Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For company X we are given the general ledger of 31/12/2020 Account Balance Customers 4600 Bills receivable 2100 Sales of goods 24000 Cash 100 Interest

For company X we are given the general ledger of 31/12/2020

Account Balance Customers 4600 Bills receivable 2100 Sales of goods 24000 Cash 100 Interest expenses 450 Revenue from the provision of services 6500 Losses from the sale of a machine 150 Third party fees 940 (expense) Rental income 280 Current deposits 10000 Prepaid insurance 600 Inventory 1/1 4500 Inventory 31/12 3200 Purchases of goods 9600 Good discounts 800 Third party benefits 700 (expense) Suppliers 4600 Share capital 8800 land 9530 Buildings 8000 Depreciated buildings 4000 Depreciation of machines 600 Furniture depreciation 200 Rental expenses 700 Machinery 2000 Depreciated machinery 800 Furniture 1400 Depreciated furniture 700 Taxes paid; Dividend payable; Reserves 1/1 4500 Reserves 31/12; Long-term loan 800 Short-term loan 250 Bills payable 140

During the inventory counting of 31/12/2020 it was found that

a) the yearly building depreciation was not registered, buildings have 20 year life and 0 residual value.

b) prepaid expenses were concerned with the peiod 1/10/2020-31/3/2021

c) from the long term loan of 800 the 200 were about the installment that had to be paid by 31/12/2021.

By taking the above into consideration

a) create the cost sharing report, if operating expenses are shared in the operation of production, administration and distribution at rates of 50%, 25% and 25% b) make the income statement per operation, if the tax is 22% c) prepare the balance sheet on 31/12/2020 if the net profits are distributed as 35% dividend and 65% reserve

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

Corporate Finance Text And Cases

Authors: Vishwanath S. R.

3rd Edition

9353282896, 978-9353282899

More Books

Students also viewed these Accounting questions

Question

Name four types of step-wise refinement.

Answered: 1 week ago

Question

Describe some common hazards in the contemporary workplace

Answered: 1 week ago