The trial balance of Red Excitement Ltd as at 30 June 2017 disclosed: $ 18,285 1,500...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The trial balance of Red Excitement Ltd as at 30 June 2017 disclosed: $ 18,285 1,500 51,385 $ Cash at bank Petty cash Accounts Receivable Inventory (at cost) Land & Buildings (at director's valuation 2017) Plant & Equipment (at cost) Investments (at market value) Goodwill (at cost) Trademarks (at cost) Deferred Tax asset Allowance for doubtful debts Accounts Payable Accrued Expenses Accumulated depreciation - Buildings Accumulated depreciation - Plant & Equipment Accumulated impairment - Goodwill Taxation Payable Deferred Tax liability Mortgage Provision for Long Service Leave General Reserve Asset Revaluation Reserve Share Capital Retained Earnings 48,500 785.000 286,350 52,635 28,700 25,200 6,900 1,350 24,910 4,655 39,650 79,420 11,700 26,255 3,100 210.000 13,600 100,000 35,000 650,000 104,815 1,304,455 1,304,455 Additional information: Investments are shares in companies listed on the Australian Stock Exchange. The mortgage, secured by land & buildings, is due to be repaid in three equal instalments, due on 30 June each year. Land was revalued by the directors on 30 June 2017 to $420,000. Buildings were revalued by the directors on 30 June 2017 to $365.000. Long service leave payable within the next twelve months is $3,100. Required: (a) Prepare the Balance Sheet for Red Excitement Ltd as at 30 June 2017. (b) Prepare the notes for the Non-Current Assets and the Current Liabilities sections ONLY of the balance sheet. | Page 7 of 11 The trial balance of Red Excitement Ltd as at 30 June 2017 disclosed: $ 18,285 1,500 51,385 $ Cash at bank Petty cash Accounts Receivable Inventory (at cost) Land & Buildings (at director's valuation 2017) Plant & Equipment (at cost) Investments (at market value) Goodwill (at cost) Trademarks (at cost) Deferred Tax asset Allowance for doubtful debts Accounts Payable Accrued Expenses Accumulated depreciation - Buildings Accumulated depreciation - Plant & Equipment Accumulated impairment - Goodwill Taxation Payable Deferred Tax liability Mortgage Provision for Long Service Leave General Reserve Asset Revaluation Reserve Share Capital Retained Earnings 48,500 785.000 286,350 52,635 28,700 25,200 6,900 1,350 24,910 4,655 39,650 79,420 11,700 26,255 3,100 210.000 13,600 100,000 35,000 650,000 104,815 1,304,455 1,304,455 Additional information: Investments are shares in companies listed on the Australian Stock Exchange. The mortgage, secured by land & buildings, is due to be repaid in three equal instalments, due on 30 June each year. Land was revalued by the directors on 30 June 2017 to $420,000. Buildings were revalued by the directors on 30 June 2017 to $365.000. Long service leave payable within the next twelve months is $3,100. Required: (a) Prepare the Balance Sheet for Red Excitement Ltd as at 30 June 2017. (b) Prepare the notes for the Non-Current Assets and the Current Liabilities sections ONLY of the balance sheet. | Page 7 of 11
Expert Answer:
Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
Posted Date:
Students also viewed these accounting questions
-
Additional information: i. Inventory at 31 August 2020 is valued at RM41, 500. ii. The directors proposed a dividend of RM0.10 on the ordinary shares capital. The dividend on preference shares has...
-
. At 30 June 2017 the statement of Financial Position of Timing Limited included a deferred tax liability amounting to a credit balance R11 152. The deferred tax relates to the only item of equipment...
-
The December 31 trial balance of Red Roses Boutique Inc. follows: Instructions (a) Create T accounts and enter the balances shown. (b) Prepare adjusting entries for the following and post to the T...
-
Young tableaux. Suppose you have an \(n\)-by- \(n\) array of integers a [] [] such that, for all \(i\) and \(j, a[i][j] A two-dimensional array with this property is known as a Young tableaux. Write...
-
Use the data in RENTAL.RAW for this exercise. The data for the years 1980 and 1990 include rental prices and other variables for college towns. The idea is to see whether a stronger presence of...
-
What effects does friction have on a forming-limit diagram? Explain.
-
You currently owe $\$ 18,000$ on a car loan at $9.5 \%$ interest. If you make monthly payments of $\$ 576.59$ per month, how long will it take you to fully repay the loan?
-
In 2013, Winslow International, Inc.s controller discovered that ending inventories for 2011 and 2012 were overstated by $200,000 and $500,000, respectively. Determine the effect of the errors on...
-
Evaluate the product and service evolution over the years. What has the organization done well, and what challenges did it face? Analyze the historical branding decisions and discuss how the Hornets...
-
Ivanhoe Machinery Corporation, a private company following ASPE sold manufacturing equipment for $2,500 each. Each machine carried with it a 2-year warranty against manufacturing defects. From...
-
How did the method of conducting research change from earlier periods such as antiquity or the Middle Ages? What types of new research methods emerged during the Scientific Revolution? Please make...
-
The price gouging statute imposes an effective price ceiling on necessary commodity duties in emergencies; legally, retailers cannot raise prices by a significant amount. When a natural disaster...
-
1- Explain how productivity is measured in (the training center). 2- when you need to hire new employee How we can measure Overtime Hours for new employee? 2- Name and elaborate on two fixed costs...
-
Implement heap sort and quick sort in C++ using iterators able to sort 100 million elements container and test the execution time for this too.
-
Reflection 2 | Algorithmic Bias Understanding and addressing algorithmic bias is crucial to prevent AI from perpetuating societal biases and discrimination through their data, algorithms, and...
-
Describe how a rootkit works? What is adware, dumpster diving, backdoor, and botnets? What are the differences between Hacker and Cracker? What are the different types of hackers? Explain. How...
-
Consider the process {X} satisfying the recursion X = 0.5X_1+0.5X2+6 where {} is a sequence of independent random variables with mean zero and unit variance. Show that {X} is an ARIMA (p,d,q)...
-
Determine the resultant moment produced by the forces about point O. 0.25 m 0.125 m, 0 0.3 m- 60 F = 500 N F = 600 N
-
Alliance Printing of Baltimore has applied for a loan. Bank of America has requested a budgeted balance sheet at April 30, 2012, and a budgeted statement of cash flows for April. The March 31, 2012,...
-
The accounts of Atkins Moving Company follow with their normal balances at August 31, 2012. The accounts are listed in no particular order. Requirement 1. Prepare Atkins trial balance at August...
-
Refer to the transactions of London Engineering in Exercise 2-16. Requirements 1. Open the following T-accounts with their July 1 balances: Cash, debit balance $4,000; Accounts receivable $0;...
-
The group \(\mathrm{D}_{3}\) in Schoenflies notation (32 in international notation, which is read "three-two"; see Table 5.1 ) consists of the proper (those not reflections or inversions) covering...
-
Derive the two-dimensional matrix representation Tic)=(2) Tin)=(3) Tex)=(37) (69) T(c2b)= 1 TO)-(71) 10-(11) TO=(9) = for the group D3, using the basis (e1, e2) defined in the following figure.
-
Prove that the matrix representation of \(\mathrm{D}_{3}\) worked out in Problem 5.6 is irreducible. Data from Problem 5.6 Derive the two-dimensional matrix representation Tic)=(2) Tin)=(3)...
Study smarter with the SolutionInn App