Required Prepare the following financial statements for Mafunso in accordance with IAS 1 Presentation of financial statements: (a) The statement of profit or loss for the year ended 31 October 2022 (b) The statement of changes in equity for the year ended 31 October 2022 (c) The statement of financial position as at 31 October 2022

Required Prepare the following financial statements for Mafunso in accordance with IAS 1 Presentation of financial statements: (a) The statement of profit or loss for the year ended 31 October 2022 (b) The statement of changes in equity for the year ended 31 October 2022 (c) The statement of financial position as at 31 October 2022

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 6MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense...

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Use the trial balance, adjustments and additional information to prepare the Statement ofComprehensive Income for the year ended 28 February 2022.Liat TradersPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022Balance sheet accounts section Debit CreditR RCapital 550 854Drawings 75 150Land and buildings 477 164Vehicles at cost 91 000Equipment at cost 67 000Accumulated depreciation on vehicles 31000Accumulated depreciation onequipment 23800Trading inventory 68 800Debtors control 45 850Provision for bad debts 1900Bank 15 560Cash float 1 250Petty cash 250Creditors control 38 860Loan: MUFG Bank (15%) 21600Nominal accounts sectionSales 498 000Cost of sales 244 000Sales returns 8 000Wages 42 500Bank charges 2 300Rent income 26000Packing materials 12 000Advertising 8 500Rates 3 000Bad debts 900Discount allowed 750Discount received 980Stationery 8 500Interest on loan 2 970Water and electricity 5 550Insurance 5 000Telephone 7 0001 192 994 1 192 994Adjustments and additional information1. A…
Transactions Alex and Hagi decided to open a home cleaning service company, H@L The following information is a partial list of transactions from H@L Inc. January 1- Alex and Hagi each donated $ 25.000 in exchange for common stock to start the business. March 3- H@L Inc., paid $ 3.000 cash for a two-year insurance policy that was effective immediately. March 15-The Company purchased $8.000 of supplies on account. April 5- The Company purchased some cleaning equipment for $10.000 cash. The equipment should last for five years with no residual value. H@L company will take a full year of depreciation in 2020. May 1-H@L Inc., purchased a year's worth of advertising in a local newspaper for $ 1.200 cash. September 1- The Company obtained a nine-month loan for $ 15.000 at 5% from Do Not Trust Bank, with interest and principal payable on June 2021. December 31- The Company paid $ 5.000 of accounts payable owed from transaction 3. December 31- The Company earned service revenues of $ 26.225, of…
Provision, Contingent Assets, Contingent Liabilities and Restructing Required: Determing the ff for the year ended Dec. 31, 2014 1. Accrued asset on Dec. 31, 2014 2. Disclosed Contingent Asset on Dec. 31, 2014
Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense for 2019 if the units-of-production method were used ( Note: Round your answer to the nearest dollar)? a. $179,400 b. $184,000 c. $218,400 d. $224,000
Using the information provided in RE17-16, prepare the journal entries to record Year 1s (a) construction costs, (b) partial billings, (c) cash collections, and (d) gross profit.
Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense at December 31, 2020, if the double-declining-balance method were used? a. $187,200 b. $192,000 c. $195,200 d. $312, 000
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Blyth Traders are a well-established wholesale business operating in the north of England and south Scotland. Their trial balance for year ended 31" December 2021 is presented below: Dr [E] Cr (E] Non-current assets (cost): Plant and machinery 150,000 Vehicles 100,000 Premises 600,000 Accumulated depreciation (1-1-21): Plant and equipment Vehicles 90,000 50,000 Premises 96,000 Sales Sales returns Purchases Carriage in Wages and salaries Discounts allowed Electricity costs Vehicle maintenance Advertising and marketing Irrecoverable debts 829,000 2,000 335,000 15.000 114.000 4.500 37.500 8,000 2,500 14,000 3,000 Allowance for receivables Bank 1,500 19,200 Accounts payable Accounts receivable 31,600 60,000 Inventory (1-1-21) 91,700 Drawings Bank loan [10%] Capital (1-1-21) 60,000 150.000 324,900 1.594.700 1.594.700 Additional notes: 1) Inventory at 31" December 2021 was valued at £94,000. However, on 4th January 2022 additional lines of inventory were uncovered that had not been included…
QUESTION 2 The following is the Trial Balances extracted from the books of Rosemary Garden Enterprise as at 31 December 2021: Debit (RM) Credit (RM) 153,900 Capital Drawings 3,500 Sales 400,000 Purchases 250,000 Return Inwards and outwards 4,150 450 Inventory as at 1 January 2021 Delivery van at cost Office equipment at cost Accumulated depreciation at 1 January 2021 Delivery van Office equipment 65,000 20,000 36,000 4,500 10,800 Account Receivable 90,000 Account Payable 32,000 Insurance on machinery 750 Allowance for doubtful debts as at 1 January 2021 1550 Discount allowed and discount received 350 800 Stationery General expenses Rental expense 300 2,200 3,300 Interest on loan 5,600 Cash in hand 4,250 Cash at bank Carriage inwards Wages and salaries expenses 10% Long term investment 8% Loan from Tekun 9,000 1,500 16,100 162,000 70,000 674,000 TOTAL 674,000 Additional information: a) The closing inventory as at 31 December 2021 is RM 30,000. b) The amount of a debtor of RM750 is to be…
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