Cuction 10 Not yet answered Marked out of 100 P Flag question Bobby Bones has just joined Bad Manufacturing Limited. His first task is to prepare the financial statements of the company for the end of the accounting cycle. He was provided with the following list of post-adjustment trial balances Account Name Debit Credit Accounts Payable $2150,000.00 Accounts Receivable $3,500,000.00 Accumulated Depreciation Equipment $15,000,000.00 ... Administration and General Expenses $11,800,000.00 Cash at the Bank $3,500,000.00 Cost of Goods Sold mata $15,000,000.00 Equipment $75,000,000.00 interest Payable $1,500,000.00 interest Ravanud $250,000.00 Land SA00,000.00 Long-Term Investments $900,000.00 Long-Term Loans $35,000,000 od Merchandise Inventory $750,000.00 Prepaid Expenses $120,000.00 Retain Earnings $11,545,000.00 Sale Returns and Allowances $1,450,000.00 Sales and Distribution Expenses $29,000,000.00 Sales Discounts $240,000.00 Sales Revenue Gross $95,000,000.00 $ Share Capital $18,000,000.00 Tax Expenses $2,000,000.00 Unearned Ravenue $450,000.00 Required: What is value of total assets based on the post-adjustment trial balances? Select one O a $24.570,000 . ,70,000 o c. $69,570,000 o d. $114,270,000 Question 9 On the first day of the year Canada Traders purchased a Trailer for $20 000 which is to be depreciated by 25% a year. At the end of the first year: Not yet answered Marked out of 1.00 P Flag question Select one: O a. depreciation in the income statement is $5 000 and the carrying value of the Trailer in the balance sheet is $15 000. O b. depreciation in the income statement is $5 000 and the carrying value of the Trailer in the balance sheet is $20 000. c. depreciation in the income statement is $5 000 and the carrying value of the Trailer in the balance sheet is $25 000. O d. depreciation in the income statement is $0 and the carrying value of the Trailer in the balance sheet is $20 000. Ouestion 12 Not yet answered Marked out of 1.00 The accounting cycle for Paris Project Limited is from January 1 to December 31 At the start of July, the company signed an agreement to purchase a new warehouse for $45,000,000. The company paid 50% in cash and the remainder by taking out a 5-year loan. Annual interest expense on the loan is $4,500,000. Interest will be paid in cash on June 30 each year of the loan period. Annual depreciation on the new warehouse is $4,800,000. At the end of the accounting cycle the CFO of Paris Project Limited estimated that the new warehouse would have increased electricity and water usage from last year by 20%. Utility expenses (that comprised electricity and water) totaled $6,000,000 for the last full year. Required: At the end of the accounting cycle Paris Project Limited would have made adjustment entries to 'Interest Payable 'Depreciation Expense, and 'Utility Expenses' of the following amounts? P Flag question Select one a. Debit. Depreciation Expense - $2,400,000; Credit. Interest Payable - $2,250,000; Debit. Utility Expense - $7,200,000 b. Credit. Depreciation Expense - $2,400,000; Debit. Interest Payable - $2,250,000; Credit. Utility Expense - $7,200,000 c. Debit. Depreciation Expense - $4,500,000; Credit. Interest Payable - $4,800,000; Debit. Utility Expense - $7,200,000 d. Credit. Depreciation Expense - $4,500,000; Debit. Interest Payable - $4,800,000; Credit. Utility Expense - $7,200,000 Question 13 Not ye answered Marked out of 1.00 P Flag question Rip-And-Tear Limited is a merchandiser of paper products. On November 3, 2022 Rip-And-Tear Limited purchased 200,000 units of goods from Peter Pan Paper Limited on credit with credit terms of 2/15. n/30. The recommended listing price of the goods purchased by Peter Pan Paper Limited is $20,000,000. Peter Pan Paper Limited provided a 30% trade discount to Rip-And-Tear Limited. On November 8, 2022, Rip-And-Tear Limited returned 30% of the units purchased on November 3, 2022 as the items were the wrong size. Rip-And-Tear Limited tried to return another 30,000 units on November 9, 2022 but were persuaded by Peter Pan Limited to keep the items in consideration of a reduction of 20% in the remaining balance due on the items purchased. On November 14, 2022 Rip-And-Tear Limited paid 50% of the amount due to Peter Pan Paper Limited. The remaining balance was paid in cash on November 30, 2022 Required: Assume Rip-And-Tear Limited uses the perpetual inventory system. What was the amount of the payment made by Rip-And-Tear Limited to Peter Pan Limited on November 30, 2022? Select one: O a. $7,683,200 b. $3,920,000 O c. $3,841,600 O d. $7,840,000
