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Suggested time allocation: 45 Minutes The bank portion of the bank reconciliation for Lordline Limited as at 31 May 2020 was as follows. Lordline Limited Bank Reconciliation As at the 31 May 2020 Cash Balance per bank $18,790.00 Add: Outstanding deposits 1.633.60 20,423.60 Less: Un-presented Cheques Cheque number Cheque Amount 2451 $1,260.40 2470 730 2471 945.6 2472 503.6 2474 1,050.00 4,489.60 Adjusted cash balance per bank agreed with the cash balance per the books $15.934.00 The June 2020 bank statement showed the following cheques and deposits: Withdrawals Deposits Date Cheque number Amount S Date Amount S 1-Jun 2470 730.00 1-Jun cheque 1,633.60 2-Jun 2471 945.60 4-Jun cheque 1,211.60 5-Jun 2474 1,050.00 8-Jun cheque 990.1 4-Jun 2475 1,640.70 13-Jun cheque 2,575.00 8-Jun 2476 2,830.00 18-Jun cheque 1,472.70 10-Jun 2477 600.00 21-Jun cheque 2,945.00 15-Jun 2479 1,750.00 22 Jun direct debit 1,505.00 18-Jun 2480 1,330.00 25-Jun cheque 2,567.30 18 Jun cheque book charge 80.00 28-Jun cheque 1,650.00 27-Jun 2481 695.40 30-Jun cheque 1,186.00 30-Jun 2483 575.50 Total 17,736.30 29-Jun 2486 900.00 Total 13,127.20The records per books for June 2020 showed the following. Cash Receipt Journal Cash Payment Journal Date Amount S Date Cheque number Amount $ 3-Jun 1,211.60 1-Jun 2475 1,640.70 7-Jun 990.1 2-Jun 2476 2,830.00 12-Jun 2,575.00 2-Jun 2477 600.00 17-Jun 1,472.70 4-Jun 2478 800.00 20-Jun 2,945.00 8-Jun 2479 1,750.00 24-Jun 2,567.30 10 Jun 2480 1,330.00 15-Jun 2481 695.40 27-Jun 1,650.00 18-Jun 2482 566.00 29-Jun 1,186.00 20-Jun 2483 575.50 30-Jun 1,338.00 22-Jun 2484 850.20 Total 15.935.70 23-Jun 2485 952.80 24-Jun 2486 900.00 29-Jun 2487 388.70 30-Jun 2488 1373.30 Total 15,252.60 Additional information: i. The credit of $1,505.00 shown on the bank statement was for the collection of a $1,400.00 note for Lord Limited plus interest of $120.00 and less a collection fee for $15.00. Lordline Limited has not accrued any interest on the note. ii. The Bank did not make any errors; two errors were made in Lord-line Limited. iii. On 30 June, the cash balance per books was $16,806.10. Required: (a) Calculate and show the as at 30 June 2020, the cash balance per the bank statement. (3 Marks) (b) Prepare the bank reconciliation as at 30 June 2020 (9 Marks) (c) As at 30 June 2020, compute and prepare the adjusted bank balance starting from the book balance. (5 Marks) (d) Prepare the adjusting entries based on the reconciliation. (Hint: The correction of any errors pertaining to recording cheques should be made to Accounts Payable. The correction of any errors relating to recording cash receipts should be made to Accounts Receivable). (8 Marks)Suggested time allocation: 54 Minutes Presented below is the statement of financial position for Lordtop Ltd as at 30 June 2020 with 30 June 2019. Lordtop Ltd Statement of Financial Position as at 30 June Assets 2020 $ 2019 5 Cash 234,600 74,600 Accounts Receivable 127,200 111,300 Inventory 275,000 221,200 Prepaid Expenses 22,800 23,000 Land 238,000 199,000 Building 639,000 339,000 Accumulated Depreciation-Building -111,400 -97,600 Equipment 361,200 331,200 Accumulated Depreciation - -89.900 -67,000 Equipment 1,696,500 1,134,700 Liabilities and Shareholders' Equity Accounts Payable 215,000 218,000 Accrued Expense Payable 10,500 14,000 Income Tax Payable 26,000 24,000 Bond Payable 590,000 350,000 Share Capital 588,100 388,100 Retained Earnings 266,900 140,600 1,696,500 1,134,700 Examination of the company's income statement and general ledger accounts for the year ending 30 June 2020 disclosed the following: 1. Net Sales for the period were $1,100 000; Cost of Sales amounted to $650,000; Other Expenses (excluding depreciation) amounted to $160,000 2. Income tax expense for the year amounted to $117,000 3. 50,000 shares were issued at $4.00 4. Bonds of $150,000 were issued for cash 5. An extension was added to the building at the cost of $300,000 cash 6. In January 2020 the company declared and in April 2020 paid $70,000 cash dividend 7. Vacant land next to the company's plant was purchased for $129,000 with payment consisting of $39,000 cash and a bond payable for $90,000 Land with a carrying amount of $90,000 was sold for $150,000 9. Equipment costing $30,000 was purchased for cash.Required Prepare a statement of cash flows for Lordtop Lid for the year ended 30 June 2020 using the direct method as follows: a) Cash flows from operating activities (4 Marks) i. Cash receipts from customers ii. Cash payments to suppliers iii. Cash payments for expenses iv . Cash payments for income taxes b) Cash flows from investing activities (4 Marks) i. Purchase of equipment ii. Purchase of land iii. Purchase of building iv . Proceeds from sale of land c) Cash flows from financing activities (3 Marks) i. Proceeds from issue of shares ii. Proceeds from bond borrowings iii. Payments of dividends d) Cash flows reconciliation from beginning period to end period (3 Marks) i. Net increase/decrease in cash and cash equivalents ii. Cash at the beginning of the period iii. Cash at the end of the period e) Workings: i. Cash received from customers (3 Marks) ii. Cash paid to suppliers (5 Marks) iii. Cash paid for services (5 Marks) iv . Cash paid for taxes (3 Marks) Question 3 20 Marks Suggested time allocation: 36 Minutes On 10 June 2020, Lord-fine Company purchased $10,000 of merchandise from Elizer Company, FOB shipping point, terms 2/10, n/30. The merchandise purchased by Lord-fine Company costs Elizer Company $6,000. On 11 June 2020, Lord-fine Company pays freight costs of $200. On 12 June 2020, damaged goods totalling $400 are returned to Elizer Company for credit. The fair value of the damaged goods returned are $240. On 19 June 2020, Lord-fine Company settles the full payment due to the Elizer Company. Both companies use a perpetual inventory system.Required: a) Prepare separate entries for each transaction on the books of Lord-fine Company On 10 June 2020 (2 Marks) ii. On 11 June 2020 (2 Marks) ili. On 12 June 2020 (2 Marks) iv. On 19 June 2020 (3 Marks) b) Prepare separate entries for each transaction on the books of Elizer Company i. On 10 June 2020 (4 Marks) ii. On 12 June 2020 (4 Marks) iii. On 19 June 2020 (3 Marks) Question 4 Total: 25Marks Suggested time allocation: 45 Minutes The comparative statements of Lord-lord Limited are presented below. Lord-lord Limited Balance Sheet as at 30 June (All figures are in $) 2020 2019 2018 Cash 27,500 22,000 19,800 Accounts receivable (net) 55,000 49,500 52,800 Inventory 33,000 30,000 30,400 Other current assets 66,000 74,500 40,000 Long term Investments 82,500 77,000 49,500 Plant and equipment (net) 440,000 407,000 393,800 Total assets 704,000 660,000 586,300 Current liabilities 82,500 88,000 77,000 Long term debt 88,000 93,500 55,000 Common stock / Ordinary shares $10 par 374,000 341,000 330,000 Retained earnings 159,500 137,500 124,300 Total liabilities and shareholders equity 704,000 660,000 586,300Lord-lord Limited The income statement for the year ended 30 June (All figures are in $) 2020 2019 Sales revenue 814,000 770,000 Less, sales returns and allowances 44,000 55,000 Net sales 770,000 715,000 Cost of goods sold 462,000 440,000 Gross profit 308,000 275,000 Operating expenses including income taxes 175,000 180,000 Interest expense 25,000 20,000 income tax expense 58,500 42,000 Net income 49,500 33,000 Additional information: i. The market price of Landlord Limited shares was $4.00, $5.00, and $8.00 for 2018, 2019, and 2020 respectively. ii. The share of credit sales for 2018, 2019, and 2020 were 20%, 22%, and 24% of total sales for the year, respectively. iii. All dividends were paid in cash. In 2018, 2019, and 2020, 10 cents per share dividend was declared and paid in the same year. Keys to following ratios are provided below. i. Profit margin = net income / net sales ii. Assets turnover = net sales/ average total assets Inventory turnover = cost of goods sold / average inventory iv. Return on assets = net income / average total assets V. Return on ordinary shareholders equity = net income - preferred dividends / average common stockholders' equity vi. Earnings per share = = net income - preferred dividends /weighted average common stocks/ shares outstanding Required: a) Calculate the above ratios for 2020 year (12 Marks) Identify the relevant ratios, and comparing 2020 and 2019 years, interpret the profitability position using each ratio (12 Marks) c) State the overall conclusion of the profitability position with reasons (1 Marks)