By using transaction sheet complete the table: Event Event 1 Event 2 Event 3 Event 4 Event

By using transaction sheet complete the table:

Transcribed Image Text:

Event Event 1 Event 2 Event 3 Event 4 Event 5 Event 6 Event 7 Event 8 Event 9 Event 10 Event 11 Event 12 Event 13 Event 14 Transaction The company repays $49121 of its borrowings. This amount includes $6407 of interest. The remaining borrowings are to be repaid evenly over the following ten years. The accountant determines that depreciation should be recorded at $11632. The accountant estimates that 10 percent of the depreciation is related to selling activities, with the remaining related to administration. The company declares and pays a dividend of $5778 to its shareholders. The company uses up the remainder of its previous prepaid insurance contract in the first four months of the fiscal financial year. The company then commences a new contract costing $10800 in total, all paid upfront, for the following 12 months including the last eight months of the financial year. The insurance related to administration. The accountant informs you that Other current assets related to prepaid accounts in the previous financial year. The company purchased $371400 of inventory from its suppliers. The inventory was purchased on credit. The company receives a dividend from one of its investments of $4897. The company makes payments to inventory suppliers of $351759. The company purchased an additional $13000 of production equipment. Half was paid in cash, with the remaining on credit. The accountant determines that the credit amount should be allocated to other current liabilities. The company collects $478095 from its trade receivables during the financial year. The company pays rent of $9000 per month on a 12-month lease. The rent related to administrative offices. The company makes total sales of normal goods and services of $551000. Of this amount $64800 was received in cash at the time of the sale. The value of goods sold in these transactions was $369400. The company issued 5090 shares to new investors. These shares were issued at an average price of $10 per share. The company paid all corporate income tax owing from the previous period. In addition, the company incurs a further $10097 in corporate income tax that it will pay next financial year. The company paid all wages owing from the previous period, which made up the total opening balance of Other current liabilities. In addition, the company paid wages costs of $16000. These wages relate 40 percent to administrative expenses, and the remainder to selling expenses. Event Event 1 Event 2 Event 3 Event 4 Event 5 Event 6 Event 7 Event 8 Event 9 Event 10 Event 11 Event 12 Event 13 Event 14 Transaction The company repays $49121 of its borrowings. This amount includes $6407 of interest. The remaining borrowings are to be repaid evenly over the following ten years. The accountant determines that depreciation should be recorded at $11632. The accountant estimates that 10 percent of the depreciation is related to selling activities, with the remaining related to administration. The company declares and pays a dividend of $5778 to its shareholders. The company uses up the remainder of its previous prepaid insurance contract in the first four months of the fiscal financial year. The company then commences a new contract costing $10800 in total, all paid upfront, for the following 12 months including the last eight months of the financial year. The insurance related to administration. The accountant informs you that Other current assets related to prepaid accounts in the previous financial year. The company purchased $371400 of inventory from its suppliers. The inventory was purchased on credit. The company receives a dividend from one of its investments of $4897. The company makes payments to inventory suppliers of $351759. The company purchased an additional $13000 of production equipment. Half was paid in cash, with the remaining on credit. The accountant determines that the credit amount should be allocated to other current liabilities. The company collects $478095 from its trade receivables during the financial year. The company pays rent of $9000 per month on a 12-month lease. The rent related to administrative offices. The company makes total sales of normal goods and services of $551000. Of this amount $64800 was received in cash at the time of the sale. The value of goods sold in these transactions was $369400. The company issued 5090 shares to new investors. These shares were issued at an average price of $10 per share. The company paid all corporate income tax owing from the previous period. In addition, the company incurs a further $10097 in corporate income tax that it will pay next financial year. The company paid all wages owing from the previous period, which made up the total opening balance of Other current liabilities. In addition, the company paid wages costs of $16000. These wages relate 40 percent to administrative expenses, and the remainder to selling expenses.

Answer rating: 100% (QA)

Solution Statement of Profit Loss for the year ended Sales Cost of Sales Gross Profit ... View the full answer