Question
Company Y has had a successful year in completing the Project A. At the end of the current fiscal year, its assets, liabilities, revenues and
- Company Y has had a successful year in completing the Project A. At the end of the current fiscal year, its assets, liabilities, revenues and expenses are exhibited in Table Q2.
- Construct the Balance Sheet of the Company Y.
- Determine the owners equities at the end of the current fiscal year.
Table Q2. Data of company Y.
| Items | Ringgit Malaysia (RM) |
| Account payable | 250,000.00 |
| Account receivable | 600,000.00 |
| Accumulated depreciation-equipment | 705,000.00 |
| Accumulated depreciation-building | 1,050,000.00 |
| Administrative expense | 50,000.00 |
| Building | 102,000.00 |
| Cash | 500,000.00 |
| Cast of goods sold | 150,000.00 |
| Depreciation expense-building | 300,000.00 |
| Depreciation expense-equipment | 300,000.00 |
| Equipment | 1,001,000.00 |
| Inventory | 150,000.00 |
| Insurance expense | 30,000.00 |
| Interest expense | 20,000.00 |
| Long-term loans outstanding | 45,000.00 |
| Research and development | 70,000.00 |
| Salaries payable | 290,000.00 |
| Sales revenue | 40,000.00 |
| Supplies expense | 100,000.00 |
| Taxes expense | 120,000.00 |
| Taxes payable | 10,000.00 |
| Utilities expense | 20,000.00 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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