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Can someone help? Especially with T-accounts The balance sheet of the company ABC as at 1.01.2020: ASSETS EQUITY & LIABILITIES Long-term investments (art) 22 000
Can someone help? Especially with T-accounts
The balance sheet of the company ABC as at 1.01.2020: ASSETS EQUITY & LIABILITIES Long-term investments (art) 22 000 Shareholders' equity 20 000 4000 Liabilities 4000 Inventory (1600 units @ 5 per unit) 4 000 Accrued cost* 6 000 Cash and cash equivalents Total assets 30 30 000 Total equity & liabilities 000 * An estimated cost of office renovation. In January 2020 the following events occurred (costs by nature applied): 1. The office renovation was finished. The final invoice for the work amounted to 7 200. 2. The company sold on deferred payment, 800 units at 7 per unit 3. The company set up a warranty provision 5% of sales value. 4. The company purchased company Betax company. Assets of Betax: 80 000, liabilities 62 000, paid (in cash) 38 000. Required: 1. Open the T-accounts based on the Balance Sheet data. 2. Record all transactions in T-accounts and close all accounts on 31.01.2020. Calculate the amount of net income / (loss)Step by Step Solution
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