of DETAILS Creditors Motor vehicle 2% Preference share capital @ $1.50 Closing stock Office expenses Provision...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
of DETAILS Creditors Motor vehicle 2% Preference share capital @ $1.50 Closing stock Office expenses Provision for depreciation on equipment Management fees General reserves Land Debenture interest Mortgage interest Provision for depreciation on building Retained earnings 6% Loan Commission received Sales Provision for depreciation on motor vehicle Staff costs Cost of sales 4% Debenture Building Goodwill Ordinary share capital @ $0.60 Debtors DR 278,000 55,700 48,200 37,000 366,000 4,700 5,900 12,100 68,800 1,130,600 585,000 174,000 22.000 CR 88,200 345,000 64,600 28,900 29,000 216,000 24,500 1,556,200 73,500 244,000 303,000 4,700 Debenture interest Mortgage interest 5,900 Provision for depreciation on building Retained earnings 12,100 6% Loan Commission received Sales Provision for depreciation on motor vehicle Staff costs 68,800 Cost of sales 1,130,600 4% Debenture 244,000 Building 585,000 Goodwill 174,000 Ordinary share capital @ $0.60 303,000 Debtors 22,000 7% Mortgage 228,000 Equipment 484,000 12,900 Interim ordinary shares dividend Bank 84,000 3,284,900 3,284,900 Additional notes: Depreciation is to be charged on the building and the motor vehicle at 6% and 8% respectively on the reducing balance, and 15% straight line for the equipment 29,000 216,000 24,500 1,556,200 73,500 . Depreciation is to be charged on the building and the motor vehicle at 6% and 8% respectively on the reducing balance, and 15% straight line for the equipment - Goodwill should be written down by 30% ▪ Office expenses is prepaid by $12,800, while staff costs is owing by $8,400 . Commission is prepaid by $4,300 . The following items of expense should be apportioned as follows: Expense Admin Sell & Dist. 70% 30% Office expenses Staff costs 25% 75% Management fees 60% 40% Depreciation charges 80% 20% . Corporation tax is estimated at $21,600 .. Transfer $45,000 from profits to the general reserves ... There was a new issue of 70,000 ordinary shares at par value; the amount collected per share was $0.85 • The full preference shares dividend will be honoured REQUIRED: Assuming JayWalk Ltd made a profit before interest and tax of $121,680, prepare their statement of changes in equity for the year All relevant notes/workings MUST be shown of DETAILS Creditors Motor vehicle 2% Preference share capital @ $1.50 Closing stock Office expenses Provision for depreciation on equipment Management fees General reserves Land Debenture interest Mortgage interest Provision for depreciation on building Retained earnings 6% Loan Commission received Sales Provision for depreciation on motor vehicle Staff costs Cost of sales 4% Debenture Building Goodwill Ordinary share capital @ $0.60 Debtors DR 278,000 55,700 48,200 37,000 366,000 4,700 5,900 12,100 68,800 1,130,600 585,000 174,000 22.000 CR 88,200 345,000 64,600 28,900 29,000 216,000 24,500 1,556,200 73,500 244,000 303,000 4,700 Debenture interest Mortgage interest 5,900 Provision for depreciation on building Retained earnings 12,100 6% Loan Commission received Sales Provision for depreciation on motor vehicle Staff costs 68,800 Cost of sales 1,130,600 4% Debenture 244,000 Building 585,000 Goodwill 174,000 Ordinary share capital @ $0.60 303,000 Debtors 22,000 7% Mortgage 228,000 Equipment 484,000 12,900 Interim ordinary shares dividend Bank 84,000 3,284,900 3,284,900 Additional notes: Depreciation is to be charged on the building and the motor vehicle at 6% and 8% respectively on the reducing balance, and 15% straight line for the equipment 29,000 216,000 24,500 1,556,200 73,500 . Depreciation is to be charged on the building and the motor vehicle at 6% and 8% respectively on the reducing balance, and 15% straight line for the equipment - Goodwill should be written down by 30% ▪ Office expenses is prepaid by $12,800, while staff costs is owing by $8,400 . Commission is prepaid by $4,300 . The following items of expense should be apportioned as follows: Expense Admin Sell & Dist. 70% 30% Office expenses Staff costs 25% 75% Management fees 60% 40% Depreciation charges 80% 20% . Corporation tax is estimated at $21,600 .. Transfer $45,000 from profits to the general reserves ... There was a new issue of 70,000 ordinary shares at par value; the amount collected per share was $0.85 • The full preference shares dividend will be honoured REQUIRED: Assuming JayWalk Ltd made a profit before interest and tax of $121,680, prepare their statement of changes in equity for the year All relevant notes/workings MUST be shown
Expert Answer:
Answer rating: 100% (QA)
To compute the requirement using excel Formula A 1 2 Particulars 3 Sales 4 COGS 5 Gross Prof... View the full answer
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
Posted Date:
Students also viewed these accounting questions
-
MiniMovers Ltd has prepared the following trial balance as at March 31, 2021: DR CR DETAILS 88,200 Creditors 274,000 Motor vehicle 384,000 2% Preference share capital @ $1.50 55,700 52,600 Closing...
-
Jen and Berry's sells ice-creams from its factory-shop in Petone. There is a managing director (Maynard Dibble), a marketing manager (Mary Salman) and a production manager (Peter Pritchard). Maynard...
-
The following balances appeared in the books of Tangelo Traders at 31 March 2012: N$ 9 000 13 000 2 100 12 000 4 400 210 000 55 000 46 000 21 000 90 000 3 000 60 000 75 000 2 000 102 000 4 400 25 000...
-
Question 4 Tic-tac-toe (also known as noughts and crosses) is a game for two players, X and O, who take turns marking the spaces in a 3x3 grid. The player who succeeds in placing three of their marks...
-
Information systems are too important to be left to computer specialists. Do you agree? Why or why not?
-
Mia Salto wishes to determine how long it will take to repay a $14,000 loan given that the lender requires her to make annual end-ofyear installment payments of $2,450. a. If the interest rate on the...
-
Why does a trade sale take longer to execute than an initial public offering?
-
Kruger Corporation has the following long-term investments. (1) Common stock of Eidman Co. (10% ownership) held as available-for-sale securities cost $108,000, fair value $115,000. (2) Common stock...
-
1. One numerical method for calculating "by hand" the cube root of some number N involves an extension of an algorithm developed by Babylonian mathematicians over 4000 years ago for calculating the...
-
Univex is a calendar year, accrual basis retail business. Its financial statements provide the following information for the year: Revenues from sales of goods $ 783,200 Cost of goods sold (FIFO) ...
-
Implement count_pairs Given the PyDev module List_array.py, implement the count_pairs method. This method counts the number of pairs in a List. A pair consists of two List elements with the same...
-
Manufacturing cost data for Sheridan Company, which uses a job order cost system, are presented below: Indicate the missing amount. Assume that overhead is applied on the basis of direct labor cost...
-
When one mole of CH is burned, 3.27 MJ of heat is produced. Heat from burning 7.59 g of C6H6 is added to 5.69 kg of water at 21.0 C. The specific heat of liquid water is 4190 J/(kg-K). What is the...
-
Markus Company's common stock sold for $1.75 per share at the end of this year. The average number of common shares outstanding during the year is 105,000. The company also paid a common stock...
-
The Atlantic Medical Clinic can purchase a new computer system that will save $9,000 annually in billing costs. The computer system will last for ten years and have no salvage value. Required: What...
-
Discuss a time when it would be important for a sonographer to be aware of the intensity of a sound beam. How could you apply the physics of sound beam intensities to your scanning? Have you ever...
-
Create Stored Procedures SQL Question 1 find_product (productId IN NUMBER, price OUT products.list_price%TYPE, productName OUT products.product_name%TYPE); This procedure has an input parameter to...
-
Marc Company assembles products from a group of interconnecting parts. The company produces some of the parts and buys some from outside vendors. The vendor for Part X has just increased its price by...
-
Based upon the following facts about Aqua, Inc., a calendar year S corporation, prepare the entity's Schedule M-2. AAA, beginning of the year.............................................$ 9,400...
-
Rosas employer has instituted a flexible benefits program. Rosa will use the plan to pay for her daughters dental expenses and other medical expenses that are not covered by health insurance. Rosa is...
-
An S corporation may deduct: a. Charitable contributions within the percentage of income limitation applicable to corporations. b. Net operating loss carryovers. c. Foreign income taxes. d....
-
The \(T d S\) equation \(T d S=C_{P} d T-T\left(\frac{\partial V}{\partial T} ight)_{P} d P\) is valid where entropy is a function of (a) \(T\) and \(P\) (b) \(P\) and \(V\) (c) \(T\) and \(V\) (d)...
-
The inversion temperature of hydrogen is (a) \(315 \mathrm{~K}\) (b) \(202 \mathrm{~K}\) (c) \(275 \mathrm{~K}\) (d) \(345 \mathrm{~K}\).
-
The inversion temperature of helium is (a) \(460 \mathrm{~K}\) (b) \(40 \mathrm{~K}\) (c) \(620 \mathrm{~K}\) (d) \(823 \mathrm{~K}\).
Study smarter with the SolutionInn App