Question One: The following data extracted from the trial balance of ABC Company on Dec 31st 2020: Amount Financial Statement Item Amount Financial Statement item Buildings Cash Sales revenues Sales commission Travel expense - sale Equipment Account payable Goodwill Purchases Trading securities Account receivables License Audit fees Freight-in Repair expenses Purchases discount Beginning inventory Share capital - ordinary Advertising expenses Supplies Prepaid insurance Notes receivables Bonds payables Wages payable Dividends revenues Sales discount Trade payables Lands Delivery expenses Rent expenses Insurance expense Motor vehicles Revaluation surplus Share capital - preference Franchise Mortgage payable Dividends declared Land for speculations 1,200,000 320,000 16.000.000 120,000 75,000 840,000 420,000 3,000,000 6,400,000 1,460,000 810,000 475,000 90,000 85,000 76,000 128,000 1,487,500 4,250,000 630,000 112,000 120,000 1,650,000 5,000,000 | 62,000 243,000 145,000 88,000 3,050,000 313,000 94,000 40,000 1,550,000 150,000 2,000,000 1,450,000 900,000 700,000 650,000 Motor vehicles - Accumulated depreciations Depreciation expenses Purchases returns and allowance Interest expenses Gains on sale of lands Notes payable Equipment - accumulated depreciation Impairment loss - equipment Accumulated unrealized gains of non-trading securities Sales returns and allowance Customs and taxes - purchases 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 Unearned revenues Furniture and computers Leasing liabilities 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 Allowance for doubtful accounts Loss on disposal of Salmy Branch' assets Loss on sales of trading securities Buildings to lease out 180,000 630,000 96,000 1,150,000 455,000 2,890,000 440,000 260,000 265,000 215,000 1,045,000 167,500 300,000 618,000 148,000 195,000 47,000 280,000 215,000 350,000 3,400,000 675,000 180,000 ?? 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 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. The insurance policy was purchased on Jan 1st 2020 for 160,000 KD and covers 4 years. One fourth of the amount was expensed as insurance expense during 2020 and the rest 120,000 will be expensed over the coming three years. 50,000 KD of the mortgage payable due during next year. 200,000 KD of the dividends declared foe preference shares 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 31st 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 31st 2020 is 1,615,000 KD Fair value of non-trading securities on Dec 31st 2020 is 6,450,000 KD Goodwill was revalued during the period at 4,000,000 KD. - Patent was impaired by 260,000 but it has not been recognized. - The company is subject to 30% income tax on all items. Required: 1. Prepare trial balance for ABC Company on Dec 31st 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?

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ACCT408_Homework IL_Fall_2021 (2).docx - Compatibility Mode - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Script Lab Tell me Le Share 0 Comments X Times New... 11 AA Aav *= = > T 21 AabhccDd Fe LO Paste AaBoCcDdte AaBbccdc No Spacing Heading 1 BI U ab X, x ADA 2 Normal == y Styles Pane Dictate Editor Pickit Images Question One: The following data extracted from the trial balance of ABC Company on Dec 31 2020 Cash Financial Statement Amount Financial Statement Item Amount item Buildings 1.200.000 Motorychicles - Accumulated depreciations 180.000 320,000) Depreciation experses 6.11,000 Sales revenues 16,000,000 Purchase returns and allowance 96,000 Sales comunission 120,000 Interest capenses 1.150,00U Travel expense - sale 75,000 Gains on sale of lands 455,000 Fouinment 840,000 Notesnanyable 2.890,000 Account payable 420,000 Equipment - accumulated depreciation 440.000 Goodwill 3,000,000 Tmnaiment loss equipment 260.000 Purchase 6.400.000 Accumulated realized gains of con-trading securities 265.000 Trading securities 1.460,000 Sales returns and allowance 215.000 Account receivables 810,000 Customs and taxes - urchases 1.045.000 License 475,000 Utilities expenses 167,500 Audit fees 90,000 Customer list 300.000 Freight-in 85.000 Loss due to an earthquake damage 618.000 Repair expenses 76,000 nous revenues 148.000 Purchases discount 128.000 loss on aperation of the disposed division 195.000 Beginning inventory 1.487.SEX Lual and accounting exces 470.000 Share capital -arulinary 4.250.000 Buildings - Accumulated depreciation 280.000 Advertising expenses 630,000 Ureamed revenues 215,000 Supplies 112.00 Furniture and computers 350.000 Prepaid insurance 120,000 Leasing liabilities 3,400,000 Notes receivables 1.650.000 Share premium-perforence 675.000 Boods payables 5.000.000 Share precnun - Treasury 180.000 Wases payahle 62,000 Retained earnings ?? Dividenda recaucs 243,000 Accumulated revolution surplus 220,000 Sales discount 145,000 Non-lrading curities 5.575,00U Trade payables R8,000 Gains on currency exchange 140.000 Lands 3050. Legal 32.500 Delivery expenses 313,000 Share premium - arinar 2,000,000 Rent renses 94.000 Patent 960 000 Insurance expense 40,000 Treasury shares (400,000 * 3) 1.200,0OU Motor vehicles 1,550,000 Held to maturity investment 3,417,000 Reynation sumus 150,000 Salaries and was expenses 1.180,000 Share capital-pretorno 2.000.000 Investment in prelerce shares - 2.100,0OU 1.450,000 Allowance for outfal accounts 60.000 Motic convall 9000 Loss on disposal of Salmya Banch' assets 324.000 Dividends declared 700,000 Loss on sales of trading securities 81.500 Land for speculations 650.000 Buildings to lease out 1850,000 Franchise Page 1 of 2 603 words EX English (United States) Focus E ESE 100% AutoSave OFF webwO0O... ACCT408_Homework IL_Fall_2021 (2).docx - Compatibility Mode - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Script Lab Tell me Le Share 0 Comments X Times New... 11 * > Aalho de A B C D Ee LO Paste AaBbCcDc Heading 1 BI U ab X, Normal No Spacing RS Dictate Styles Pane Editor v AL A Aav A x ADA A2 YULLLAR Payaw Dividends declared Laporelations Pickit Images 700,000 650D LA VIL VARUSALVA MAMLAKALI GOLO Loss on sales of trading securities Buildines to ease on 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 The insurance policy was purchased on Jan 1" 2020 for 160,000 KD and covers 4 years. One fourth of the amount was exposed to insurance cxpense during 2020 and the rest 120,000 will be expensed over the coming three years. 50,000 KD) of the mortgnge payable due during next year 200,000 KD of the dividends declared for preference shares 150.000 KD) of the nates receivables due next year Salaries and wages expenses are 60% sales and 40% ollious Deprecintion expenses are 20% sales and 80% offices Ending inventories was evaluated at 1,225.000 KD on Dec 3120212 400,000 KD of the leasing liabilities due next year. Utilities cxpenses are 30% sales and 70% ollices 490,00 KD of the notes payable clue next year, Fair value of trading socuritics on Dec 31 2020 is 1,615.000 KD Fair value of non-trading securities on Dec 31 2000 is 6,450,000 KD Goodwill was revalued during the period at 4,000,000 KD Patent was impaired by 260,000 but it has not been recognized The company is subject to 30% income tax on all items. Required: 1. Prepare trial balance for ABC Company on Dec 3120212 and cak ulale relained earnings beginning balance? 2. Prepare statement of comprehensive invoete, retained earnings statement and statement of financial position for ABC Company in good format and acconcing to the requirements of IASI?| Page 2 of 2 603 words TX English (United States) Focus E ED - 100% AutoSave OFF we w OOO ... ACCT408_Homework IL_Fall_2021 (2).docx - Compatibility Mode - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Script Lab Tell me Le Share 0 Comments X Times New... 11 AA Aav *= = > T 21 AabhccDd Fe LO Paste AaBoCcDdte AaBbccdc No Spacing Heading 1 BI U ab X, x ADA 2 Normal == y Styles Pane Dictate Editor Pickit Images Question One: The following data extracted from the trial balance of ABC Company on Dec 31 2020 Cash Financial Statement Amount Financial Statement Item Amount item Buildings 1.200.000 Motorychicles - Accumulated depreciations 180.000 320,000) Depreciation experses 6.11,000 Sales revenues 16,000,000 Purchase returns and allowance 96,000 Sales comunission 120,000 Interest capenses 1.150,00U Travel expense - sale 75,000 Gains on sale of lands 455,000 Fouinment 840,000 Notesnanyable 2.890,000 Account payable 420,000 Equipment - accumulated depreciation 440.000 Goodwill 3,000,000 Tmnaiment loss equipment 260.000 Purchase 6.400.000 Accumulated realized gains of con-trading securities 265.000 Trading securities 1.460,000 Sales returns and allowance 215.000 Account receivables 810,000 Customs and taxes - urchases 1.045.000 License 475,000 Utilities expenses 167,500 Audit fees 90,000 Customer list 300.000 Freight-in 85.000 Loss due to an earthquake damage 618.000 Repair expenses 76,000 nous revenues 148.000 Purchases discount 128.000 loss on aperation of the disposed division 195.000 Beginning inventory 1.487.SEX Lual and accounting exces 470.000 Share capital -arulinary 4.250.000 Buildings - Accumulated depreciation 280.000 Advertising expenses 630,000 Ureamed revenues 215,000 Supplies 112.00 Furniture and computers 350.000 Prepaid insurance 120,000 Leasing liabilities 3,400,000 Notes receivables 1.650.000 Share premium-perforence 675.000 Boods payables 5.000.000 Share precnun - Treasury 180.000 Wases payahle 62,000 Retained earnings ?? Dividenda recaucs 243,000 Accumulated revolution surplus 220,000 Sales discount 145,000 Non-lrading curities 5.575,00U Trade payables R8,000 Gains on currency exchange 140.000 Lands 3050. Legal 32.500 Delivery expenses 313,000 Share premium - arinar 2,000,000 Rent renses 94.000 Patent 960 000 Insurance expense 40,000 Treasury shares (400,000 * 3) 1.200,0OU Motor vehicles 1,550,000 Held to maturity investment 3,417,000 Reynation sumus 150,000 Salaries and was expenses 1.180,000 Share capital-pretorno 2.000.000 Investment in prelerce shares - 2.100,0OU 1.450,000 Allowance for outfal accounts 60.000 Motic convall 9000 Loss on disposal of Salmya Banch' assets 324.000 Dividends declared 700,000 Loss on sales of trading securities 81.500 Land for speculations 650.000 Buildings to lease out 1850,000 Franchise Page 1 of 2 603 words EX English (United States) Focus E ESE 100% AutoSave OFF webwO0O... ACCT408_Homework IL_Fall_2021 (2).docx - Compatibility Mode - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Script Lab Tell me Le Share 0 Comments X Times New... 11 * > Aalho de A B C D Ee LO Paste AaBbCcDc Heading 1 BI U ab X, Normal No Spacing RS Dictate Styles Pane Editor v AL A Aav A x ADA A2 YULLLAR Payaw Dividends declared Laporelations Pickit Images 700,000 650D LA VIL VARUSALVA MAMLAKALI GOLO Loss on sales of trading securities Buildines to ease on 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 The insurance policy was purchased on Jan 1" 2020 for 160,000 KD and covers 4 years. One fourth of the amount was exposed to insurance cxpense during 2020 and the rest 120,000 will be expensed over the coming three years. 50,000 KD) of the mortgnge payable due during next year 200,000 KD of the dividends declared for preference shares 150.000 KD) of the nates receivables due next year Salaries and wages expenses are 60% sales and 40% ollious Deprecintion expenses are 20% sales and 80% offices Ending inventories was evaluated at 1,225.000 KD on Dec 3120212 400,000 KD of the leasing liabilities due next year. Utilities cxpenses are 30% sales and 70% ollices 490,00 KD of the notes payable clue next year, Fair value of trading socuritics on Dec 31 2020 is 1,615.000 KD Fair value of non-trading securities on Dec 31 2000 is 6,450,000 KD Goodwill was revalued during the period at 4,000,000 KD Patent was impaired by 260,000 but it has not been recognized The company is subject to 30% income tax on all items. Required: 1. Prepare trial balance for ABC Company on Dec 3120212 and cak ulale relained earnings beginning balance? 2. Prepare statement of comprehensive invoete, retained earnings statement and statement of financial position for ABC Company in good format and acconcing to the requirements of IASI?| Page 2 of 2 603 words TX English (United States) Focus E ED - 100%