Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help asap !!!! This is urgent TT Thank you very much The following have been prepared for Uncle Ltd (reporting period ending 30 June

Please help asap !!!! This is urgent TT

Thank you very much

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

The following have been prepared for Uncle Ltd (reporting period ending 30 June 2021): Statement of Financial Position 2021 2020 Assets $ $ Cash at bank 15 000 11 000 Bank bills 6 200 6 800 Accounts receivable 24 650 18 900 Allowance for doubtful debts (1 250) (950) Inventory 47 100 48 300 Prepaid expenses 6 200 3 000 Land 106 000 68 900 150 000 120 000 Buildings Accumulated depreciation - buildings (52 200 (47 250) 90 000 77 400 Equipment Accumulated depreciation - equipment (28 950 (34 800) Deferred tax asset 8 000 6 100 370 750 277 400 Liabilities Liabilities Bank overdraft 2 000 Accounts payable 49 260 46 980 Accrued expenses 6 8900 4 1701 2 000 1 500 Interest payable Final dividend payable 17 400 16 000 Current tax liability 8 200 7 500 Borrowings 119 500 75 000 Equity 145 000 90 000 Share capital Retained earnings 20 500 36 250 370 750 277 400 Statement of Profit or Loss Income $ $ Sales 707 080 Cost of sales (466 000) Gross profit 241 080 Discount received 1 070 Income $ Sales 707 080 Cost of sales (466 000) Gross profit 241 080 Discount received 1 070 Gain on sale of equipment 3 000 Expenses Bad debts expense 1 400 Depreciation - equipment 4 500 Depreciation - buildings 4 950 Discount allowed 1 275 Interest expense 9 200 Other expenses 207 475 (228 800) Profit before income tax 16 350 Income tax expense (7 000) Profit after tax $9 350 Additional information: Other expenses 207 475 (228 800 Profit before income tax 16 350 Income tax expense (7 000 Profit after tax $9 350 Additional information: . Land was acquired, partly funded by $20,000 in borrowings and the balance paid in cash. Equipment was sold for cash. This equipment had a carrying amount of $12,000. Additions to buildings were partly funded by issuing shares for $15,000, with the remainder paid in cash. Repayments of borrowings for the year were $25,000. The company also made new borrowings. An interim dividend was paid in cash. Uncle Ltd uses the direct method when presenting cash generated from operations. . Practice calculating cash inflows and cash outflows and preparing a complete statement

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

Accounting For Biological Assets

Authors: Rute Goncalves, Patricia Teixeira Lopes

1st Edition

1032096225, 9781032096223

More Books

Students also viewed these Accounting questions

Question

Define personality and list the big five personality traits.

Answered: 1 week ago

Question

6.5 Identify at least 10 methods used for external recruitment.

Answered: 1 week ago

Question

6.6 Explain two strategies used to recruit nonpermanent staff.

Answered: 1 week ago