Lydia is a wholesaler. She has very little knowledge about accounting, but attempted to prepare a statement
Question:
Lydia is a wholesaler. She has very little knowledge about accounting, but attempted to prepare a statement of financial position. The statement she prepared contains errors.
Prepare a corrected statement of financial positon at 31 July 20–5. Use the vertical format.
Transcribed Image Text:
Lydia Statement of financial position at 31 July 20-5 Assets Liabilities $ Premises 82500 Trade receivables 2 140 Capital 100000 Drawings 16 120 Cash 250 Loan (repayable in 5 years) 20000 Profit for the year 14350 Cash at bank 4360 Fixtures and fittings 11980 Inventory 2480 Motor vehicle 16500 Trade payables 1980 230040 52 620
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (7 reviews)
Answer Lydia Balance Sheet as on 31st July 205 Assets Amount Lia...View the full answer
Answered By
Marlon Pagsisihan
I'm working on various projects on learning platform for 2 years. Where, i had done multiple projects on financial ratios calculations, cash flow statements, Profit & loss statement, Balance sheet, Capital budgeting techniques, Net Present value calculation, Payback Period calculations, Internal Rate of Return calculations, economic order quantity, MIRR calculations & various matters.
0.00
0 Reviews
10+ Question Solved
Related Book For
Cambridge IGCSE And O Level Accounting Coursebook
ISBN: 9781316502778
2nd Edition
Authors: Catherine Coucom
Question Posted:
Students also viewed these Business questions
-
Statement of Financial position Adjustment and Preparation Presented below is the statement of financial position of Sargent Corporation for the current year. 2010 The following information is...
-
Statement of Financial Position Preparation Presented below are a number of statement of financial position items for Montoya. Inc., for the current year, 2010. Instructions Prepare a classified...
-
The 31 December 20X3 statement of financial position shows FVTOCI investments at $ 456,800, and accumulated other comprehensive income at $ 169,000. The investments were purchased in 20X3. Interpret...
-
BP is one of the largest international companies in the oil & gas industry. The company has transactions denominated in several currencies. Being a British company, the domestic currency used for...
-
Perform the following conversions. a. 255F to degrees Celsius b. 255F to degrees Celsius c. 50.0C to degrees Fahrenheit d. 50.0C to degrees Fahrenheit
-
Refer to the most recent balance sheet for Polaris in Appendix A. What five main noncurrent asset categories are used on its classified balance sheet?
-
Figure \(\mathrm{P} 27. 17\) shows a long, straight current-carrying wire running perpendicular to the plane of the page. The current produces a magnetic field that points to the right at position P....
-
Jackson Company produces plastic that is used for injection-molding applications such as gears for small motors. In 2016, the first year of operations, Jackson produced 4,000 tons of plastic and sold...
-
3. As. Mr. Cartwright's financial advisor, would you urge him to go ahead with, or to reconsider, his anticipated expansion and his plans for additional debt financing? As the banker, would you...
-
Anita Campos, a vice president in High Place's Studio's production-finance department, had to make a recommendation to the studio's president, Leah Walsh, regarding whether to go ahead with the...
-
Dwaynes assets and liabilities on 29 September 201 were as follows: $ Fixtures and fittings .................. 49,500 Inventory ................................ 9,050 Trade payables...
-
Candy provided the following information at the end of her financial year on 30 September 203: $ Capital at 1 October 202 ................... 198,000 Fees received from clients ............... 82,300...
-
Go to the St. Louis Federal Reserve FRED database and find data on the budget deficit (FYFSD), the amount of federal debt held by the public (FYGFDPUN), and the amount of federal debt held by the...
-
Lets suppose that in the years following the zombie apocalypse people are once again light-hearted. You have stumbled upon a horde of mint condition beanie babies! Beanie baby values are skyrocketing...
-
Joseph Kutar meets with you at your office to discuss a Highway Traffic Act matter. While you are reviewing the certificate of offence, Joseph reads the labels on some of the client files stacked on...
-
Peer and self evaluation should be completed immediately after your group has turned in its oral recorded presentation when you will be able to assess total individual group member participation....
-
Facts: Retailers use a credit card processing company to process credit transac- tions, and are charged a fee for each transaction. Retailers therefore make less net income on credit card sales than...
-
If Kiya and George have a tax credit of $2000 and Tax deduction of $2000, which one will bring less tax liability for them? Question 14 options: Tax credit of $2000 Tax deduction of $2000 Both have...
-
Which of the following pairs of compounds has a. The higher boiling point: 1-bromopentane or 1-bromohexane? b. The higher boiling point: pentyl chloride or isopentyl chloride? c. The greater...
-
Independent random samples of sizes n1 = 30 and n2 = 50 are taken from two normal populations having the means 1 = 78 and 2 = 75 and the variances 21 = 150 and 22 = 200. Use the results of Exercise...
-
Distinguish between qualitative and quantitative approaches to researchand give some of the key advantages and limitations of each approach.
-
Define response rate and discuss why a marketing manager might be concerned about the response rate achieved in a particular survey. Give an example.
-
Prepare a table that summarizes some of the key advantages and limitations of mail, e-mail, telephone, and personal interview approaches for administering questionnaires.
-
A sled plus passenger with total mass 39 kg is pulled 17 m across the snow (k = 0.19) at a constant velocity by a force directed 25 above the horizontal. a. Calculate the work of the applied force W...
-
A vehicle travels at a constant speed of 50 km/hr. for 3 minutes: it then accelerates uniformly to a speed of 80 km/hr. in a period of 2 minutes. Draw a speed against time graph and determine the...
-
We discuss the time dependence of the wave functions in the 1D harmonic oscillator problem. 1. (3pt) Suppose the initial state at t = 0 is given by |1 (0)) = 13 (10) + |1) + |2)). Show the wave...
Study smarter with the SolutionInn App