A sports club was formed on 1 January 204. During the year ended 31 December 204 the
Question:
A sports club was formed on 1 January 20–4. During the year ended 31 December 20–4 the club purchased sports equipment by cheque.
In which of the financial statement would this be included?
Transcribed Image Text:
Receipts and payments Income and expenditure Statement of financial account account position B C.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (7 reviews)
The purchase of sports equipment by cheque would be included in the Receipts and Payments account ...View the full answer
Answered By
Churchil Mino
I have been a tutor for 2 years and have experience working with students of all ages and abilities. I am comfortable working with students one-on-one or in small groups, and am able to adapt my teaching style to meet the needs of each individual. I am patient and supportive, and my goal is to help my students succeed.
I have a strong background in math and science, and have tutored students in these subjects at all levels, from elementary school to college. I have also helped students prepare for standardized tests such as the SAT and ACT. In addition to academic tutoring, I have also worked as a swim coach and a camp counselor, and have experience working with children with special needs.
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
-
The summarized statements for the year ended 31 December 2007 for Mat, Rug and P entities are as follows: Statements of comprehensive income for the year ended 31 December 2007 The following...
-
During the year ended 31 December 2018 Pakyi Ltd invested in a convertible bond on its issue date. The bond matures four years after the issue date and at that date the bond can be converted into...
-
2. The accounting profit before tax for the year ended 31 December 2020 for Marmadey Sdn Bhd amounted to RM37,000. The draft statement of financial position at 31 December 2020 contained the...
-
Most websites have images. There are many different features and functionalities that can be used to work with images via the use of JavaScript. These include preloading, rollovers, and cycling...
-
What is relationship quality, and how does a relationship create value?
-
In this case, Evergreen is most likely a: a. Foreseeable third party. b. Foreseen third party. c. Primary beneficiary. d. Client.
-
Imagine that the market yield to maturity for three-year bonds in a particular risk class is 12 percent. You buy a bond in that risk class which offers an annual coupon of 10 per cent for the next...
-
One of the theories regarding initial public offering (IPO) pricing is that the initial return y (change from offer to open price) on an IPO depends on the price revision x (change from pre-offer to...
-
12 21 15 18 21 (a w Listen < Peter Company issued 1,000 shares of no-par common stock for $19,320. The journal entry to record this transaction would include a credit to common stock for Your Answer:...
-
Financial statement data for years ended December 31, 20Y3 and 20Y2, for Edison Company follow: a. Determine the asset turnover ratio for 20Y3 and 20Y2. b. Is the change in the asset turnover ratio...
-
Priti is a trader. Her financial year ends on 31 March. Her trial balance on 31 March 204 was as follows: Additional information: 1. At 31 March 204: Inventory was valued at $41,050. Commission...
-
The treasurer of the YY Club provided the following information: Prepare a receipts and payments account for the year ended 30 April 208 showing the amount paid for running expenses during the year....
-
Using the information presented in item 13 and the additional information that follows, create a 3-year performance plan with respect to market share and sales revenues for each product-market, given...
-
Acme Company is considering the addition of a new product line. Management expects annual sales of the new product to be 5,000 units. Variable production costs are $126 per unit and variable selling...
-
How does the evolving landscape of competition, characterized by industry convergence and disruptive entrants, compel organizations to embrace strategic innovation and agile adaptation to maintain...
-
Sweet Industries changed from the double-declining-balance to the straight-line method in 2026 on all its equipment. There was no change in the assets' salvage values or useful lives. Plant assets,...
-
How do regulatory mandates and legal frameworks, both domestically and internationally, serve as catalysts for organizational change initiatives, shaping compliance strategies and governance...
-
How do you think Google's expected dominance of the online display advertising market would affect marketers who already use the Internet for marketing communications? Will it push into marketing...
-
Explain how digital copyright laws have developed over time.
-
Find the intercepts and then graph the line. (a) 2x - 3y = 6 (b) 10 - 5x = 2y
-
Distinguish between the following pairs of items that appear on operating statements: (a) Gross sales and net sales, (b) Purchases at billed cost and purchases at net cost.
-
How does gross margin differ from gross profit? From net profit?
-
Explain the similarity between markups and gross margin. What connection do markdowns have with the operating statement?
-
Tony has a Visa credit card. The card has a balance of $10,138.42 with an APR of 27.89%. Visa expects the minimum payment to be 4.7% of the balance. Show the steps to answer the following questions....
-
Your credit score in this example means most companies will loan you money at ten percent interest. Based upon the ten percent interest rate, which answer would be an example of "predatory lending"?...
-
Difference between the Free-floating, managed and fixed exchange rate system?
Study smarter with the SolutionInn App