Francis Book Shop (FBS) is a business located in Hamilton Francis, the owner started the store
Fantastic news! We've Found the answer you've been seeking!
Question:
(i) Using the cash bases prepare the following financial statements for francis book shop
Transcribed Image Text:
On 1 July 2019, Francis deposited his savings into a business bank account to start up the business. On 1 July 2019, a bank loan (repayable over a 15-year period) was approved to FBS and was deposited into the business bank account On 1 July 2019, Equipment and Fittings were purchased using cash. The equipment and fittings were expected to last 5 years with a scrap value of $5.000. On 1 July 2019, Rental Bond for business premises was paid (this bond will be returned at the end of the five vear lease if the premises remain in good condition) On 1 January 2020, Francis invested his vehicle into the business to deliver goods to customers. The vehicle is expected to last 10 years with no scrap value. On 1 September 2019, Francis purchased a new projector for his brother. Francis purchased these items using funds from the business bank account The projector has expected life for five years with $100 residual value On 1 December 2019, Francis purchased a TV on credit for the staff common room [payment was due in 3 years]. The TV is expected to last for 5 years with $500 as its scrap value. Cash collected from customers during the year [the amount includes $18,000 for goods $119.000 to be provided next vear] Still owing from customers at the end of the year (to be collected next year) Cash paid for products to resell in the business Owing for products at the end of the year (to be paid next vear) Cost of unsold products on hand at the end of the vear (to be sold next year) Operating Expenses paid (includes Wages, Advertising, Phone and Electricity) Operating Expenses owing and unpaid for the year ended 30 June 2020 Rent of business premises: Monthly rental 15 paid in advance (13 months have been paid $16,900 between 1 July 2019 and 31 July 2020) Francis made cash drawings from the business bank account for his personal expenses during the year Bank long-tem loan principal repavnents Mwere made Interest paid on the bank loan (105) On 30 June 2020, Francis went to Dunedin for a road trip. He paid for the holiday using personal funds Francis arranged a bank overdrafn fecility for hit basiness The Cash at Bank balance at 30 June 2020 was $28.350 $48,000 $43,500 $15,000 $12,000 $10,000 $6,000 $5,000 $20,000 $56.000 $10.000 $30,000 $41.000 $3,000 $28,000 $2.900 $4.350 $5,000 $100,000 On 1 July 2019, Francis deposited his savings into a business bank account to start up the business. On 1 July 2019, a bank loan (repayable over a 15-year period) was approved to FBS and was deposited into the business bank account On 1 July 2019, Equipment and Fittings were purchased using cash. The equipment and fittings were expected to last 5 years with a scrap value of $5.000. On 1 July 2019, Rental Bond for business premises was paid (this bond will be returned at the end of the five vear lease if the premises remain in good condition) On 1 January 2020, Francis invested his vehicle into the business to deliver goods to customers. The vehicle is expected to last 10 years with no scrap value. On 1 September 2019, Francis purchased a new projector for his brother. Francis purchased these items using funds from the business bank account The projector has expected life for five years with $100 residual value On 1 December 2019, Francis purchased a TV on credit for the staff common room [payment was due in 3 years]. The TV is expected to last for 5 years with $500 as its scrap value. Cash collected from customers during the year [the amount includes $18,000 for goods $119.000 to be provided next vear] Still owing from customers at the end of the year (to be collected next year) Cash paid for products to resell in the business Owing for products at the end of the year (to be paid next vear) Cost of unsold products on hand at the end of the vear (to be sold next year) Operating Expenses paid (includes Wages, Advertising, Phone and Electricity) Operating Expenses owing and unpaid for the year ended 30 June 2020 Rent of business premises: Monthly rental 15 paid in advance (13 months have been paid $16,900 between 1 July 2019 and 31 July 2020) Francis made cash drawings from the business bank account for his personal expenses during the year Bank long-tem loan principal repavnents Mwere made Interest paid on the bank loan (105) On 30 June 2020, Francis went to Dunedin for a road trip. He paid for the holiday using personal funds Francis arranged a bank overdrafn fecility for hit basiness The Cash at Bank balance at 30 June 2020 was $28.350 $48,000 $43,500 $15,000 $12,000 $10,000 $6,000 $5,000 $20,000 $56.000 $10.000 $30,000 $41.000 $3,000 $28,000 $2.900 $4.350 $5,000 $100,000
Expert Answer:
Answer rating: 100% (QA)
Francis Book Shop Income Statement For the month ended June 30 2020 Income Col... View the full answer
Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo-Ann L. Johnston, Peter R. Norwood
Posted Date:
Students also viewed these accounting questions
-
On July 10, Keller Company, a business located in Alberta, purchased $15,000 of inventory for resale on account. On July 25, Keller recorded the sale of that merchandise on account for $20,000 plus...
-
Using the LM formula derived in the problem above, calculate Y assuming r = 10 (10%). The value of Y is A) B) D) 900B 1,000B 1,050B 1,100B
-
Ryan Ltd commenced operations on 1 July 2019 and has one employee: Joe Hirsch. During the year ended 30 June 2021, Joe was paid $1,700 per week (an annual salary of $88,400). His only weekly...
-
ABC is a partnership owned by Angus, Black, and Campini, who share profits and losses in the ratio of 2:1:1, respectively. The account balances of the partnership at June 30, 2018, follow: ABC...
-
Consider a pin fin as shown in Figure 2-10d. Assume that the fin is exposed to an evacuated space such that convection is negligible and that the radiation loss per unit surface area is given by...
-
The original association rule mining framework considers only presence of items together in the same transaction. There are situations in which itemsets that are infrequent may also be informative....
-
A study was conducted to investigate the relationship between severe headaches and being left- or right-handed. (Incidentally, Lisa Kudrow, who played Phoebe Buffay on the hit sitcom "Friends," is an...
-
Assume that the following information is known about the current spot exchange rate between the U.S. dollar and the British pound (), inflation rates in Britain and the United States, and the real...
-
what ways does inspiration intersect with motivation and drive, propelling individuals towards extraordinary feats of accomplishment ? Explain
-
Record the following petty cash transactions of Lexite Laminated Surfaces in general journal form (explanations are not required): Apr. 1 Established a petty cash fund with a $200 balance. 30 The...
-
Many people believe that the use of biometrics is an invasion of privacy. For example, an eye scanning device records the inner structure of a persons eye and stores that image in a database. Critics...
-
Consumers expect brands to be more intelligent and want them to provide meaningful, personalized experiences and demonstrate strong, authentic values they can identify with quickly. If you were to...
-
What pricing methods and strategies will you employ to price your product in the international arena? How will you determine what the market is willing to pay? Cost considerations? Can the target...
-
Expanding the marketing approach to include services necessitated a modification of the marketing mix. However, services, especially in the banking sector, have revitalized their brand images using...
-
In digital advertising and marketing for healthcare and wellness, visual content is widely utilized and shared. A way to create visual design with written content through infographics. Some health...
-
What tactics does the crescent foods use to promote sales Explain.
-
The cap rate abstracted from the market is 0.066. The subject's estimated net operating income is $60,000. What is the value of the property by direct capitalization? (Round answer to nearest dollar...
-
Eleni Cabinet Company sold 2,200 cabinets during 2011 at $160 per cabinet. Its beginning inventory on January 1 was 130 cabinets at $56. Purchases made during the year were as follows: February . 225...
-
Refer to the data in Exercise 3-12. Prepare the adjusted trial balance for Event Planners for March 31, 2017. The remaining account balances you require (after adjustments) are as follows: Cash...
-
You have a part-time job in a local coffee shop, which is part of a chain of cafés. You received the job through your parent's friendship with Tina Presley, the coffee shop manager. The job is...
-
On July 31, 2016, Mission Corp. purchased $32,000 of inventory on a one-year, 6-percent note payable. Journalize the company's (a) accrual of interest expense on December 31, 2016, and (b) payment of...
-
A gene is a segment of DNA that contains the information to produce a functional product. The functional product of most genes is a. DNA. b. mRNA. c. a polypeptide. d. none of the above.
-
Which of the following is not a constituent of a cells proteome? a. An enzyme b. A cytoskeletal protein c. A transport protein in the plasma membrane d. An mRNA
-
The function of the genetic code is to a. promote transcription. b. specify the amino acids within a polypeptide. c. alter the sequence of DNA. d. do none of the above.
Study smarter with the SolutionInn App