Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On 1 January 2018, financial assets were $40,000 of which shares valued at $10,000 and the remainder are currency and deposits. Short term and long-term

On 1 January 2018, financial assets were $40,000 of which shares valued at $10,000 and the remainder are currency and deposits. Short term and long-term liabilities were $4000 and $6000, respectively. Suppose households conducted the following transactions in 2018

  1. Spends $35,000 on consumption
  2. Receives $37,000 in wages and salaries
  3. Sells $6,500 worth of shares
  4. Repays $1,500 short-term and $2,500 long-term loans.

In addition, the value of shares increased by 10% and households received $1500 worth of food voucher. Determine the household balance sheet as at 31 Dec 2018 and it revaluation account for 2018.

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

Integrated Accounting For Windows

Authors: Dale A. Klooster, Warren Allen

6th Edition

0324664850, 9780324664850

More Books

Students also viewed these Accounting questions

Question

recognize unresolved and critical issues regarding job crafting;

Answered: 1 week ago