FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS
19th Edition
ISBN: 9781119493624
Author: Kimmel
Publisher: WILEY
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Required:
Prepare the Income Statement of PUN Company for the year to 31 December 2019 and
the Statement of Financial Position as at that date in report format.
Required:
Prepare the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of financial position for the year ended 31 December 2022.
Note: Show all workings.
1.32. Creating Balance Sheets and Income Statements. Using the information in the below table, prepare a classified balance sheet for Erie Company as of December 31, 2019 and December 31, 2020, along with multi-step income statements for the years then ended
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- Required: Prepare the following statements of the company from the data given above: Income Statement for the year ending at December 31, 2020 Retained Earnings Statement for the year ending at December 31, 2020 Balance Sheet as at December 31, 2020 NOTE: ADD 50,000 to revenues to correct the given entriesarrow_forwarda. Prepare Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2020. b.Prepare the Statement of Financial Position on as at 30 June 2020.arrow_forwarda. Prepare a retained earnings statement for the month ended December 31, 2020. Remember to complete the statement header. b. Why is the retained earnings statement prepared before the December 31, 2020 balance sheet?arrow_forward
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- Prepare the statement of profit or loss and other comprehensive income for Style Ltd for the year ended 30 June 2020.arrow_forwardLiverton Co.’s income statement for the year ended 31 March 2019 and statements of financial position at 31 March 2019 and 2018 were as follows in the images. Calculate for the financial year ended 31 March 2019 and, where possible, for 31 March 2018, the following ratios: i) Gross profit marginii) Assets usageiii) Current ratioiv) Acid testv) Inventories holding periodvi) Debt to Equity ratioarrow_forwardPrepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…arrow_forward
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