Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

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: i(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. (Fill in the relevant cells with its corresponding figures.) Relating to period At end of period Paid/Received Expense/Revenue Prepaid Accruals/Deferred for period revenues Rent payable 17,500 1,800 Repairs and renewals 9,200 Motor running expenses 15,800 Rent receivable 8,000 Interest payable 22,600 1,500 Telephone and postage 9,500 1,200 400 Software subscriptions 1,400 Operating profit = Profit for the year = Total prepayments = Total accruals/deferred revenues = 10,300 14,200 5,800

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

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions

Question

What is conservative approach ?

Answered: 1 week ago

Question

What are the basic financial decisions ?

Answered: 1 week ago

Question

1. Explain how business strategy affects HR strategy.

Answered: 1 week ago