From the following forecast the Balance sheet for the year 2021 Balance sheet as of 31/12/2020 Liabilities& Equity Amount Assets Amount Equity 33,000 Plant and machinery 10,000 Retained earnings 10,000 Land Property 20.000 Accounts payable 7,000 Accounts receivables 3.000 Inventories 10.000 Cash in hand 2000 Cash at Bank 5.000 50,000 50,000 1. It is expected that the company will make a net income of 10% of forecasted sales 2. The company will purchase additional 5000 OMR worth machines by taking an additional loan of 5000 OMR 3. Forecasted sales OMR 100,000 4. Dividend payout will be 50% 5. The following estimates are also given; Accounts payable 10,000 Accounts receivable 6,000 Inventories 15,000 Cash in hand 6.000 Cash at bank 1,000
From the following
Balance sheet as of 31/12/2020
Liabilities& Equity Amount
Assets
Amount
Equity
33,000 Plant and machinery 10,000
20.000
Accounts payable 7,000 Accounts receivables 3.000
Inventories
10.000
Cash in hand
2000
Cash at Bank
5.000
50,000
50,000
1. It is expected that the company will make a net income of
10% of forecasted sales
2. The company will purchase additional 5000 OMR worth
machines by taking an additional loan of 5000 OMR
3. Forecasted sales OMR 100,000
4. Dividend payout will be 50%
5. The following estimates are also given;
Accounts payable 10,000
Accounts receivable 6,000
Inventories 15,000
Cash in hand 6.000
Cash at bank 1,000
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