Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help solving these financial accounting questions. When journalizing entries, I only need 4 column, which are: Date, Account, Debit, Credit. I have to write

Need help solving these financial accounting questions. When journalizing entries, I only need 4 column, which are: Date, Account, Debit, Credit. I have to write by hand! Thanks :) !!!Other questions which couldn't be included in the photo is: "3. Cash dividends of 50000 euros were declared and paid, 4. Bonds payable amounting to 100000 euros were redeemed for cash 100000 euros. New bonds were issued for 20000 euros in cash. 5. Share-capital ordinary changed due to an issue in ordinary shares in exchange for cash. 6. Land was sold for its book value of 5000 euros." image text in transcribed

Exercise 2 (75 points) Below you find the comparative statements of financial position for the company Cloudy Ltd. Note that the table shows values for 2020 first! 2020 2021 Assets Land Equipment Accumulated depreciation - equipment Prepaid expenses Inventory Accounts receivable Cash 90 000 200 000 - 35 000 4 000 180 000 70 000 36 000 85 000 195 000 - 50 000 7 000 170 000 90 000 68 000 Total 545 000 565 000 Equity and Liabilities Share capital - ordinary (EUR 1 par) Retained earnings Bonds payable Accounts payable Total 180 000 160 000 150 000 55 000 216 000 229 000 70 000 50 000 565 000 545 000 Additional information: 1. Net income for 2021 was 119,000. 2. New equipment was purchased for 10,000. In addition, old equipment which cost 15,000 and had accumulated depreciation of 12,500 was sold for 7,000

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

College Accounting Ch 1-12

Authors: Dansby

5th Edition

0763834955, 978-0763834951

More Books

Students also viewed these Accounting questions