Hakim is a sole trader has just started a small computer services business; at the end...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Hakim is a sole trader has just started a small computer services business; at the end of its financial year 31 Dec 2020 he produced the following trial balance: Explanation Revenue Sales Returns Expenses Fixtures and equipment Trade receivables Trade payable Bank Cash land Opening capital Drawings 2,440.00 38,600.00 25,000.00 43,000.00 120,000.00 12,000.00 50,000.00 32,000.00 323,040.00 Dr 87,000.00 26,000.00 210,040.00 323,040.00 Cr Requirements: 1- Construct the statement of comprehensive income for Amrita business at 31 Dec 2020. 2- Construct the statement of financial position at 31 Dec 2020. (5 marks) (11 marks) Hakim is a sole trader has just started a small computer services business; at the end of its financial year 31 Dec 2020 he produced the following trial balance: Explanation Revenue Sales Returns Expenses Fixtures and equipment Trade receivables Trade payable Bank Cash land Opening capital Drawings 2,440.00 38,600.00 25,000.00 43,000.00 120,000.00 12,000.00 50,000.00 32,000.00 323,040.00 Dr 87,000.00 26,000.00 210,040.00 323,040.00 Cr Requirements: 1- Construct the statement of comprehensive income for Amrita business at 31 Dec 2020. 2- Construct the statement of financial position at 31 Dec 2020. (5 marks) (11 marks)
Expert Answer:
Related Book For
Interpreting and Analyzing Financial Statements
ISBN: 978-0132746243
6th edition
Authors: Karen P. Schoenebeck, Mark P. Holtzman
Posted Date:
Students also viewed these finance questions
-
Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
The following financial statements relate to GetItDone PLC, which operates a wholesale carpet business. (Please note: The information in red has been updated from E 3.1. However, the rest remains the...
-
DTG agreed to merge with the SPQ. The total equity purchase price of $45,000 is going to be 50% financed issuing DTGs common shares and 50% financed with cash raised by DTG issuing long-term debt....
-
Saturated steam at 4 bars absolute pressure with a mean velocity of 3 m/s flows through a horizontal pipe whose inner and outer diameters are 55 and 65 mm, respectively. The heat transfer coefficient...
-
Trend and Jones, CPAs, were planning their initial audit of Kargo Corporation, whose stock traded on the New York Stock Exchange. Although the partners had consulted with the predecessor auditor and...
-
Bank of America lent $100,000 to Christine Kleuters on a 90-day, 8% note. Record the following transactions for Bank of America (explanations are not required): 1. Lending the money on June 12. 2....
-
Pollution Busters Inc. is considering a purchase of 10 additional carbon sequesters for $ 100,000 apiece. The sequesters last for only 1 year before becoming saturated. Then the carbon is sold to the...
-
What are the five (5) key aspects that you need to understand for operational systems?
-
The figure below shows an initially stationary block of mass m on a floor. A force of magnitude F = 0.550mg is then applied at upward angle ? = 24. (a) What is the magnitude of the acceleration of...
-
If petrol prices increase by 10%, what is the amount of the increase when the price is 99.0 cents per litre? What is the new price per litre for petrol?
-
In 2 0 0 3 , the Lo - Grow Company had $ 1 5 million in equity, a net income of $ 1 , 8 0 0 , 0 0 0 . Lo - Grow paid out 6 0 % of its net income as dividends. The ROE and retained earnings for Lo -...
-
Jeff Johanson is a proprietor who owns a small retail shop that sells clothing. The company pays $7 for a shirt and later sells it for $24. The company will recognize $17 of ?
-
Roadside Inc is fine-tuning a combination flashlight / WiFi hotspot. The new product would sell for $36.32. Variable cost of production would be $14.83 per unit. Setting up production would entail...
-
There are mutual funds that invest in stocks of socially responsible or ethical or green companies. Perform a web search to identify at least three such funds and look up their performance. How have...
-
A partnership consists of three partners: Monroe, Adams, and Madison who share profits equally. - Monroe loaned the partnership $ 1 0 , 0 0 0 & made a capital contribution of $ 2 0 , 0 0 0 . - Adams...
-
You have been approached by Ryan and Michelle Irving, to review their financial situation. The couple is concerned about their financial future as they are having difficulty making ends meet each...
-
Synthesize the products by drawing out reagents and intermediates along the way. `N H. OH HO HO
-
Q1. Prepare general journal entries for the following transactions. Q2. The general ledger reported $10,000 as the August 1 balance for cash. On August 31, the general ledger would report cash of...
-
Q1. Since 10/31/2007, sales revenue growth was ________ million, which is a ________ change in sales revenue. The annual revenue growth rate can be compared between companies. Assume less than 5% is...
-
Q1. Review the following accounts, subtotals, and totals; (1) describe your observations; and then (2) identify what your observations indicate. A response is given for PPE, net to help with...
-
The following MINITAB output presents a multiple regression equation y = b0 + b1x1 + b2x2 + b3x3 + b4x4. It is desired to drop one of the explanatory variables. Which of the following is the most...
-
For a sample of size n = 15, the following values were obtained: b0 = 3.71, b1 = 8.38, se = 1.13, (x x)2 = 7.71, x = 13.16. Construct a 95% prediction interval for an individual response when x = 8.
-
A _______________ interval estimates the y-value for a particular individual with a given x-value. In Exercises 3 and 4, fill in each blank with the appropriate word or phrase.
Study smarter with the SolutionInn App