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Hollande Engineering Co began operations on 1 January. On 31 December it calculated a gross profit of 144,800. Further information relating to the business during
Hollande Engineering Co began operations on 1 January. On 31 December it calculated a gross profit of 144,800. Further information relating to the business during its first year of operations is as follows: (Click here to view the information.) Fill in any missing figures in the table and then calculate: 1. The operating profit for the year. 2. The profit for the year. 3. The total prepayments figure appearing in the statement of financial position at the end of the year. 4. The total accruals/deferred revenue figure appearing in the statement of financial position at the end of the year. At end of period Accruals/Deferred Relating to period Paid/Received Expense/Revenue Prepaid for period revenues 1,800 Rent payable Repairs and renewals 17,500 9,200 11,300 Motor running expenses 14 14,200 Rent receivable 8,000 5,800 Interest payable 22,600 1,500 9,500 1,200 Telephone and postage Software subscriptions 1,400 400 Operating profit = Profit for the year Total prepayments Total accruals/deferred revenues X More info Relating to period At end of period Paid/Received Expense/Revenue Prepaid Accruals/Deferred for period revenues f 17,500 1,800 9,200 11,300 14,800 14,200 Rent payable Repairs and renewals Motor running expenses Rent receivable Interest payable Telephone and postage Software subscriptions 8,000 5,800 22,600 1,500 9,500 1,200 1,400 400 Print Done Time Remaining: 01:13:10 Next
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