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v&v is a non profit organization whose mission is to provide service and help the blind, deaf and mute. December 31, 2019, it presented the foliowing ADJUSTED trial balance, before year end closing entries: 2019 Account # Description Debit Credit 101 Cash 23 166 102 Accounts receivable 242 204 103 Allowance for doubtful accounts 1 158 Prepaid expenses Property, plant & equipment Accumulated depreciation 104 4 259 105 638 913 106 472 075 201 175 000 Bank loan Accounts payable Salaries and remittance payable Miscellanous loans 202 279 840 203 60 368 428 516 204 Current portion of long term debt Long term debt Invested in capital assets - opening Unrestricted - opening 205 45 339 206 48 395 301 105 952 302 716 617 1 067 190 102 209 643 241 401 Government grants 402 Donations/contributions 403 Service revenue Other revenues 404 36 308 501 Salaries and remittance 1 206 739 190 175 174 442 502 Professional fees 503 Rent Depreciation Traveling 504 39 069 505 506 29 905 Telecommunication 50 480 507 Office supplies 61 613 508 8 354 Insurance Training Bad debt 509 16 958 510 1 158 511 Marketing Interest and bank fees 16 550 44 989 3 465 591 512 3 465 591 December 31, 2020, its following year end, V&V presents the following UNADJUSTED trial balance: 2020 Account # Description Debit Credit 101 102 Cash Accounts receivable 126 793 192 660 103 Allowance for doubtful accounts 1 158 104 105 Prepaid expenses Property, plant & equipment Accumulated depreciation 4 461 638 913 106 472 075 201 Bank loan Accounts payable Salares and remittance payable Miscellanous loans Current portion of long term debt Long term debt Invested in capital assets - opening Unrestricted - opening 25 000 559 072 23 754 202 203 204 219 445 205 206 149 273 126 118 301 302 166 884 769 034 401 Government grants Donations/contributions 794 809 402 176 109 403 Service revenue Other revenues Salaries and remittance 647 127 44 643 404 501 986 619 502 Professional fees Rent 237 291 503 181 484 504 505 506 507 508 Depreciation Traveling Telecommunication Office supplies 20 726 72 950 48 854 Insurance 11 213 6 946 Training Bad debt Marketing Interest and bank fees 509 510 511 15 741 512 91 782 3 405 467 3 405 467 In 2020, the following activities occured and the related joumal entries were not yet recorded as of December 31, 2020: 1- On March 19, 2020, v&V bought a new computer equipments for a total amount of 33 1535. This amount was internaly restricted for that particular purpose. 2- This computer equipment bought by V&V is depreciated using the straight line method over a period of 3 years. As of December 31, 2020, the computer equipment of 139135 as of December 31, 2019 (prior to the purchase of the new computer equipment in 1-) is fully 3- Vav got a confirmation of a provincial govermment grant of 125 000s in September 2020. They estimate they will received a check for payment of the grant money in March 2021. There are no restriction on this grant. 4- VaV estimated that 50 9735$ of their accounts receivable for 2020 have small chance of being recovered. 5- In February 2020, VaV received a promise for a donation of 10 000s from its founder. It was paid cash to V&V in November 2020. There was no restriction on this donation. 6- vav received a restricted contribution (donation) of 75 000$ on January 1, 2020 for building renovations that will increase its useful ife. The renovation were completed January 31, 2020. ADDITIONAL INFORMATION Property, plant & equipment details as of December 31, 2019 is as follow: Property, plant & equipment - 2012: Property, plant & equipment - 2019: Accumulated depreciation 10 280 36 944 424 852 472 076 Cost Net Book Value Depreciation method Computer equipment Office equipment Building 13 913 50 000 575 000 638 913 3 633 13 056 150 148 166 837 Straight line -3 years Declining method - 20% Declining method- 4% REQUIRED: A) Prepare V&V December 31, 2012 year end's balance sheet and income statement v&v is a non profit organization whose mission is to provide service and help the blind, deaf and mute. December 31, 2019, it presented the foliowing ADJUSTED trial balance, before year end closing entries: 2019 Account # Description Debit Credit 101 Cash 23 166 102 Accounts receivable 242 204 103 Allowance for doubtful accounts 1 158 Prepaid expenses Property, plant & equipment Accumulated depreciation 104 4 259 105 638 913 106 472 075 201 175 000 Bank loan Accounts payable Salaries and remittance payable Miscellanous loans 202 279 840 203 60 368 428 516 204 Current portion of long term debt Long term debt Invested in capital assets - opening Unrestricted - opening 205 45 339 206 48 395 301 105 952 302 716 617 1 067 190 102 209 643 241 401 Government grants 402 Donations/contributions 403 Service revenue Other revenues 404 36 308 501 Salaries and remittance 1 206 739 190 175 174 442 502 Professional fees 503 Rent Depreciation Traveling 504 39 069 505 506 29 905 Telecommunication 50 480 507 Office supplies 61 613 508 8 354 Insurance Training Bad debt 509 16 958 510 1 158 511 Marketing Interest and bank fees 16 550 44 989 3 465 591 512 3 465 591 December 31, 2020, its following year end, V&V presents the following UNADJUSTED trial balance: 2020 Account # Description Debit Credit 101 102 Cash Accounts receivable 126 793 192 660 103 Allowance for doubtful accounts 1 158 104 105 Prepaid expenses Property, plant & equipment Accumulated depreciation 4 461 638 913 106 472 075 201 Bank loan Accounts payable Salares and remittance payable Miscellanous loans Current portion of long term debt Long term debt Invested in capital assets - opening Unrestricted - opening 25 000 559 072 23 754 202 203 204 219 445 205 206 149 273 126 118 301 302 166 884 769 034 401 Government grants Donations/contributions 794 809 402 176 109 403 Service revenue Other revenues Salaries and remittance 647 127 44 643 404 501 986 619 502 Professional fees Rent 237 291 503 181 484 504 505 506 507 508 Depreciation Traveling Telecommunication Office supplies 20 726 72 950 48 854 Insurance 11 213 6 946 Training Bad debt Marketing Interest and bank fees 509 510 511 15 741 512 91 782 3 405 467 3 405 467 In 2020, the following activities occured and the related joumal entries were not yet recorded as of December 31, 2020: 1- On March 19, 2020, v&V bought a new computer equipments for a total amount of 33 1535. This amount was internaly restricted for that particular purpose. 2- This computer equipment bought by V&V is depreciated using the straight line method over a period of 3 years. As of December 31, 2020, the computer equipment of 139135 as of December 31, 2019 (prior to the purchase of the new computer equipment in 1-) is fully 3- Vav got a confirmation of a provincial govermment grant of 125 000s in September 2020. They estimate they will received a check for payment of the grant money in March 2021. There are no restriction on this grant. 4- VaV estimated that 50 9735$ of their accounts receivable for 2020 have small chance of being recovered. 5- In February 2020, VaV received a promise for a donation of 10 000s from its founder. It was paid cash to V&V in November 2020. There was no restriction on this donation. 6- vav received a restricted contribution (donation) of 75 000$ on January 1, 2020 for building renovations that will increase its useful ife. The renovation were completed January 31, 2020. ADDITIONAL INFORMATION Property, plant & equipment details as of December 31, 2019 is as follow: Property, plant & equipment - 2012: Property, plant & equipment - 2019: Accumulated depreciation 10 280 36 944 424 852 472 076 Cost Net Book Value Depreciation method Computer equipment Office equipment Building 13 913 50 000 575 000 638 913 3 633 13 056 150 148 166 837 Straight line -3 years Declining method - 20% Declining method- 4% REQUIRED: A) Prepare V&V December 31, 2012 year end's balance sheet and income statement
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Related Book For
Advanced Accounting
ISBN: 978-0538480284
11th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
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