The summarised balance sheet of Magic Cadre Ltd at 30 June 2020 for presentation to management is
Question:
The summarised balance sheet of Magic Cadre Ltd at 30 June 2020 for presentation to management is below.
Required
Prepare the statement of financial position for external reporting purposes of Magic Cadre Ltd at 30 June 2020 in accordance with the format illustrated in figure 17.4
Figure 17.4
Transcribed Image Text:
MAGIC CADRE LTD Balance Sheet as at 30 June 2020 CURRENT ASSETS Cash at bank CURRENT LIABILITIES $158000 Accounts payable Accounts receivable (net) 50 000 Dividends payable $ 45000 6000 Inventory 85000 Current tax liability 5000 $ 56000 Assets held for sale 15000 $308.000 NON-CURRENT LIABILITY NON-CURRENT ASSETS Mortgage payable Property, Plant and Equipment 465 000 EQUITY Accumulated depreciation (30 000) Share capital Goodwill 55000 General reserve Accumulated impairment (11000) 479000 Retained earnings 600 000 68000 53000 10000 721 000 $787 000 $787000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (2 reviews)
Answered By
Felix Onchweri
I have enough knowledge to handle different assignments and projects in the computing world. Besides, I can handle essays in different fields such as business and history. I can also handle both short and long research issues as per the requirements of the client. I believe in early delivery of orders so that the client has enough time to go through the work before submitting it. Am indeed the best option that any client that can think about.
4.50+
5+ Reviews
19+ Question Solved
Related Book For
Financial Accounting
ISBN: 9780730363217
10th Edition
Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie, Andreas Hellmann, Jodie Maxfield
Question Posted:
Students also viewed these Business questions
-
True or false In a circular definition, if you do not know the meaning of the word being defined, then you will probably not understand the definiens either. An extensional definition can only...
-
The summarised balance sheet of Magic Cadre Ltd at 30 June 2019 for presentation to management is: MAGIC CADRE LTD Balance Sheet as at 30 June 2019 CURRENT ASSETS Cash at bank Accounts receivable...
-
You need to refer to Source A and Source B for this question. The writers in Source A and Source B are travelling on different types of trains. Use details from both sources to write a summary of what
-
The position of a particle moving along 12t2 2t, where r is in meters and t is in an r-axis is given by x = seconds. i Determine the acceleration of the particle at t = 3.0 s. ii What are the...
-
Wilson revises her estimates of the benefits from the new system's lower labor costs as calculated in P1-28A. She now thinks the savings will be only $935,000. Requirements 1. Compute the expected...
-
The random variable \(X\) has distribution function \[F(x)=\frac{x}{x+1}, x \geq 0\] Check whether there is a subinterval of \([0, \infty)\) on which \(F(x)\) is \(D F R\) or \(I F R\).
-
Discussed probability models (distributions) for discrete random variables in Chapter 4 Where Were Going LO8
-
Janet, after years of working as a hairdresser and as a makeup artist, decided to go into business for herself. Over time the business has grown into a spa and beauty retreat and she now employs a...
-
Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company s costs: Fixed Cost per...
-
The following information was obtained for Lisas Fashionista Ltd for the year ended 30 June 2020. Required (a) Prepare a statement of profit or loss and other comprehensive income for Lisas...
-
The following information relates to Dunadeal Ltd at 30 June 2020. Additional information During the year ended 30 June 2020: 1. directors declared and paid dividends of 5% on the preference shares...
-
What is the theoretical efficiency of a photodetector with a \(2.5 \mathrm{eV}\) bandgap when exposed to \(100 \mathrm{~W} / \mathrm{m}^{2}\) solar radiation through with transmittance, 1; if 600 nm...
-
Ted sold his Microsoft stock for $40,000 paying a commission of $800. He purchased the stock in 2004 for $8,000 and paid commission of $200. What is the recognized gain on the sale?
-
Liquid water at 80C and at 1atm flows through a heated pipe at a flow rate of 3.1 kg/s. It then leaves the pipe as steam. The water receives 9753840 J of heating from the pipe. Calculate the...
-
The balance sheet of River Electronics Corporation as of December 31, 2023, included 14.00% bonds having a face amount of $90.7 million. The bonds had been issued in 2016 and had a remaining discount...
-
The term mutually exclusive means that two events have no common elements in them. The occurrence of one event means that the other other event does not occur. An example of a mutually exclusive...
-
9a A conical pendulum is made by hanging a mass of 5.0 kg from a large spring of length 1.0 m and spring constant k = 100 N/m. The spring moves in a circle at an angle of 25 deg. When at rest hanging...
-
Consult Paragraphs 28-30 of PCAOB Auditing Standard No. 5. Identify one relevant financial statement assertion related to revenue recognized for IRU sales by Qwest. Why is it relevant?
-
A seasonal index may be less than one, equal to one, or greater than one. Explain what each of these values would mean.
-
If a company chooses to purchase its own shares and then either (1) retires the repurchased shares and issues additional shares, or (2) resells the repurchased shares, can a gain or loss be...
-
Access the glossary (Master Glossary) to answer the following. (a) What is a convertible security? (b) What is a stock dividend? (c) What is a stock split? (d) What are participation rights?
-
On January 5, 2010, Phelps Corporation received a charter granting the right to issue 5,000 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 50,000 shares of $10 par...
-
1. (A nice inharitage) Suppose $1 were invested in 1776 at 3.3% interest compounded yearly a) Approximatelly how much would that investment be worth today: $1,000, $10,000, $100,000, or $1,000,000?...
-
Why Should not the government subsidize home buyers who make less than $120K per year. please explain this statement
-
Entries for equity investments: 20%50% ownership On January 6, 20Y8, Bulldog Co. purchased 25% of the outstanding common stock of $159,000. Gator Co. paid total dividends of $20,700 to all...
Study smarter with the SolutionInn App