1. Current assets: Cash $100 000,00 The company received half of the receivables AAR $35 000,00 The company returned 60% of the payables Inventory $65 000,00 Bought a car by the price 10,000$ on credit Prepaid rent $10 000,00 (4 month in advance) Depreciation for the car is 2008 monthly Non-current assets: Building $40 000.00 Sold 80% of inventory for 110,0005, customers paid 80% in cash Accumulated depr $500,00 Accrued salary expenses: 15,000$ Equipment $50 000,00 Accrued utility expenses:1,2005 Accumulated depr -$700,00 Recognized the rent expense for the current month Total assets: $298800.00 Recognized the appropriate part of unearned revenue on the base of contract Accrued Profit tax is 20% The appropriate part of credit is paid out on monthly base Current liabilities: 560 000,00 Trade payables Interest expense accrued: 1,000$ Short-term loan $120 000,00 Depreciation for the bulding and equipment incurred on monthly base Unearned revenue $40 000,00 (4 month contract) Non-current liabilities 50,00 Total Binbilities: $220.000,00 a) Prepare journal entries using NAS (7 points) Equity: b) Prepare Income statement from the results of transactions (5 Capital 560 000,00 points) $18 800,00 c) Prepare Balance sheet (5 points) Total equity: $78 800.00 d) Which operations should you add to financing activity in case of Total liabilities&equit: S298 800.00 preparation of Cash flow statement? (2 points) Profit 1. Current assets: Cash $100 000,00 The company received half of the receivables AAR $35 000,00 The company returned 60% of the payables Inventory $65 000,00 Bought a car by the price 10,000$ on credit Prepaid rent $10 000,00 (4 month in advance) Depreciation for the car is 2008 monthly Non-current assets: Building $40 000.00 Sold 80% of inventory for 110,0005, customers paid 80% in cash Accumulated depr $500,00 Accrued salary expenses: 15,000$ Equipment $50 000,00 Accrued utility expenses:1,2005 Accumulated depr -$700,00 Recognized the rent expense for the current month Total assets: $298800.00 Recognized the appropriate part of unearned revenue on the base of contract Accrued Profit tax is 20% The appropriate part of credit is paid out on monthly base Current liabilities: 560 000,00 Trade payables Interest expense accrued: 1,000$ Short-term loan $120 000,00 Depreciation for the bulding and equipment incurred on monthly base Unearned revenue $40 000,00 (4 month contract) Non-current liabilities 50,00 Total Binbilities: $220.000,00 a) Prepare journal entries using NAS (7 points) Equity: b) Prepare Income statement from the results of transactions (5 Capital 560 000,00 points) $18 800,00 c) Prepare Balance sheet (5 points) Total equity: $78 800.00 d) Which operations should you add to financing activity in case of Total liabilities&equit: S298 800.00 preparation of Cash flow statement? (2 points) Profit
