the given interval. At) = 7t + 1, [5, 8] Compare this average rate of change with the instantaneous...
-
When the pump in Fig P3.130 draws 220 m3/h of water at 20°C from the reservoir, the total friction head loss is 5 m. The flow discharges through a nozzle to the atmosphere Estimate the pump power...
-
from this article what similar question can we ask or can include in the survey to make it better.And what type of data that can be collected, and the ways in which it can be measured and analyzed....
-
Consider the dependency matrix and the activity durations provided below. Downstream Activity Upstream Activity 1 2 3 4 5 6 7 8 9 10 1 2 X 3 X 4 X 5 X 6 X 7 X 8 X 9 X X 10 X X Activity 1 2 3 4 5 6 7...
-
III. Individual A owns 50 common shares of X Corp. with an adjusted basis of 90,000. Individual B owns 50 X common shares with an adjusted basis of 150,000. X has accumulated earnings and profits of...
-
A grocery sells longganisas, bratwursts, and Hungarian sausages and can put on display 500 of them per unit of time. It can sell at most 300 longganisas and 120 bratwursts and, currently, there are...
-
A topic and problem statement centered around aircraft inspection and schedule maintenance?
-
Why should Kohl's department store continue to use cloud computing as their store's system? Can they benefit from a cloud system or smart system?
-
7:11 ExcelStudentfilech08 Exercise 8.1 Exercise 8.2 Exercise 8.3 Exercise 8.4 Exercise 8.2 Barnaby's Hideawa Cost of Food Sold Opening Inventory \begin{tabular}{l} Purchases \\ \hline Total Avallable
-
How do the principles of (a) Physical controls and (b) Documentation controls apply to cash disbursements?
-
What is the book value of an asset? Discuss.
-
The following are several independent errors made by a company that uses the periodic inventory system: 1. Goods in transit, purchased on credit and shipped FOB destination, $10,000, were included in...
-
Under the direct method, what are the most common cash inflows from and the most common cash outflows for operating activities in a companys statement of cash flows?
-
Prepare and use contribution margin statements for dropping a line decision (Learning Objective 4) The following operating income data of Abalone Seafood highlight the losses of the fresh seafood...
-
Product mix under constraint (Learning Objective 5) Easy Living of Charlotte, North Carolina, specializes in outdoor furniture and spas. Owner Linda Spring is expanding the store. She is deciding...
-
Outsourcing: alternative use of capacity (Learning Objective 6) Morning Grain makes organic cereal. Costs of producing 140,000 boxes of cereal each year follow: Suppose Kelloggs will sell Morning...
Study smarter with the SolutionInn App