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Outlet Markar Melaksti Which of the NOT accredral of Asi hamigive if Hery, B. The CO DS 1935 Al com B.Item Negeri Seland Camara Aatan Blowing Standard At that the kept the to the Ae B. Como D. dormed by 350 and by me tee trial arts driyaal trata A 100 BVS.de C. DYS.C.de Nopem for. This will oil alerts ACCR B.ARCH Calamaa aa heals D. Camely A December 1, 2014 The Company prof., ELS nel campo ISOM.Share capa pon the Weber 2014 settem B.C.000 2. DR. 7 The low Red Senhos pelos corrigy 2. veebruar 1 tamil - rathai 4. Pendedor, 5875 Nieved 1.250 april Whats tal=tar tar r A. 1.1.2 C4.525 D3174 ESSAN Ortak Hound the following lancelo Sally whey properchi the year ended the 31, 2018 Sally make during the Sally way Shop Trial December 2018 415 Supp A. Sally Sy w Service 1155 ws Tele Orta Mata Lethemet Trama Purchased : 3 ber 3 . PO Krypg Www w 1 2 QUESTIONSARKS Nam. The A A AP 2. Prepare the mome statement for the month of November QUESTION F. Marks the the information in each of the following separate cose information listed below a. During October, Shandra Company had 113.750 of cash and S112,513 of cah payments. The October 31 Cash balance $18.919 Desechste company had at the close of business on September 30 b On September 30, Moedish Cahada 576,750 bulance in Accom Receivable. During October, the company collected $69.9% from its credits The October 31 balance in Accounts Receivable was $79.129. Determine the motor sales on scout that occurred in October. The company do Not havets Rece c. Naser Co had 134,500 of accounts payable on September and $184.951 on October 31. Total purchases (expenses en accountable during clube 5347 077 Determine how much cash was paid couple get. The company do Not use anywhere account Required Cash balance on September 30 h. Sales con cont in October e Payments on accounts in October Question One (7 Marks): Multiple choice questions 1. Which of the following would NOT be considered internal users of accounting information for a company? A. The management of a company. B. The internal auditor of a company. C. Creditors of a company. D. Salesmen of a company. 2. IFRS are issued by the: A. Internal Accounting Standards Body. B. International Accounting Studies Board. C. International Auditors' Standards Body. D. International Accounting Standards Board. 3. A basic assumption of accounting that requires activities of an entity be kept separate from the activities of its owner is referred to as the: A. stand alone concept B. monetary unit assumption. C. corporate form of ownership. D. economic entity assumption. 4. If total liabilities decreased by 35,000 and total equity increased by $10,000 during a period of time, then total assets must change by what amount and direction during that same period? A. 745,000 increase B. 25,000 decrease C. 25,000 increase D. 35,000 decrease 5. Nour Corporation performed services on account for 16,000. This transaction will have the following effects on the accounting equation: A. increase Cash and increase Service Revenue by 16,000. B. increase Accounts Receivable and increase Service Revenue by 16,000. C. decrease Accounts Payable and increase Cash by 16,000. D. increase Cash and decrease Accounts Receivable by 16,000 6. As of December 31, 2014, Talia Company reported assets of 6,480,000, liabilities of 1,920,000 and retained earnings of 3,315,000. Share capital reported on the December 31, 2014 statement of financial position is: A. 1,245,000. B. 1,395,000. C. 5,235,000. D. 9,795,000. 7. The following transactions occurred during July: 1. Received $900 cash for services provided to a customer during July. 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 3. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 4. Provided services to a customer on credit, $375. 5. Received $1,250 cash from a customer for services to be performed next year. What was the total amount of revenue for July? A. $900. B. $1,275. C. $2,525 D. $3,275. E. $5,475. Question 2 (4 Marks): Based on the following trial balance for Sally Beauty Shop, prepare statement of changes in equity for the year ended December 31, 2018 (assume Sally made no additional investments in the company during the year). Sally Beauty Shop Trial Balance December 31, 2018 Cash $6,500 Accounts receivable 475 Supplies 2,500 Equipment 17,000 Accounts payable $ 745 Sally, Capital 21,155 Sally, Withdrawals 36,000 Service Revenue 72,000 Rent expense 9,425 Wages expense 22,000 Totals $93,900 $93,900 QUESTION Four (6 MARKS): Ahmad's Corporation is a consulting service firm. The account balances at November 30, 2018 are shown below: Ahmad Company Trial Balance November 30, 2018 Accounts Debit Credit Accounts Receivable 3,500 Utilities Expense 600 Notes Payable 20,000 Dividends 1,800 Equipment 30,000 Rent Expense 1,000 Cash ???? Share Capital-Ordinary 35,000 Salaries and Wages Expense Prepaid Insurance 400 Accounts Payable 600 Service Revenue 4,500 Total 500 1. Find out the cash balance. 2. Prepare the income statement for the month of November. 2 4 Question 3 (10 Marks): Listed below are the transactions of Hollywood dental clinic (a corporation) for the month of August Transaction No. Description 1 Issued ordinary shares in exchange for $30,000 cash. Purchased supplies on account for $2,000, by signing four months, note payable to Orient Supplies Company. 3 Billed patients $4,500 for services performed Received $3,000 cash from patient for services expected to be performed in November Paid S1,400 cash for August salaries and wages. Paid dividends of S700 cash to shareholders. Paid Orient Supplies S500 on account, for the supplies purchased in the second transaction Required: Joumalize August transactions, assuming Hollywood clinic has monthly accounting periods in which the current one ended on August 31. Solution: Transaction Na Accounts Debit Credit 5 6 7 3 5 6 7 QUESTION Five (3 Marks) Use the information in each of the following separate cases to calculate the required information listed below. a. During October, Shandra Company had $113,750 of cash receipts and $112,613 of cash payments. The October 31 Cash balance was $18.919. Determine how much cash the company had at the close of business on September 30. b. On September 30, Mordish Co. had a $76,750 balance in Accounts Receivable. During October, the company collected $69,996 from its credit customers. The October 31 balance in Accounts Receivable was $79,129. Determine the amount of sales on account that occurred in October. The company do Not have Notes Receivables. c. Nasser Co. had $134,500 of accounts payable on September 30 and $124,951 on October 31. Total purchases (expenses) on account payable during October were $247,077. Determine how much cash was paid on accounts payable during October. The company do Not use any other liability account Required: a. Cash balance on September 30 b. Sales on account in October c. Payments on accounts in October $ Outlet Markar Melaksti Which of the NOT accredral of Asi hamigive if Hery, B. The CO DS 1935 Al com B.Item Negeri Seland Camara Aatan Blowing Standard At that the kept the to the Ae B. Como D. dormed by 350 and by me tee trial arts driyaal trata A 100 BVS.de C. DYS.C.de Nopem for. This will oil alerts ACCR B.ARCH Calamaa aa heals D. Camely A December 1, 2014 The Company prof., ELS nel campo ISOM.Share capa pon the Weber 2014 settem B.C.000 2. DR. 7 The low Red Senhos pelos corrigy 2. veebruar 1 tamil - rathai 4. Pendedor, 5875 Nieved 1.250 april Whats tal=tar tar r A. 1.1.2 C4.525 D3174 ESSAN Ortak Hound the following lancelo Sally whey properchi the year ended the 31, 2018 Sally make during the Sally way Shop Trial December 2018 415 Supp A. Sally Sy w Service 1155 ws Tele Orta Mata Lethemet Trama Purchased : 3 ber 3 . PO Krypg Www w 1 2 QUESTIONSARKS Nam. The A A AP 2. Prepare the mome statement for the month of November QUESTION F. Marks the the information in each of the following separate cose information listed below a. During October, Shandra Company had 113.750 of cash and S112,513 of cah payments. The October 31 Cash balance $18.919 Desechste company had at the close of business on September 30 b On September 30, Moedish Cahada 576,750 bulance in Accom Receivable. During October, the company collected $69.9% from its credits The October 31 balance in Accounts Receivable was $79.129. Determine the motor sales on scout that occurred in October. The company do Not havets Rece c. Naser Co had 134,500 of accounts payable on September and $184.951 on October 31. Total purchases (expenses en accountable during clube 5347 077 Determine how much cash was paid couple get. The company do Not use anywhere account Required Cash balance on September 30 h. Sales con cont in October e Payments on accounts in October Question One (7 Marks): Multiple choice questions 1. Which of the following would NOT be considered internal users of accounting information for a company? A. The management of a company. B. The internal auditor of a company. C. Creditors of a company. D. Salesmen of a company. 2. IFRS are issued by the: A. Internal Accounting Standards Body. B. International Accounting Studies Board. C. International Auditors' Standards Body. D. International Accounting Standards Board. 3. A basic assumption of accounting that requires activities of an entity be kept separate from the activities of its owner is referred to as the: A. stand alone concept B. monetary unit assumption. C. corporate form of ownership. D. economic entity assumption. 4. If total liabilities decreased by 35,000 and total equity increased by $10,000 during a period of time, then total assets must change by what amount and direction during that same period? A. 745,000 increase B. 25,000 decrease C. 25,000 increase D. 35,000 decrease 5. Nour Corporation performed services on account for 16,000. This transaction will have the following effects on the accounting equation: A. increase Cash and increase Service Revenue by 16,000. B. increase Accounts Receivable and increase Service Revenue by 16,000. C. decrease Accounts Payable and increase Cash by 16,000. D. increase Cash and decrease Accounts Receivable by 16,000 6. As of December 31, 2014, Talia Company reported assets of 6,480,000, liabilities of 1,920,000 and retained earnings of 3,315,000. Share capital reported on the December 31, 2014 statement of financial position is: A. 1,245,000. B. 1,395,000. C. 5,235,000. D. 9,795,000. 7. The following transactions occurred during July: 1. Received $900 cash for services provided to a customer during July. 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 3. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 4. Provided services to a customer on credit, $375. 5. Received $1,250 cash from a customer for services to be performed next year. What was the total amount of revenue for July? A. $900. B. $1,275. C. $2,525 D. $3,275. E. $5,475. Question 2 (4 Marks): Based on the following trial balance for Sally Beauty Shop, prepare statement of changes in equity for the year ended December 31, 2018 (assume Sally made no additional investments in the company during the year). Sally Beauty Shop Trial Balance December 31, 2018 Cash $6,500 Accounts receivable 475 Supplies 2,500 Equipment 17,000 Accounts payable $ 745 Sally, Capital 21,155 Sally, Withdrawals 36,000 Service Revenue 72,000 Rent expense 9,425 Wages expense 22,000 Totals $93,900 $93,900 QUESTION Four (6 MARKS): Ahmad's Corporation is a consulting service firm. The account balances at November 30, 2018 are shown below: Ahmad Company Trial Balance November 30, 2018 Accounts Debit Credit Accounts Receivable 3,500 Utilities Expense 600 Notes Payable 20,000 Dividends 1,800 Equipment 30,000 Rent Expense 1,000 Cash ???? Share Capital-Ordinary 35,000 Salaries and Wages Expense Prepaid Insurance 400 Accounts Payable 600 Service Revenue 4,500 Total 500 1. Find out the cash balance. 2. Prepare the income statement for the month of November. 2 4 Question 3 (10 Marks): Listed below are the transactions of Hollywood dental clinic (a corporation) for the month of August Transaction No. Description 1 Issued ordinary shares in exchange for $30,000 cash. Purchased supplies on account for $2,000, by signing four months, note payable to Orient Supplies Company. 3 Billed patients $4,500 for services performed Received $3,000 cash from patient for services expected to be performed in November Paid S1,400 cash for August salaries and wages. Paid dividends of S700 cash to shareholders. Paid Orient Supplies S500 on account, for the supplies purchased in the second transaction Required: Joumalize August transactions, assuming Hollywood clinic has monthly accounting periods in which the current one ended on August 31. Solution: Transaction Na Accounts Debit Credit 5 6 7 3 5 6 7 QUESTION Five (3 Marks) Use the information in each of the following separate cases to calculate the required information listed below. a. During October, Shandra Company had $113,750 of cash receipts and $112,613 of cash payments. The October 31 Cash balance was $18.919. Determine how much cash the company had at the close of business on September 30. b. On September 30, Mordish Co. had a $76,750 balance in Accounts Receivable. During October, the company collected $69,996 from its credit customers. The October 31 balance in Accounts Receivable was $79,129. Determine the amount of sales on account that occurred in October. The company do Not have Notes Receivables. c. Nasser Co. had $134,500 of accounts payable on September 30 and $124,951 on October 31. Total purchases (expenses) on account payable during October were $247,077. Determine how much cash was paid on accounts payable during October. The company do Not use any other liability account Required: a. Cash balance on September 30 b. Sales on account in October c. Payments on accounts in October $
