Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can someone help me with the accounting transaction analysis? the first picture is the opening balance for the asset. the second picture is the opening
Can someone help me with the accounting transaction analysis?
Cash Trade receivables Inventories Other current assets Property, plant & equipment Investments Trade payables 87,950 40,183 36,186 2,858 52,349 127,538 15,164 bles Current tax payable Other current liabilities Borrowings Contributed equity Retained earnings Opening balance - Retained earnings Income Expenses 47,359 4,312 3,574 174,770 101,885 Dividends Event 1 Event 2 Event 3 Event 4 Event 5 Event 6 Event 7 Event 8 The company repays $39876 of its borrowings. This amount includes $8765 of interest. The remaining borrowings are to be repaid over the following five years. The accountant determines that depreciation should be recorded at $3657. The accountant estimates that 20 percent of the depreciation is related to selling activities, with the remaining related to administration. The company declares and pays a dividend of $1987 to its shareholders. The company uses up the remainder of its previous prepaid insurance contract for the first six months of the fiscal year. The company then commences a new contract costing $6500 upfront for the following 12 months at equal cost per month, including the last six months of the year. The insurance related to administration. The accountant informs you that other current assets related to prepaid accounts. The company purchased $235000 of inventory from its suppliers. The inventory was purchased on credit. The company receives a dividend from one of its investments of $5409, The company makes payments to inventory suppliers of $435090. The company purchased an additional $23000 of computer equipment. Half was paid in cash, with the remaining on credit. The accountant determines that the credit amount should be allocated to other current liabilities. The company collects $650300 from its trade receivables during the year. The company pays rent of $6000 per month on a 12-month lease. The rent related to administrative offices. The company makes total sales of normal goods and services of $666000. Of this amount $43100 was received in cash at the time of the sale. The value of goods sold in these transactions was $375823. The company issued 1400 shares to new investors. These shares were issued at an average price of $5 per share. The company paid all corporate income tax owing from the previous period. In addition, the company incurs a further $17500 in corporate income tax that it will pay next year. The company paid all wages owing from the previous period, which made up the total opening balance of other current liabilities. In addition, the company paid wages costs of $20000 These wages relate 40 percent to administrative expenses, and the remainder to selling expenses. Event 9 Event 10 Event 11 Event 12 Event 13 Event 14 the first picture is the opening balance for the asset.
the second picture is the opening balance for liability and equity.
the third picture is the event list
thank you
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started