Paragraph Abbcode -14 AA ASEET GAIA - ABEZA Norm Question One: The following data extracted from the trial balance of ABC Company on Dec 31" 2020: Amount Financial Statement Item Amount Financial Statement item Buildings 180,000 1,200,000 Motor vehicles - Accumulated depreciations 320,000 Depreciation expenses 16,000,000 Purchases returns and allowance 120,000 Interest expenses 75,000 Gains on sale of lands 630,000 96,000 1,150,000 455,000 Cash Sales revenues Sales commission Travel expense sale Equipment Account payable Goodwill Purchases 840,000 420,000 3,000,000 6,400,000 Notes payable Equipment-accumulated depreciation Impairment loss equipment Accumulated unrealized gains of non- trading securities Sales returns and allowance Customs and taxes purchases 2,890,000 440,000 260,000 265,000 1,460,000 810,000 | 215.000 1,045,000 Trading securities Account receivables License Audit fees Freight in Repair expenses Purchases discount 475,000 90,000 85,000 76,000 128,000 Utilities expenses Customer list Loss due to an earthquake damage Interest revenues loss on operation of the disposed division Legal and accounting expenses Buildings Accumulated depreciation 167,500 300,000 618,000 148,000 195,000 1,487,500 47,000 4,250,000 280,000 Beginning inventory Share capital ordinary Advertising expenses Supplies Prepaid insurance 630,000 Uncarned revenues 215,000 112.000 120.000 Furniture and computers Leasing liabilities 350,000 13.400.000 Print Layout View Sec 1 Pagos: 2 of 3 Words: 338 of 551 AaBbceDdee AaBbcedee AaBbcc AaBbCcDa AaBb AaBb Code No Spacing Heading 1 Heading 2 Subtitle Normal Title Text Box Shape Picture 675,000 180,000 Notes receivables (1,650,000 | Bonds payables 5,000,000 Wages payable 62,000 Dividends revenues 243,000 Sales discount 145,000 Trade payables 88,000 Lands 3,050,000 Delivery expenses 313,000 Rent expenses 94,000 Insurance expense 40,000 Motor vehicles 1 ,550,000 Revaluation surplus 150,000 Share capital 2,000,000 preference Franchise 1,450,000 Mortgage payable 900,000 Share premium - preference Share premium - treasury Retained earnings Accumulated revaluation surplus Non-trading securities Gains on currency exchange Legal reserve Share premium - ordinary Patent Treasury shares (400,000 * 3) Held to maturity investment Salaries and wages expenses Investment in preference shares 220,000 5,575,000 140,000 312,500 2,000,000 960,000 1,200,000 3,417,000 1,180,000 2,100,000 60,000 324,000 Allowance for doubtful accounts Loss on disposal of Salmya Branch' assets Loss on sales of trading securities Buildings to lease out Dividends declared 700.000 Land for 650,000 speculations 81,500 1,850,000 Additional Information that was not included in the trial balance: - The number of ordinary shares is 10,000,000 shares authorized, 4,250,000 issued and 3,850,000 outstanding. There are 10 KD par, (10%), 200,000 authorized, issued and outstanding preference shares. 10% of the account receivables will be collected in 2022. 50,000 KD of the mortgage payable due during next year. 150,000 KD of the notes receivables due next year Salaries and wages expenses are 60% sales and 40% offices Depreciation expenses are 20% sales and 80% offices. Ending inventories was evaluated at 1,225,000 KD on Dec 31 * 2020 400,000 KD of the leasing liabilities due next year Utilities expenses are 30% sales and 70% offices. 490,000 KD of the notes payable due next year. Fair value of trading securities on Dec 319 2020 is 1,615,000 KD air value of non-trading securities on Dec 31" 2020 is 6,450,000 KD Goodwill was revalued during the period at 4,000,000 KD. Patent.as.impaired by 260.000 but it has not been recognized. 95% ook Air F8 The company is subject to 30% income tax on all items. Required: 1. Prepare trial balance for ABC Company on Dec 31" 2020 and calculate retained earnings beginning balance? 2. Prepare statement of comprehensive income, retained earnings statement and statement of financial position for ABC Company in good format and according to the requirements of IAS 1? B Print Layou view soc Pagoei of 3 Words: 323 of 551 MacBd Paragraph Abbcode -14 AA ASEET GAIA - ABEZA Norm Question One: The following data extracted from the trial balance of ABC Company on Dec 31" 2020: Amount Financial Statement Item Amount Financial Statement item Buildings 180,000 1,200,000 Motor vehicles - Accumulated depreciations 320,000 Depreciation expenses 16,000,000 Purchases returns and allowance 120,000 Interest expenses 75,000 Gains on sale of lands 630,000 96,000 1,150,000 455,000 Cash Sales revenues Sales commission Travel expense sale Equipment Account payable Goodwill Purchases 840,000 420,000 3,000,000 6,400,000 Notes payable Equipment-accumulated depreciation Impairment loss equipment Accumulated unrealized gains of non- trading securities Sales returns and allowance Customs and taxes purchases 2,890,000 440,000 260,000 265,000 1,460,000 810,000 | 215.000 1,045,000 Trading securities Account receivables License Audit fees Freight in Repair expenses Purchases discount 475,000 90,000 85,000 76,000 128,000 Utilities expenses Customer list Loss due to an earthquake damage Interest revenues loss on operation of the disposed division Legal and accounting expenses Buildings Accumulated depreciation 167,500 300,000 618,000 148,000 195,000 1,487,500 47,000 4,250,000 280,000 Beginning inventory Share capital ordinary Advertising expenses Supplies Prepaid insurance 630,000 Uncarned revenues 215,000 112.000 120.000 Furniture and computers Leasing liabilities 350,000 13.400.000 Print Layout View Sec 1 Pagos: 2 of 3 Words: 338 of 551 AaBbceDdee AaBbcedee AaBbcc AaBbCcDa AaBb AaBb Code No Spacing Heading 1 Heading 2 Subtitle Normal Title Text Box Shape Picture 675,000 180,000 Notes receivables (1,650,000 | Bonds payables 5,000,000 Wages payable 62,000 Dividends revenues 243,000 Sales discount 145,000 Trade payables 88,000 Lands 3,050,000 Delivery expenses 313,000 Rent expenses 94,000 Insurance expense 40,000 Motor vehicles 1 ,550,000 Revaluation surplus 150,000 Share capital 2,000,000 preference Franchise 1,450,000 Mortgage payable 900,000 Share premium - preference Share premium - treasury Retained earnings Accumulated revaluation surplus Non-trading securities Gains on currency exchange Legal reserve Share premium - ordinary Patent Treasury shares (400,000 * 3) Held to maturity investment Salaries and wages expenses Investment in preference shares 220,000 5,575,000 140,000 312,500 2,000,000 960,000 1,200,000 3,417,000 1,180,000 2,100,000 60,000 324,000 Allowance for doubtful accounts Loss on disposal of Salmya Branch' assets Loss on sales of trading securities Buildings to lease out Dividends declared 700.000 Land for 650,000 speculations 81,500 1,850,000 Additional Information that was not included in the trial balance: - The number of ordinary shares is 10,000,000 shares authorized, 4,250,000 issued and 3,850,000 outstanding. There are 10 KD par, (10%), 200,000 authorized, issued and outstanding preference shares. 10% of the account receivables will be collected in 2022. 50,000 KD of the mortgage payable due during next year. 150,000 KD of the notes receivables due next year Salaries and wages expenses are 60% sales and 40% offices Depreciation expenses are 20% sales and 80% offices. Ending inventories was evaluated at 1,225,000 KD on Dec 31 * 2020 400,000 KD of the leasing liabilities due next year Utilities expenses are 30% sales and 70% offices. 490,000 KD of the notes payable due next year. Fair value of trading securities on Dec 319 2020 is 1,615,000 KD air value of non-trading securities on Dec 31" 2020 is 6,450,000 KD Goodwill was revalued during the period at 4,000,000 KD. Patent.as.impaired by 260.000 but it has not been recognized. 95% ook Air F8 The company is subject to 30% income tax on all items. Required: 1. Prepare trial balance for ABC Company on Dec 31" 2020 and calculate retained earnings beginning balance? 2. Prepare statement of comprehensive income, retained earnings statement and statement of financial position for ABC Company in good format and according to the requirements of IAS 1? B Print Layou view soc Pagoei of 3 Words: 323 of 551 MacBd