Assignment Three (Deadline 4 April 2021. 23:58 input 241 items via Bb -- Assessment" "Test") 15% of the course (400 points for 241 items accounted for 15%) No assessment for late submission! Please submit your answers three hours earlier than 4 April 2021. 23:58: Intelligent Toys, Inc (MITI) is a well establish toys trading company which adopts the periodic system. ITI prepares its financial statements a monthly basis. The trial balance of ITI as at 28 February 2021 is presented as follows: Intelligent Toys, Inc Trial Balance As at 28 February 2021 Account No Account Title Debit Credit (5) 201 Accounts Payable 420,000 112 Accounts Receivable 675,000 152 Accumulated Depreciation - Building 745.200 154 Accumulated Depreciation - Equipment 570,000 156 Accumulated Depreciation - Motor Vehicle 664,668 113 Allowance for Doubtful Accounts 20,250 151 Building 9,720,000 101 Cash 1.001.520 291 Dividends Payable 120,000 153 Equipment 990,000 115 Interest Receivable 144,000 140 Long-term Investment 750,000 121 Merchandise Inventory 975.000 155 Motor Vehicle 832,500 114 Notes Receivable 2,700,000 131 Prepaid Insurance 18,000 320 Retained Earnings 2,077,212 241 Salaries Payable 105,300 311 Share Capital - Ordinary S1 par value, 10,000,000 shares authorized 6,000,000 shares issued and 5.977,500 shares outstanding 6,000,000 312 Share Capital - Preference 5%, S100 par value, noncumulative, 100,000 shares authorized 60,000 shares issued and outstanding 6,000,000 313 Share Premium - Ordinary 840,000 314 Share Premium - Preference 300,000 315 Share Premium - Treasury 9,000 132 Supplies 9,360 330 Treasury Shares (22,500 shares) 56.250 17.871.630 17.871.630 The following activities took place in March: Mar. 1(a) Purchased children laptop toys from Esorbma Limited, S95,000, terms 1/10, n/30, FOB shipping point. (b)The responsible party paid the freight charges of $500. The goods were collected by the shipping company on 1 March and arrived at ITI's warehouse on 4 March 1(c) Sold 22,500 Treasury shares at $2 each. (d) Purchased 10% shareholding in Charlie Limited, a supplier, as a long-term investment. The fair value of the 10% shareholding was $2,900,000 as at ! March. The purchase consideration included a $2,700,000 note receivable due from Charlie Limited and the related interest receivable balance of S144,000. $140,000 cash and a motor vehicle owned by ITL. The motor vehicle was originally obtained at $120,000. (for depreciation details, refer to note (c) of additional information.) 1(e) Sold remote control helicopters valued at $298,000 10 TneNiv Limited, a wholesaler, terms n/20, FOB destination. The appropriate party paid delivery charges of $600. The goods were shipped on 1 March and arrived at the warchouse of TneNiv Limited on 3 March 2 A 10% share dividend was declared when the market value per share was $2.1. 3 Cash is received from TnecNiv Limited for the remote-control helicopters shipped on March and arrived at the warchouse of Tnec Niv Limited on 3 March. 4 Sold kids ride on cars to Vinga Limited, S140,000, terms 1/30, FOB shipping point, 2% trade discount. The appropriate party paid freight charges of S400. The goods were shipped on 4 March and arrived at the warchouse of Vinga Limited on 6 March $ The management determined that the amount due from a customer, MYTOM Limited, S50,000 is uncollectible as the company has closed down. 6 Purchased supplies of $4,100 on account from Jimmy Printing and Stationery Limited 7a) Paid cash to acquired 30,000 shares of its own at $2.3 cach. I intends to keep the shares for several months for management bonus 766) Received credit memorandum of $1,700 from Esorbea Limited for goods purchased in March 8 Granted Vinga Limited an allowance of $1,000 (original price) due to discrepancy in the color of the ride on cars, 9(a) Sold flying disc and toy swings to Action Limited, list price of $120,000 with a 20% trade discount, n/20, FOB shipping point. The responsible party paid 2 freight-charges of $800. The shipping document showed that the goods arrived at the warehouse of Action Limited on 12 March Mar. 9b) Paid Esorbma Limited for the children laptop toys bought on 1 March and the amount of $220,000 on account for the purchase on 27 February Purchases terms with Esorbma Limited in February was 2/10,n30, FOB shipping point 10 Paid S162,000 for salary up to 9 March (Tuesday). All employees work a five-day week and are paid every four weeks on the following Wednesday, based on the number of days they have worked in the last four weeks. Employees are entitled to full pay on public holidays but not on Saturday and Sunday. The employees receive a total salary of S40,500 for a five-day work week 12 Received payments from Vinga Limited, for the March sales. 13 Acquired $150,000 toy musical instruments by signing a 90-day, 5% notes payable 16 Queenie Company Limited, a customer, has financial difficulties and unable to pay the outstanding balance of $200,000. The company has a long-term relationship with Queenie, and agreed to accept a 12%, 45-day notes from the customer to settle the outstanding balance. 17 Share dividends were distributed. Shareholders on the register of the company on 6 March 2021 are entitled to receive the dividend shares. 21 Paid all dividends declared previously 25 Received from Tom Limited, S180,000, as the prepayment for the leasing of part of the warehouse for one year from 1 April 2021 to 31 March 2022. 27 Received inflatable castle of $40,000 consignment goods retured from Consignee Trading Limited. The goods are delivered to Consignee Trading Limited for consignment purpose in February 2021. 28 Purchased $23,000 play mats from Millan Company, FOB Destination, terms 1/10, n. 45. The shipping document showed that the goods were received on 3rd April 2021 29 A cash dividend was declared for preference shares and a cash dividend of $0.03 per share was declared for ordinary shares. The dividends will be paid in April. 30 Received a check of S16,000 from the liquidator of YOT Limited. YOT Limited was closed down in December 2020 and the managing director of ITI authorized to write off $45,000, being the full amount outstanding in the accounts of YOT Limited, as of then. 3 The following additional information is available on 31 March 2021: (a) Electricity incurred for the month amounted to $7,000. (b) The employees receive a total salary of S40,500 for a five-day work week. All employees worked for the whole month of March. (c) Building. (i) equipment and (ii) motor vehicles are recorded at historical cost and their estimated useful lives are 50 years, 5 years and 5 years respectively. No residual value is expected for the building. The building was acquired on 1 May 2017. The company uses straight-line method for all buildings. All the equipment and motor vehicles are acquired on January 2018. The company uses unit of activity method to depreciate equipment and the double-declining balance method to depreciate all motor vehicles The company expects that the salvage value of the equipment and motor vehicles is 10% of the purchase cost. The equipment is for packing and the total amount of packing for 5 years are estimated to be 594,000 units. The total packing in March amounted to 9,800 units. Annual depreciation is calculated for each year from 1 January to 31 December, monthly depreciation is equal to (annual depreciation (12) (d) Physical count showed that $4,000 of supplies and $1,186,000 of merchandise inventory remained on hand at 31 March 2021 (e) The bank statement balance is $1.000 greater than the cash account balance This is relating to an unpresented cheque of the dividends paid on 21 March 2021. (The prepaid insurance was paid in last December covering a 12-month general insurance from January to December, 2021. () Allowance for bad debt is estimated based on 10% of the closing accounts receivable balance due to dramatical down turn of the economy (h) Recognize interest expense for the month. (1) Recognize interest revenue for the month. 4 Requirement 1(128 points) 1 point for each item Input if no entry is needed "With more than one debit entry or more than one credit cntry, input the entries with smaller Account No first Date Dr Cr Account No. Amount Mar 1 (a) Dr Item1 Item 2 Cr Item 3 Item 4 Mar 1 (6) Dr Items Item 6 Cr Item Item 8 *Mar 1 (c) Dr Item Item 10 Dr Item 11 Item 12 Dr Item 13 Item 14 Cr Item 15 Item 16 *Mar 1 (d) Dr Long Term Investment Item 17 Item 18 Dr Item 19 Item 20 Dr Item21 Item 22 Cr Item23 Item 24 Cr Item25 Item 26 Cr Item 27 Item 28 Cr Item 29 Item 30 Mar 1 (e) Dr Item31 Item 32 Cr Item 33 Item 34 *Mar 2 Dr Item 35 Item 36 Cr Item 37 Item 38 Cr Item 39 Item 40 Mar 3 Dr Item 41 Item 42 Cr Item 43 Item 44 Mar 4 Dr Item 45 Item 46 Cr Item 47 Item 48 Mars Dr Item 49 Item 50 Cr Items! Item 52 Mar 6 Dr Item 53 Item 54 Cr Items Item 56 Mar 7(a) Dr Item 57 Item 58 Cr Item 59 Item 60 Mar 7 (b) Dr Item 1 Item 62 Cr Item 3 Item 64 7 Amounts Item 66 Irem 68 Item 70 Item 72 Item 74 hem 76 Item 78 Item 80 Item 3 Item 84 Hem 86 Item 88 Item 90 thin 92 Requirement cond Date DrC Mar 8 Dr Cr Mar 9(a) Dr Cr "Mar 9b) Dr Cr Cr *Mar 10 Dr Dr Cr Mar 12 DE Cr Mar 13 Dr Cr Mar 16 Dr Cr Mar 17 Dr Cr Mar 21 Dr Cr Mar 25 Dr Cr Mar 27 Dr Cr Mar 28 Dr Cr Mar 29 Dr Cr Mar 30 DI Cr Dr Cash Account No. Itemos Item67 Item69 Item 71 Item 73 Item 75 Item 77 Item 79 Items! Item 3 Items Item 87 Item 89 Item91 Item 93 Item 95 Item97 Item 99 Item101 Item103 Item 105 Item107 Item 109 Item 11 Item 1 13 Item 15 Item 117 Irem1 19 Item 121 Item123 Item 125 Item127 ) Item 96 Item 98 Tem 100 Item 102 Hem 104 Item 106 Item 108 Hem 110 Item 112 Item 114 Item 116 Item 118 Tiem 120 Item 122 Item 124 Item 126 Item 128 Requirement 2 (88 points) 2 points for each item Adjusting entries De Cr (a) Date Account No. Amount Dr Item 129 Item 130 Cr Item131 Item 132 (b) Dr Item133 Item 134 Cr Item 135 Item 136 (c)(0) Dr Item137 hem 138 Cr Item139 Item 140 (ii) Dr Item141 Item 142 Cr Item143 Item 144 (111) Dr Item 146 Cr Item 145 Item 147 Item149 Item 148 (d) Dr Item 150 Item 152 Cr Item 151 (e) Dr Item 154 Item 153 Item155 Cr Item 156 Dr Item 158 Item 157 Item 159 Cr Item 160 Dr Item161 Item 162 Cr Item 163 Item 164 (h) Dr Item 165 Item 166 Cr Item 167 hem 168 Dr Item 169 Item 170 Cr Item 171 Item 172 Requirement 3 (106 points) 2 points for each item Adjusted Trial Balance as at 31 March 2021 Account Dr CS No 201 112 192 154 156 611 151 101 711 712 713 291 153 514 612 613 820 615 631 221 115 415 150 140 620 om 173 Item 124 cm 175 The 176 Item 177 them 17 Bom 179 Hem 1 Item 11 Item 1 The 13 them 184 Item 15 Tram 16 Them 157 Item 185 The 19 Item 190 The 191 Hem 192 Fem 193 Item 194 Item 195 Accounts Payable Accounts Receivable Accumulated Depreciation Building Accumulated Depreciation - Equipment Accumulated Depreciation - Motor vehicle Allowance for Doubtful Accounts Bad Debt Expense Building Cash Depreciation Expense - Building Depreciation Expense - Equipment Depreciation Expense - Motor Vehicle Dividends Payable Equipment Fecight-in Freight-out Fuel Expense Gain on Disposal Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Land Long term Investment Loss on Disposal Merchandise Inventory Miscellaneous Expense Motor Vehicle Notes Payable Notes Receivable Ordinary Sharp Dividends Distributable Prepaid Insurance Purchase Discounts Purchase Returns and Allowances Purchases Retained Earnings Salaries Expense Salaries Payable Sales Returns and Allowances Sales Revenue Share Capital - Ordinary Share Capital - Preference Share Premium - Ordinary Share Premium - Preference Share Premium Treasury Supplies Supplies Expense Treasury Shares Unearned Rent Revenue Utilities Expense 610 135 231 114 131 513 512 SI1 320 616 241 411 410 In 197 Item 19 Item 199 Item 200 Item 2011 Tem 203 Item 203 204 Inom 205 Tem 205 Tem 207 tam Tem 209 Tem 210 Item 211 the 213 Tem 213 312 313 314 315 132 618 330 281 619 Inom 215 Item 216 Item 217 Them 215 Tom 219 Them 220 22 Item 224 hem 225 10 Requirement 4 (78 points) 5 points for each item except Item 234 Intelligent Toys, Inc. Income Statement For the month ended 31 March 2021 Net Sales Item 226 Cost of goods purchased Item 227 Cost of goods available for sale Item 228 Cost of Goods Sold Gross Profit Item 229 Item 230 Total operation expense Item 231 Operating Profit Item 232 Net Income Item 233 11 Intelligent Toys, Inc. Retained Earings Statement For the month ended 31 March 2021 f Ending retained Earnings (3 points) Item 234 12 Intelligent Toys, Inc. Statement of Financial Position as at 31 March 2021 Property, Plant and Equipment Current Liabilities Item 239 Sub-total Long Term Investments Current Assets Item 235 Item 236 Sub-total Equity Sub-total Total Assets Item 237 Item 238 Sub-total Total Liabilities & Equity Item 240 Item 241 13 Assignment Three (Deadline 4 April 2021. 23:58 input 241 items via Bb -- Assessment" "Test") 15% of the course (400 points for 241 items accounted for 15%) No assessment for late submission! Please submit your answers three hours earlier than 4 April 2021. 23:58: Intelligent Toys, Inc (MITI) is a well establish toys trading company which adopts the periodic system. ITI prepares its financial statements a monthly basis. The trial balance of ITI as at 28 February 2021 is presented as follows: Intelligent Toys, Inc Trial Balance As at 28 February 2021 Account No Account Title Debit Credit (5) 201 Accounts Payable 420,000 112 Accounts Receivable 675,000 152 Accumulated Depreciation - Building 745.200 154 Accumulated Depreciation - Equipment 570,000 156 Accumulated Depreciation - Motor Vehicle 664,668 113 Allowance for Doubtful Accounts 20,250 151 Building 9,720,000 101 Cash 1.001.520 291 Dividends Payable 120,000 153 Equipment 990,000 115 Interest Receivable 144,000 140 Long-term Investment 750,000 121 Merchandise Inventory 975.000 155 Motor Vehicle 832,500 114 Notes Receivable 2,700,000 131 Prepaid Insurance 18,000 320 Retained Earnings 2,077,212 241 Salaries Payable 105,300 311 Share Capital - Ordinary S1 par value, 10,000,000 shares authorized 6,000,000 shares issued and 5.977,500 shares outstanding 6,000,000 312 Share Capital - Preference 5%, S100 par value, noncumulative, 100,000 shares authorized 60,000 shares issued and outstanding 6,000,000 313 Share Premium - Ordinary 840,000 314 Share Premium - Preference 300,000 315 Share Premium - Treasury 9,000 132 Supplies 9,360 330 Treasury Shares (22,500 shares) 56.250 17.871.630 17.871.630 The following activities took place in March: Mar. 1(a) Purchased children laptop toys from Esorbma Limited, S95,000, terms 1/10, n/30, FOB shipping point. (b)The responsible party paid the freight charges of $500. The goods were collected by the shipping company on 1 March and arrived at ITI's warehouse on 4 March 1(c) Sold 22,500 Treasury shares at $2 each. (d) Purchased 10% shareholding in Charlie Limited, a supplier, as a long-term investment. The fair value of the 10% shareholding was $2,900,000 as at ! March. The purchase consideration included a $2,700,000 note receivable due from Charlie Limited and the related interest receivable balance of S144,000. $140,000 cash and a motor vehicle owned by ITL. The motor vehicle was originally obtained at $120,000. (for depreciation details, refer to note (c) of additional information.) 1(e) Sold remote control helicopters valued at $298,000 10 TneNiv Limited, a wholesaler, terms n/20, FOB destination. The appropriate party paid delivery charges of $600. The goods were shipped on 1 March and arrived at the warchouse of TneNiv Limited on 3 March 2 A 10% share dividend was declared when the market value per share was $2.1. 3 Cash is received from TnecNiv Limited for the remote-control helicopters shipped on March and arrived at the warchouse of Tnec Niv Limited on 3 March. 4 Sold kids ride on cars to Vinga Limited, S140,000, terms 1/30, FOB shipping point, 2% trade discount. The appropriate party paid freight charges of S400. The goods were shipped on 4 March and arrived at the warchouse of Vinga Limited on 6 March $ The management determined that the amount due from a customer, MYTOM Limited, S50,000 is uncollectible as the company has closed down. 6 Purchased supplies of $4,100 on account from Jimmy Printing and Stationery Limited 7a) Paid cash to acquired 30,000 shares of its own at $2.3 cach. I intends to keep the shares for several months for management bonus 766) Received credit memorandum of $1,700 from Esorbea Limited for goods purchased in March 8 Granted Vinga Limited an allowance of $1,000 (original price) due to discrepancy in the color of the ride on cars, 9(a) Sold flying disc and toy swings to Action Limited, list price of $120,000 with a 20% trade discount, n/20, FOB shipping point. The responsible party paid 2 freight-charges of $800. The shipping document showed that the goods arrived at the warehouse of Action Limited on 12 March Mar. 9b) Paid Esorbma Limited for the children laptop toys bought on 1 March and the amount of $220,000 on account for the purchase on 27 February Purchases terms with Esorbma Limited in February was 2/10,n30, FOB shipping point 10 Paid S162,000 for salary up to 9 March (Tuesday). All employees work a five-day week and are paid every four weeks on the following Wednesday, based on the number of days they have worked in the last four weeks. Employees are entitled to full pay on public holidays but not on Saturday and Sunday. The employees receive a total salary of S40,500 for a five-day work week 12 Received payments from Vinga Limited, for the March sales. 13 Acquired $150,000 toy musical instruments by signing a 90-day, 5% notes payable 16 Queenie Company Limited, a customer, has financial difficulties and unable to pay the outstanding balance of $200,000. The company has a long-term relationship with Queenie, and agreed to accept a 12%, 45-day notes from the customer to settle the outstanding balance. 17 Share dividends were distributed. Shareholders on the register of the company on 6 March 2021 are entitled to receive the dividend shares. 21 Paid all dividends declared previously 25 Received from Tom Limited, S180,000, as the prepayment for the leasing of part of the warehouse for one year from 1 April 2021 to 31 March 2022. 27 Received inflatable castle of $40,000 consignment goods retured from Consignee Trading Limited. The goods are delivered to Consignee Trading Limited for consignment purpose in February 2021. 28 Purchased $23,000 play mats from Millan Company, FOB Destination, terms 1/10, n. 45. The shipping document showed that the goods were received on 3rd April 2021 29 A cash dividend was declared for preference shares and a cash dividend of $0.03 per share was declared for ordinary shares. The dividends will be paid in April. 30 Received a check of S16,000 from the liquidator of YOT Limited. YOT Limited was closed down in December 2020 and the managing director of ITI authorized to write off $45,000, being the full amount outstanding in the accounts of YOT Limited, as of then. 3 The following additional information is available on 31 March 2021: (a) Electricity incurred for the month amounted to $7,000. (b) The employees receive a total salary of S40,500 for a five-day work week. All employees worked for the whole month of March. (c) Building. (i) equipment and (ii) motor vehicles are recorded at historical cost and their estimated useful lives are 50 years, 5 years and 5 years respectively. No residual value is expected for the building. The building was acquired on 1 May 2017. The company uses straight-line method for all buildings. All the equipment and motor vehicles are acquired on January 2018. The company uses unit of activity method to depreciate equipment and the double-declining balance method to depreciate all motor vehicles The company expects that the salvage value of the equipment and motor vehicles is 10% of the purchase cost. The equipment is for packing and the total amount of packing for 5 years are estimated to be 594,000 units. The total packing in March amounted to 9,800 units. Annual depreciation is calculated for each year from 1 January to 31 December, monthly depreciation is equal to (annual depreciation (12) (d) Physical count showed that $4,000 of supplies and $1,186,000 of merchandise inventory remained on hand at 31 March 2021 (e) The bank statement balance is $1.000 greater than the cash account balance This is relating to an unpresented cheque of the dividends paid on 21 March 2021. (The prepaid insurance was paid in last December covering a 12-month general insurance from January to December, 2021. () Allowance for bad debt is estimated based on 10% of the closing accounts receivable balance due to dramatical down turn of the economy (h) Recognize interest expense for the month. (1) Recognize interest revenue for the month. 4 Requirement 1(128 points) 1 point for each item Input if no entry is needed "With more than one debit entry or more than one credit cntry, input the entries with smaller Account No first Date Dr Cr Account No. Amount Mar 1 (a) Dr Item1 Item 2 Cr Item 3 Item 4 Mar 1 (6) Dr Items Item 6 Cr Item Item 8 *Mar 1 (c) Dr Item Item 10 Dr Item 11 Item 12 Dr Item 13 Item 14 Cr Item 15 Item 16 *Mar 1 (d) Dr Long Term Investment Item 17 Item 18 Dr Item 19 Item 20 Dr Item21 Item 22 Cr Item23 Item 24 Cr Item25 Item 26 Cr Item 27 Item 28 Cr Item 29 Item 30 Mar 1 (e) Dr Item31 Item 32 Cr Item 33 Item 34 *Mar 2 Dr Item 35 Item 36 Cr Item 37 Item 38 Cr Item 39 Item 40 Mar 3 Dr Item 41 Item 42 Cr Item 43 Item 44 Mar 4 Dr Item 45 Item 46 Cr Item 47 Item 48 Mars Dr Item 49 Item 50 Cr Items! Item 52 Mar 6 Dr Item 53 Item 54 Cr Items Item 56 Mar 7(a) Dr Item 57 Item 58 Cr Item 59 Item 60 Mar 7 (b) Dr Item 1 Item 62 Cr Item 3 Item 64 7 Amounts Item 66 Irem 68 Item 70 Item 72 Item 74 hem 76 Item 78 Item 80 Item 3 Item 84 Hem 86 Item 88 Item 90 thin 92 Requirement cond Date DrC Mar 8 Dr Cr Mar 9(a) Dr Cr "Mar 9b) Dr Cr Cr *Mar 10 Dr Dr Cr Mar 12 DE Cr Mar 13 Dr Cr Mar 16 Dr Cr Mar 17 Dr Cr Mar 21 Dr Cr Mar 25 Dr Cr Mar 27 Dr Cr Mar 28 Dr Cr Mar 29 Dr Cr Mar 30 DI Cr Dr Cash Account No. Itemos Item67 Item69 Item 71 Item 73 Item 75 Item 77 Item 79 Items! Item 3 Items Item 87 Item 89 Item91 Item 93 Item 95 Item97 Item 99 Item101 Item103 Item 105 Item107 Item 109 Item 11 Item 1 13 Item 15 Item 117 Irem1 19 Item 121 Item123 Item 125 Item127 ) Item 96 Item 98 Tem 100 Item 102 Hem 104 Item 106 Item 108 Hem 110 Item 112 Item 114 Item 116 Item 118 Tiem 120 Item 122 Item 124 Item 126 Item 128 Requirement 2 (88 points) 2 points for each item Adjusting entries De Cr (a) Date Account No. Amount Dr Item 129 Item 130 Cr Item131 Item 132 (b) Dr Item133 Item 134 Cr Item 135 Item 136 (c)(0) Dr Item137 hem 138 Cr Item139 Item 140 (ii) Dr Item141 Item 142 Cr Item143 Item 144 (111) Dr Item 146 Cr Item 145 Item 147 Item149 Item 148 (d) Dr Item 150 Item 152 Cr Item 151 (e) Dr Item 154 Item 153 Item155 Cr Item 156 Dr Item 158 Item 157 Item 159 Cr Item 160 Dr Item161 Item 162 Cr Item 163 Item 164 (h) Dr Item 165 Item 166 Cr Item 167 hem 168 Dr Item 169 Item 170 Cr Item 171 Item 172 Requirement 3 (106 points) 2 points for each item Adjusted Trial Balance as at 31 March 2021 Account Dr CS No 201 112 192 154 156 611 151 101 711 712 713 291 153 514 612 613 820 615 631 221 115 415 150 140 620 om 173 Item 124 cm 175 The 176 Item 177 them 17 Bom 179 Hem 1 Item 11 Item 1 The 13 them 184 Item 15 Tram 16 Them 157 Item 185 The 19 Item 190 The 191 Hem 192 Fem 193 Item 194 Item 195 Accounts Payable Accounts Receivable Accumulated Depreciation Building Accumulated Depreciation - Equipment Accumulated Depreciation - Motor vehicle Allowance for Doubtful Accounts Bad Debt Expense Building Cash Depreciation Expense - Building Depreciation Expense - Equipment Depreciation Expense - Motor Vehicle Dividends Payable Equipment Fecight-in Freight-out Fuel Expense Gain on Disposal Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Land Long term Investment Loss on Disposal Merchandise Inventory Miscellaneous Expense Motor Vehicle Notes Payable Notes Receivable Ordinary Sharp Dividends Distributable Prepaid Insurance Purchase Discounts Purchase Returns and Allowances Purchases Retained Earnings Salaries Expense Salaries Payable Sales Returns and Allowances Sales Revenue Share Capital - Ordinary Share Capital - Preference Share Premium - Ordinary Share Premium - Preference Share Premium Treasury Supplies Supplies Expense Treasury Shares Unearned Rent Revenue Utilities Expense 610 135 231 114 131 513 512 SI1 320 616 241 411 410 In 197 Item 19 Item 199 Item 200 Item 2011 Tem 203 Item 203 204 Inom 205 Tem 205 Tem 207 tam Tem 209 Tem 210 Item 211 the 213 Tem 213 312 313 314 315 132 618 330 281 619 Inom 215 Item 216 Item 217 Them 215 Tom 219 Them 220 22 Item 224 hem 225 10 Requirement 4 (78 points) 5 points for each item except Item 234 Intelligent Toys, Inc. Income Statement For the month ended 31 March 2021 Net Sales Item 226 Cost of goods purchased Item 227 Cost of goods available for sale Item 228 Cost of Goods Sold Gross Profit Item 229 Item 230 Total operation expense Item 231 Operating Profit Item 232 Net Income Item 233 11 Intelligent Toys, Inc. Retained Earings Statement For the month ended 31 March 2021 f Ending retained Earnings (3 points) Item 234 12 Intelligent Toys, Inc. Statement of Financial Position as at 31 March 2021 Property, Plant and Equipment Current Liabilities Item 239 Sub-total Long Term Investments Current Assets Item 235 Item 236 Sub-total Equity Sub-total Total Assets Item 237 Item 238 Sub-total Total Liabilities & Equity Item 240 Item 241 13