Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 3.22 Please! Thank you (v) RM64,800 of the Required: Prepare the cash flows statement of Hali Co Ltd for the year ended 31 December

image text in transcribedimage text in transcribedExercise 3.22 Please! Thank you

(v) RM64,800 of the Required: Prepare the cash flows statement of Hali Co Ltd for the year ended 31 December 2016 using the direct method. ST3.22 The trial balance of Nan Motor Repairs as at 31 December 2016 and the data needed to determine year-end adjustments are as follows: Nan Motor Repairs Trial balance as at 31 December 2016 Credit (RM) Debit (RM) 15,050 Cash 9,740 Supplies Prepaid insurance 3,900 63,000 Equipment Accumulated depreciation equipment 19,500 Trucks 84,000 Accumulated depreciation trucks Trade payables 52,800 8,030 Capital, Quinn Drawings, Quinn 51,600 36,000 Service revenue 199,900 Wages expense Rent expense 75,850 $25 19,200 Maintenance expense 18,700 General expense 6,390 Total 331,830 331,830 Adjustment data (i) Inventory of supplies at 31 December (ii) Insurance premiums expired during the year RM1,820 2,100 (iii) Depreciation on equipiment during the year (iv) Depreciation on truck during the year (v) Wages accrued but not paid at 31 December 10,760 12,400 1,400 Fune Chapter 3 Business Performane Me Required: (a) Open a ledger account to record the balances from 31 December 2016 trial balance using the following account titles and numbers: Cash, 11; Supplies 13; Prepaid insurance, 14; Equipment, 16; Accumulated depreciation equipment, 17: Trucks, 18; Accumulated depreciation - trucks, 19; Trade payables, 21, Wages payable, 22; Quinn, Capital, 31; Quinn, Drawings, 32; Service revenue, 41; Wages expense, 51; Supplies expense, 52; Rent expenses, 53; Depreciation expenses equipment, 54; Maintenance expenses, 55; Depreciation expenses trucks, 56; Insurance expenses, 57; General expenses, 59. (b) Prepare the adjusting entries for transactions (i)-(v) of the adjustment data. (c) Post the adjusting entries from requirement (b) to the related ledger accounts which were opened in requirement (a). (d) Prepare the adjusted trial balance as at 31 December 2016. (e) Prepare the income statement and statement of changes in equity for the year ended 31 December 2016, (f) Prepare the statement of financial position as at 31 December 2016

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Managerial Accounting By Gleim Exam Questions And Explanations

Authors: Gleim

8th Edition

1581945663, 978-1581945669

More Books

Students also viewed these Accounting questions