The following is the Trial Balance of Munkoyo Limited as at 31 Decembe.pdf

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The following is the Trial Balance of Munkoyo Limited as at 31 December 2011 You are given the following additional information relating to the year ended 31 December 2011. 1. The equipment is depreciated using straight line method at 20% per annum 2. The value of inventories at 31 December 2011 is K 27 , 000 , 000 3. Interest on the loan for 2011 has not been accrued. The agreed interest rate on the loan was 6% 4. An invoice of K 500 , 000 for consultancy fees relating to services provided in July was received in January 2012 and is not reflected in the above trial balance. 5. Six months rent of K2,000,000 included in administration expenses, was paid in advance on October 2011. 6. It is estimated that the corporation tax charge for 2011 is K20,000,000 Required: Prepare the following financial statements of Munkoyo Ltd for the year ended 31 December 2011. 1. Statement of comprehensive income 2. Statement of financial position or Balance sheet.

Education

This document provides instructions for a 3.5 hour financial accounting exam consisting of 4 questions worth a total of 100 marks. Question 1 has three parts related to inventory valuation, economic substance over legal form, and applying the equity method. Question 2 involves re-drafting financial statements in accordance with accounting standards. Question 3 covers revenue recognition on long-term contracts, revaluation of property, and classification of assets as held for sale. Question 4 requires preparing consolidated financial statements.

Theme (13)

Hylton Upshon

The document summarizes the annual general meeting of Dicker Data Ltd for 2011. It includes an agenda with items such as receiving the 2011 financial report, adopting the remuneration report, and electing a director. It reviews the company's strong financial performance in 2011 with sales increasing 34.4% and net profit increasing 35.6% over 2010. First quarter trading in 2012 showed a 55% increase in sales revenue year-on-year and profit compared to a loss in the same period of 2011. Capital management involved paying dividends of 3 cents per share over the year.

Financial Accounting dec 2011

Sazzad Hossain, ITP, MBA, CSCA™

This document provides instructions and questions for a financial accounting exam. It includes 5 questions covering various topics: 1. The objectives of financial statements, components of a complete set of financial statements, differences between accounting and tax depreciation, factors used to determine functional currency, and qualitative characteristics of financial information. 2. Preparation of an income statement and balance sheet for a sole proprietorship, requiring adjustments to various account balances. 3. Explanation of lease accounting for a machinery lease transaction, including presentation in financial statements. 4. Preparation of an income statement, statement of changes in equity, and balance sheet for a company, requiring numerous adjustments to account balances. 5. Identification

Tc10 bqd12

Sazzad Hossain, ITP, MBA, CSCA™

This document contains instructions for the Public Accountants Examination Council of Malawi 2012 Examinations Accounting Technician Programme Paper TC 10(B): Taxation. It outlines that the paper contains 7 questions split into two sections, with Section A containing two questions to be answered and Section B containing three questions to choose from. It provides information on time allowed, use of calculators, and tables provided. It instructs candidates not to open the paper until instructed by the invigilator.

Exercise 6-8Serial Bond Debt Service Fund Journal Entries .docx

rhetttrevannion

Exercise 6-8 Serial Bond Debt Service Fund Journal Entries and Financial Statements. As of December 31, 2010, New Town had $9,500,000 in 4.5 percent serial bonds outstanding. Cash of $509,000 is the debt service fund’s only asset as of December 31, 2010, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from the General Fund and the debt service fund levies property taxes in an amount sufficient to cover principal payments. A. Prepare debt service fund and government-wide entries in general journal form to reflect, as necessary, the following information and transactions for FY 2011. (1)The operating budget for FY 2011 consists of estimated revenues of $1,020,000 and estimated other financing sources equal to the amount of interest to be paid in FY 2011. Appropriations must be provided for interest payments and bond redemptions on January 1 and July 1. (2)Cash was received from the General Fund and checks were written and mailed for the January 1 principal and interest payments. (3)Property taxes in the amount of $1,020,000 were levied (no estimate for uncollectible accounts has been made). (4)Property taxes in the amount of $1,019,000 were collected. (5)Cash was received from the General Fund and checks were written and mailed for the July 1 principal and interest payments. (6)Adjusting entries were made and uncollected taxes receivable were reclassified as delinquent. At the fund level, entries were also made to close budgetary and operating statement accounts. (Ignore closing entries in the government activities journal.) B. Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ended December 31, 2011. C. Prepare a balance sheet for the debt service fund as of December 31, 2011. .

Thomas Taylor started his own consulting firm- Taylor Consulting- on J.pdf

Colin6spDuncans

Thomas Taylor started his own consulting firm, Taylor Consulting, on June 1,2022 . The June transactions resulted in a tabular summan, with June 30 unadjusted balances shown here. Liabilities + Stockholders' Equity Unearn. Record agintroents for the month of June that reflect the following data. Provide explanations for specific revenue and expense accounts in the right- most column. Of a tronsoction results in a decrease in Assets, Uabilities or Stockholders' Equity ploce a negotive sign (or parentheed in font of the emount enternd fos the particular Aset, (iobility or Equity item that was feduced) 1. Supples on hand at June 30 total 5702 2. A utility bill for 5180 has not been recorded and will not be paid until next month. 3. The heurance policy is tor a year: 4. Services were performed for $4 , 018 of unearned service revenue by the end of the month. 5. Salaries of $1.225 are accrued at June 30 . 6. The equlgment has a S-vear life with no salvage value and is being depreciated at $245 per month for 60 months. 7. Invices representing $3.822 of services performed during the month have not been recorded as of June 30..

Sums on profits and gains from business or profession

sumit235

This document contains information from 4 profit and loss accounts and additional details pertaining to individuals and businesses. It seeks to determine the taxable income for the assessment year 2011-2012 based on the information provided for each case. Details include income sources like profits, capital gains, interest and dividends. Deductions mentioned are expenses, depreciation, contributions and losses.

Partnership revision questions ay 2014 2015

JUMA BANANUKA

- Biru and Kugo are partners sharing profits in a 2:3 ratio. They contributed capital of UGX 2 million and UGX 3 million respectively. They made drawings of UGX 100,000 and UGX 120,000 respectively and Kugo received a salary of UGX 80,000. The partnership earned a net profit of UGX 2.5 million. - Atim and Adongo are partners sharing profits equally. They provided a trial balance as of June 30, 2011 and additional financial information. They need statements of profit/loss and financial position prepared. - Muqadimah and Almuqadimah were partners sharing profits 2:1

This document contains an exam for an accounting course, including 5 questions. Question 1 has 5 statements related to accounting procedures and asks students to identify which accounting principles or conventions are violated. Question 2 provides financial information for a company and asks students to prepare a comprehensive income statement. Question 3 provides account balances and additional information, and asks students to prepare a statement of financial position. Question 4 provides various cash, receivable, and inventory information for a company, and asks students to calculate impairment losses, show journal entries, and disclose information in the financial statements. Question 5 provides inventory information for a company and asks students to calculate gross profit rate and prepare a schedule to compute inventory flood loss amounts.

Accounting Nov dec-2012

Sazzad Hossain, ITP, MBA, CSCA™

The document provides information needed to prepare consolidated financial statements for the Roby Group as of May 31, 2012. It includes details on Roby's acquisitions of investments in Hai and Zinc, including percentages acquired and consideration paid. It also provides information on a joint operation, impairment of property, plant and equipment, factoring of receivables, sale and repurchase of land, and intercompany transactions that need to be eliminated. The required task is to prepare a consolidated statement of financial position for the Roby Group based on the information given.

Recording Transactions (Including Adjusting and Closing Entries)- Prep.pdf

Max3zSLangdonj

Recording Transactions (Including Adjusting and Closing Entries), Preparing Financial Statements, and Performing Ratio Analysis Ben and Kelly Perry began operations of their Roof repair company (Perry Roofing, Inc.) on January 1, 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021, was as follows: Debit Credit Cash 7,000 Accounts Receivable 5,000 Supplies 9,000 Equipment Accumulated Depreciation (on equipment) Intangible assets (long term, not detailed to simplify) 8,000 Accounts Payable 6,000 Notes Payable Wages payable Interest Payable Income Taxes Payable Unearned revenue Common Stock (50,000 shares, $0.10 par value) 5,000 Additional Paid-in Capital 10,000 Retained Earnings 8,000 Service revenue Depreciation expense Supplier expense Wage Expense General and Administrative Expense Interest Expense Income Tax Expense Totals 29,000 29,000 Transactions during 2021 follow: Borrowed $18,000 cash on July 1, 2021, signing a one-year, 10 percent note payable. Purchased equipment for $20,000 cash on July 1, 2021. Sold 10,000 additional shares of capital stock for cash at $1.1 market value per share at the beginning of the year. Earned $110,000 in revenues for 2021, including $30,000 on credit and the rest in cash. Incurred General and Administrative expenses of $16,000 for 2021, including $5,000 on credit and the rest paid with cash. Purchased $12,000 of supplies: $4,000 was paid in cash with the rest on account. Collected accounts receivable, $18,000. Paid accounts payable, $9,000. Paid 50,000 cash for wage expense. Received a $2,000 deposit on work to start January 15, 2022. Declared and paid a cash dividend, $5,000. Data for adjusting entries: Supplies of $5,000 were counted on December 31, 2021. Depreciation for 2021, $2,500. Interest accrued on notes payable (to be computed). Wages earned since the December 24 payroll but not yet paid, $800. Income tax expense was $9,000, payable in 2022. Required (all in an Excel file with separate spreadsheets): Set up T-accounts for the accounts on the trial balance and enter beginning balances. 1) Prepare journal entries for transactions ( a ) through ( k ) and 2) Post them to the T-accounts. 1) Journalize the adjusting entries ( l ) through ( p ) and 2) Post them to the T-accounts. Prepare a trial balance, with columns of both unadjusted and adjusted. Prepare: an income statement (including earnings per share), statement of stockholders' equity, and balance sheet. Debit Credit Cash 7,000 Accounts Receivable 5,000 Supplies 9,000 Equipment Accumulated Depreciation (on equipment) Intangible assets (long term, not detailed to 8,000 simplify) Accounts Payable 6,000 Notes Payable Wages payable Interest Payable Income Taxes Payable Unearned revenue Common Stock (50,000 shares, $0.10 par value) 5,000 Additional Paid-in Capital 10,000 Retained Earnings 8,000 Service revenue Depreciation expense Supplier expense Wage Expense General and Administrative Expense Interest Expense Inc.

Final sem 3 1011

Sakinatul Syafiqah

This document appears to be an end-of-semester examination for a financial accounting course consisting of multiple choice and problem solving questions. The multiple choice section covers topics like internal controls, bank reconciliations, adjusting entries, inventory costing methods, and financial statement elements. The problem solving section provides additional financial information for a company and requires preparing financial statements.

Accounting 970642 paper 4 problem solving (supplementary topics) october nove...

alproelearning

This document is an exam for the University of Cambridge International Examinations Accounting qualification. It contains 6 pages of exam questions and 2 blank pages. The exam covers topics such as partnership dissolution, financial statements, cash budgets, and income statements. Students are asked to prepare accounting documents like dissolution accounts, balance sheets, and cash flows based on financial information provided.

Pararel quiz-intermediate-accounting-11

Farah Fauziah Hilman

This document provides information for an intermediate accounting exam including 4 problems related to financial statements, receivables, inventories, and accounting principles. Problem 1 asks students to prepare a statement of financial position. Problem 2 asks students to prepare a comprehensive income statement. Problem 3 involves calculating impairment of receivables. Problem 4 involves inventory costing methods and valuation. Problem 5 asks students to identify violations of accounting assumptions, principles, or constraints for various accounting practices.

ACCT 215 CT Accounting Cycle Problem The John Marshall Com.pdf

naslin841216

ACCT 215 (CT) Accounting Cycle Problem The John Marshall Company, Inc., which provides consulting services to major utility companies, was formed on January 2 of this year. Transactions completed during the first year of operation were as follows: January 2 Issued 600,000 shares of stock for $10,300,000. January 10 Acquired equipment in exchange for $2,600,000 cash and a $5,100,000 note payable. The note is due in ten years February 1 Paid $12,000 for a business insurance policy covering the two on February 1. February 22 Purchased $900,000 of supplies on account March 1 Paid wages of $185,600 March 23 Billed $2,810,000 for services rendered on account April 1 Paid $120,000 of the amount due on the supplies purchased February 22. April 17 Collected $300,000 of the accounts receivable May 1 Paid wages of $200,400. May 8 Received and paid bill for $96,000 for utilities. May 24 Paid $44,000 for sales commissions. June 1 Made the first payment of 250,000 on the note issued January 10. The payment consisted of $50,000 interest and $200,000 applied against the principal of the note. June 16 Billed customers for $520,000 of services rendered. June 30 Collected $310,000 on accounts receivable. July 10 Purchased $150,000 of supplies on account. August 25 Paid $155,000 for administrative expenses. September 23 Paid $31,000 for warehouse repairs. October 1 Paid general wages of $91,000. November 20 Purchased supplies for $61,000 cash. December 15 Collected $145,000 in advance for services to be provided in December and January. December 30 Declared and paid a $55,000 dividend to shareholders. The chart of accounts that Marshall Company, Inc. uses is as follows: Assets: 101 Cash 102 Accounts receivable 103 Supplies 104 Prepaid insurance 110 Equipment 112 Accumulated depreciation Liabilities: 201 Accounts payable 202 Unearned service revenue 203 Wages payable 210 Interest payable 220 Notes payable Stockholders Equity: 301 Common stock 310 Retained earnings 320 Dividends Revenues: 401 Service revenue Expenses: 501 Wage expense 502 Utility expense 503 Selling expense 504 Administrative expense 505 Repairs expense 506 Insurance expense 507 Supplies expense 510 Depreciation expense 520 Interest expense Other: 601 Income summary REQUIRED: Utilizing the information provided above, complete the following steps in an Excel workbook (Template provided): 1. Journalize the transactions for the year. 2. Post the journal entries to a T account. 3. Prepare an unadjusted trial balance as of December 31. 4. Journalize and post adjusting entries to the T accounts based on the following additional information: a. Eleven months of the insurance policy expired by the end of the year. b. Depreciation for equipment is $410,000. c. The company provided $92,000 of services related to the advance collection of December 15. d. There are $545,000 of supplies on hand at the end of the year. e. An additional $185,000 of interest has accrued on the note by the end of the year. f. Mars.

SEM 2 BBA SUMMER DRIVE ASSIGNMENTS

solved_assignments

This document contains instructions for a business administration assignment involving financial accounting. It includes 6 questions assessing various accounting concepts and requiring preparation of accounting records and statements. Students are asked to explain accounting concepts, differentiate discounts, prepare cash books and final accounts, calculate trading and profit/loss statements from a trial balance, reconcile a bank statement, and make adjustments to ledger accounts and a balance sheet after a partner's death. The document provides evaluation criteria for questions and information on where to find paid assignment solutions.

Tc10 bqj12

Sazzad Hossain, ITP, MBA, CSCA™

This document contains instructions for the Public Accountants Examination Council of Malawi 2012 Examinations Accounting Technician Programme Paper TC 10(B): Taxation. It outlines that the paper contains 7 questions divided into two sections, with both questions in Section A to be answered and 3 questions from Section B. It provides information on the use of calculators, tables provided, and the required formatting of answers. It also states that the question paper is 10 pages long and must not be removed from the examination hall.

Following is summary income statement data for GEl- Net patent balanc.docx

SUKHI5

Following is summary income statement data for GEl. Net patent balance on December 31 of the current year is $8 , 000 . a. Prepare comparative balance sheets as of December 31 of the prior year and December 31 of the current year. - Note: Do not use negative signs with your answers. b. Prepare a statement of cash flows using the indirect method to present cash flows from operating activities. - Note: Include a negative sign (-) for any amount that would be subtracted in the statement of cash flows. Note payable settled with common stock $ Indirect Method- Preparing a Statement of Cash Flows and Comparative Balance Sheets from Financial Data Linda Ray, the president of GEl Corporation, requires a statement of cash flows for its annual report ending December 31 . The following balance sheet data are from GEl. 1. The December 31 year-end Cash balance decreased by $25 , 000 from $43 , 000 to $18 , 000 . 2. The net balance in Accounts Receivable decreased by $10 , 000 during the year from $60 , 000 to $50 , 000 . The company had no short-term investments. 3. Inventory increased $9 , 000 from $71 , 000 to $80 , 000 . 4. Accounts Payable increased $3 , 000 during the year from $29 , 000 to $32 , 000 . Income Tax Payable increased $4 , 000 during the year from $4 , 000 to $8 , 000 . Salaries Payable decreased by $5 , 000 during the year from $9 , 000 to $4 , 000 . There were no other current liabilities. 5. During December, the company settled a $10 , 000 note payable (fully liquidating the outstanding balance) by issuing shares of its own common stock with equal value. $25 , 000 . 7. Sale and issuance of GEI common stock for $20 , 000 cash. The December 31 , prior year, balance of Common Stock was $50 , 000 . 8. Issuance of a long-term mortgage note, $30 , 000 cash. 9. Accumulated Depreciation is $52 , 000 on December 31 of the current year. 10. Retained Earnings on December 31 of the prior year is $67 , 000 . 11. Sold fixed assets; the following entry was made: Following is summary income statement data for GEl. .

2017 Auditor General's Report

Government of Ekiti State, Nigeria

The document provides an audit report of the accounts of the Government of Ekiti State, Nigeria for the year ended December 31, 2017. It summarizes that actual revenue was N69.3 billion against a budgeted revenue of N101 billion, resulting in a deficit of N5.1 billion. Recurrent revenue was N56.8 billion, achieving 69% of budget. Capital receipts were N12.5 billion, achieving 65% of budget. The report makes recommendations to improve budgeting accuracy and boost capital receipts.

7-10Review the financial information pertaining to Evergreen Com.docx

evonnehoggarth79783

7-10 Review the financial information pertaining to Evergreen Company and prepare the following: 1. Prepare the necessary journal entries for Evergreen for each of the dates listed in the problem. For transactions involving the sale of merchandise, ignore the entry for the cost of goods sold (round all calculations to the nearest dollar). 2. Prepare any necessary adjusting entries at December 31, 2011. Adjusting entries are only recorded at year-end (round all calculations to the nearest dollar). 3. Prepare a schedule showing the effect of the journal entries in requirements 1 and 2 on 2011 income before taxes. Evergreen Company sells lawn and garden products to wholesalers. The company’s fiscal year-end is December 31. During 2011, the following transactions related to receivables occurred: February 28 Sold merchandise to Lennox, Inc. for $10,000 and accepted a 10%, 7-month note. 10% is an approximate rate for this type of note. March 31 Sold Merchandise to Maddox Co. and accepted a noninterest-bearing note with a discount rate of 10%. The $8,000 payment is due on March 31, 2012. April 3 Sold merchandise to Carr Co. for $7,000 with terms 2/10, n/30 Evergreen uses the gross method to account for cash discounts. 11 Collected the entire amount due from Carr Co. 17 A customer returned merchandise costing $3,200. Evergreen reduced the customer’s receivable balance by $5,000, the sales price of the merchandise. Sales returns are recorded by the company as they occur. 30 Transferred receivables of $50,000 to a factor without recourse. The factor charged Evergreen a 1% finance charge on the receivables transferred. The sale criteria are met. June 30 Discounted the Lennox, Inc. note at the bank. The bank’s discount rate is 12%. The note was discounted without recourse. August 31 Lennox, Inc. paid the note plus interest to the bank. 7-14 Review the information pertaining to El Gato Painting Company and prepare the following: 1. Prepare a bank reconciliation for the El Gato checking account at December 31, 2011. 2. Prepare any necessary adjusting journal entries indicated. El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at the end of each month. The November 30, 2011 reconciliation of the bank balance is as follows: Balance per bank, November 30 $3231 Add: Deposits outstanding 1,200 Less: Checks Outstanding: #363 $123 #365 201 #380 56 #381 86 #382 340 (806) Adjusted balance per bank, November 30 $3,625 The company’s general ledger checking account showed the following for December: Balance, December 1 $3,625 Receipts 42,650 Disbursements (41,853) Balance, December 31 $4,422 The December bank statement contained the following information: Balance, December 1 $3,231 Deposits 43,000 Checks Processed (41,918) Service Charges (22) NSF Checks (440) Balance, December 31 $3,851 The Checks that were processed by the bank in December include all of the outstanding che.

CORPORATE REPORTING JULY 2017 ICAEW

Sazzad Hossain, ITP, MBA, CSCA™

The document provides instructions for an audit senior working on the interim financial statements of Konext plc for the six months ended 30 June 2017. It includes exhibits with draft financial statements, management commentary, and summaries of financial reporting issues from the financial controller. The engagement partner instructs the audit senior to address the financial reporting treatment of issues, identify risks to revenue from analytical procedures, and evaluate disclosure of an information security issue.

Ekiti State Financial Report for the year 2011

Government of Ekiti State, Nigeria

This document provides the financial report and audited accounts of the Government of Ekiti State, Nigeria for the year ended December 31, 2011. It includes statements of cash flow, assets and liabilities, revenue and expenditure. It summarizes the state's revenues from statutory allocations, taxes, loans and other sources, and expenditures on salaries, pensions, overhead costs, grants and capital projects. The Auditor General certified that the statements present a true and fair view of the state's financial position as of December 31, 2011.

MBA 502A—Financial Accounting Accounting Cycle Project (K.docx

andreecapon

MBA 502A—Financial Accounting Accounting Cycle Project (KidKare, Inc. 2012S) You have been asked to do the bookkeeping for KidKare Inc. for the last few days of December while their regular bookkeeper is ill. KidKare Inc. began operations on July 1, 2011. It provides childcare services Monday through Friday, except for holidays. End of month adjusting entries have been made for July through November. No entries have been made since Friday, December 23rd. KidKare has a December 31st fiscal year end, but prepares monthly interim financial statements. Laken Henry, manager and principle shareholder, provides you with the following: Trial Balance as of December 23, 2011 Ref. # Account Title Debit Credit 101 Cash $ 12,094 110 Accounts Receivable 240 112 Allowance for Uncollectible Accounts $ 122 120 Supplies on Hand 1,025 135 Prepaid Insurance 420 145 Other Prepaids 150 150 Office Equipment 3,120 155 Accumulated Depreciation—Office Equipment 325 160 Play Equipment 9,200 165 Accumulated Depreciation—Play Equipment 375 170 Van 25,000 175 Accumulated Depreciation—Van 1,600 190 KidKare Trademark 210 201 Accounts Payable 280 240 Income Taxes Payable 200 260 Notes Payable, 6% due through 2014 15,687 310 Common Stock, $1 par value (20,000 shares) 20,000 315 Additional Paid-in Capital 10,000 410 Childcare Revenue 60,600 425 Interest Revenue 61 515 Salaries & Wages Expense 42,500 525 Rent Expense 5,400 530 Utilities Expense 940 532 Insurance Expense 300 535 Supplies Expense 5,040 540 Bad Debt Expense 202 550 Depreciation Expense 2,300 560 Miscellaneous Expense 132 570 Interest Expense 427 580 Income Tax Expense 550 Totals $109,250 $109,250 An examination of the Chart of Accounts revealed the following additional accounts: 140 Prepaid Rent 210 Revenue Received in Advance 215 Utilities Payable 220 Salaries & Wages Payable 235 Interest Payable 245 Dividends Payable 250 Other Short-term Obligations 340 Retained Earnings 380 Dividends 390 Income Summary 430 Miscellaneous Revenue Information after December 24th: a. On December 26, KidKare received $2,400 ($40 per day per child for 12 children for 5 days) from parents for child care services for the week of December 26 - 30. b. On December 27, KidKare ordered 10 folding chairs for $28 each from Seats-Here Company to be delivered and paid for on January 2nd. c. On December 28, KidKare paid $270 for the purchase of food snacks (supplies) for the children. d. On December 28, KidKare’s Board of Directors declared a $.05 per share dividend on the 20,000 shares outstanding. The dividend will be paid on January 11, 2012. e. On December 30, KidKare received a $200 check from the parents of one of the children for care the week of January 2th through 6th. f. On December 30, KidKare paid $900 rent for the building for the month of January 2012. g. On December 30, KidKare received the electricity bill of $230 for December. The bill was ...

Assignment 5

Kinshook Chaturvedi

1) The document contains 4 questions providing financial information for various companies, asking to prepare balance sheets and analyze financial ratios. 2) Question 4 asks which company Mr. Desai should prefer to supply goods to based on their financial information, considering factors like stock, debtors, cash, creditors. 3) Question 5 provides trading and profit & loss account and balance sheet for a company and asks to draft revised statements achieving certain objectives by changing ratios and amounts. 4) Question 6 gives financial ratios and asks to prepare a balance sheet for a company. 5) Question 7 asks to interpret accounting ratios based on summarized balance sheets and profit & loss statements for 2 years. 6) Question 8 provides more

Intermediate Accounting I Final Exam Booklet Replacement.docx

mariuse18nolet

Intermediate Accounting I Final Exam Booklet Replacement Part A 20 Point Questions ( 3 questions x 20 points = 60 total points) Show all work. 1. The following information is provided in the 2011 annual report to shareholders of The BizStore: Required: Compute U-Z in the table above. 2. Shown below is the activity for one of the products of Random Creations: January 1 balance, 80 units @ $50 $4,000 2a. Compute the ending inventory and cost of goods sold assuming Random Creations uses FIFO. 2b. Compute the ending inventory and cost of goods sold assuming Random Creations uses LIFO and perpetual inventory system. 2c. Compute the ending inventory and cost of goods sold assuming Random Creations uses LIFO and a periodic inventory system. 2d. Compute the ending inventory and cost of goods sold assuming Random Creations uses average cost and a periodic inventory system. 2e. Compute the ending inventory and cost of goods sold assuming Random Creations uses average cost and a perpetual inventory system. 3. On January 3, 2011, Michelson & Sons acquired a tract of land just outside the city limits. The land and existing building were purchased for $2.4 million. Michelson paid $400,000 and signed a noninterest-bearing note requiring the company to pay the remaining $2,000,000 on December 31, 2012. An interest rate of 7% properly reflects the time value of money for this type of loan agreement. Transfer taxes, title insurance and other costs totaling $24,000 were paid at closing. During February, the old building was demolished at a cost of $120,000, and an additional $100,000 was paid to clear and grade the land. Construction of a new building began on March 1 and was completed on October 30. Construction expenditures were as follows: Michelson did not borrow specifically for the construction project, but did have the following debt outstanding throughout 2011: $6,000,000, 8% long-term note payable $2,000,000, 5% long-term note payable In December, the company purchased equipment and office furniture and fixtures for a lump-sum price of $800,000. The fair values of the equipment and the furniture and fixtures were $540,000 and $360,000, respectively. In December, Michelson paid $340,000 for the construction of parking lots and landscaping. Required: 3a. Determine the initial values of the various assets that Michelson acquired or constructed during 2011. 3b. How much interest expense will Michelson report in its 2011 income statement? Part B: 4 Point Questions (10 questions x 4 points = 40 total points) Show all work. 1. Tri Fecta, a partnership, had revenues of $360,000 in its first year of operations. The partnership has not collected on $35,000 of its sales, and still owes $40,000 on $150,000 of merchandise they purchased. There was no inventory on hand at the end of the year. The partnership paid $25,0.

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The following is the Trial Balance of Munkoyo Limited as at 31 Decembe.pdf

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