la) Examine the following items and prepare the current liability section of the company's December 31,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
la) Examine the following items and prepare the current liability section of the company's December 31, 2019, balance sheet. a) The beginning of year 2019 accounts payable was Ush350, 000. Cash Purchases on trade accounts during the year were Ush975, 000, and payments on account were Ush95, 000.(3marks) b) The company incurs substantial costs for electricity to run its stores and air conditioning systems. As of December 31, 2019, it is estimated that Ush802, 500 of electricity has been used, although the monthly billing for December has not yet been received. (2marks) la) Examine the following items and prepare the current liability section of the company's December 31, 2019, balance sheet. a) The beginning of year 2019 accounts payable was Ush350, 000. Cash Purchases on trade accounts during the year were Ush975, 000, and payments on account were Ush95, 000.(3marks) b) The company incurs substantial costs for electricity to run its stores and air conditioning systems. As of December 31, 2019, it is estimated that Ush802, 500 of electricity has been used, although the monthly billing for December has not yet been received. (2marks)
Expert Answer:
Answer rating: 100% (QA)
current liability section of the company Particulars a Account ... View the full answer
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
Students also viewed these accounting questions
-
A vendor account in the accounts payable subsidiary ledger of Frank Company follows. Describe the three posted transactions. LESLIE CARTER Balance Date Post. Ref. Debit Credit Debit Credit 1,800...
-
A vendor account in the accounts payable subsidiary ledger of Frost Company follows. Describe the three posted transactions. LARRY CARPENTER Balance Credit Date Post. Ref. Debit Debit Credit Dec. 1...
-
Choose the true statement: a. Duration may not be used to determined the risk of a price change of the financial instrument due to the changes of interest rates b. The higher the duration of the...
-
Is an isothermal process necessarily internally reversible? Explain your answer with an example.
-
The following amounts appeared on Davison Company's adjusted trial balance as of October 31, 2014, the end of its fiscal year: Required 1. Prepare a classified, multiple-step income statement for...
-
LSU Corp. purchased Canadian dollar call options for speculative purposes. If these options are exercised, LSU will immediately sell the Canadian dollars in the spot market. Each option was purchased...
-
In 1951, DuPont began using the chemical perfluorooctanoic acid to manufacture Teflon. Due to the dangerous nature of the chemical, DuPont was given special instructions by its supplier to dispose of...
-
Donald Chin works for Northwest Supplies. His rate of pay is $8.50 per hour, and he is paid 1 times the regular rate for all hours worked in excess of 40 per week. During the last week of January of...
-
In general, should a country's policymakers be concerned if the country has trade imbalances with other countries? If your answer ispolicymakers "no", are there situations in which policy makers...
-
assume the underlying asset is a stock worth $55 today. Also assume the following spot prices will be realized in the future S 1 =$62 and S 2 =47. Also assume that C(50,1)=$7 and P(50,2)=$3. r=15%....
-
Global pricing of a critical raw material used in the manufacture of your products has gone up sharply. Fearing customer backlash, you have not raised your product pricing but this has reduced your...
-
Stock investments between 20% and 50% allow the investor to __________. have some control and influence over the company invested in buy another company decide whether to lay off employees sell more...
-
You are given the following table: Spot rate january 2024 - 162 kenyan shillings per dollar, forward rate december 2024 - 170 kenyan shillings per dollar, interest rates in kenya - 18%, interest...
-
Time value of money: An amount of $12,000 is invested in a bank account for two and a half years. The account pays interest of 6% per annum compounded monthly for the first 18 months, then at 7% per...
-
Complete the missing gaps in the cash flow forecast below: Receipts for September = 6,000. Variable costs = 1,950. Fixed Costs = 3,000. total payments=4,950. . Net cash Flow = 1,080. calculate...
-
Show the math for the following: I can create comprehensive financial reports and budget plans that guide the restaurant's financial decisions by creating a budget plan that accounts for the...
-
You are long a put option with an exercise price of $100. The option expires today and the underlying security is trading at $94. If you purchased the option for $4, should you exercise the option?...
-
On 1 July 2021, Croydon Ltd leased ten excavators for five years from Machines4U Ltd. The excavators are expected to have an economic life of 6 years, after which time they will have an expected...
-
Ogden issued a $70,000, 12%, 10-year bond payable at 90 on January 1, 2016. Requirements 1. Journalize the issuance of the bond payable on January 1, 2016. 2. Journalize the payment of semiannual...
-
Preparing the statement of cash flows Pushing Daisies Homes had the following cash transactions for the month ended July 31, 2016. Cash receipts: Collections from customers.....$ 24,000 Issued common...
-
Metal Foundry uses a predetermined overhead allocation rate to allocate overhead to individual jobs, based on the machine hours required. At the beginning of 2016, the company expected to incur the...
-
Read the following extract from an article about a business venture of the Bob Jane company. Is prudence still a virtue? The concept of prudence and its use, or non-use, in financial reporting has...
-
Your friend Ninette Nobis was a tourism management student when you were at university together and is now a manager of an upmarket hotel in the Exquisite Hotels chain. Because of the impact of an...
-
Transactions affecting Bradford Ltds accounts receivable for the year ended 30 June are presented below. On 1 July of the previous year, the opening balance of the Allowance for Doubtful Debts...
Study smarter with the SolutionInn App