Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

how to get this number (1692000) thanks a lot BALANCE SHEET OF PH PRINTERS LTD AS AT 30TH JUNE 20X6 20X5 20x6 IN THOUSANDS OF

image text in transcribedimage text in transcribed

how to get this number (1692000)

thanks a lot

BALANCE SHEET OF PH PRINTERS LTD AS AT 30TH JUNE 20X6 20X5 20x6 IN THOUSANDS OF DOLLARS ASSETS CURRENT ASSETS Cash Inventories Accounts receivable (net) TOTAL CURRENT ASSETS 292 1,409 669 2,370 123 1,692 1,185 3,000 1,334 NON CURRENT ASSETS Land Buildings (net) 1,323 Machinery (net) Goodwill TOTAL NON CURRENT ASSETS TOTAL ASSETS8,009 816 2,400 1,500 2,000 5,639 12,239 3,505 2,000 9,239 LIABILITIES Current liabilities Accounts Payable Income tax payable Dividend payable TOTAL CURRENT LIABILITIES 544 800 360 500 430 1,290 672 2,016 2,999 NON CURRENT LIABILITIES Debentures Mortgages 400 TOTAL NON CURRENT LIABILITIES TOTAL LIABILITIES 903 1,000 1,303 2,593 3,999 6,015 NET ASSETS 5,416 6,224 OWNERS' EQUITY Issued Capital 4,350 Reserves Retained profits TOTAL OWNERS' EQUITY 4,350 150 916 5,416 310 1,564 6,224 It is 30th June 20x7 and you have the following information on Inventories as at that date. Inventory Item $ Cost/unit 5.60 10.65 2.09 65.90 361.34 8.79 123.76 $ NRV/unit 4.00 18.50 2.09 189.75 299.99 23.55 149.95 Quantity 2,085 5,441 19,897 5,578 1,321 13,800 5,982 Value $ 8,340 57,947 41,585 367,590 396,287 121,302 740,332 $1,733,383 E G Total Using the periodic inventory system prepare the journal entry/s to record the inventory values in the financial statements of PH Printers Ltd as at 30th June 20x7. Assume no other journal entries have been made to the inventory accounts since 30/6/x6. 30/6/X7 Opening Inventory - COS 1,692,000 Inventory (B/S) 1,692,000 30/6/X7 Inventory (B/S) 1,733,383 Inventory - COS 1,733,383

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

Recommended Textbook for

The Quality Audit Handbook

Authors: Asq Quality Audit Division, J. P. Russell

2nd Edition

087389460X, 978-0873894609

More Books

Students also viewed these Accounting questions

Question

Prepare a constructive performance appraisal.

Answered: 1 week ago

Question

List the advantages of correct report formatting.

Answered: 1 week ago