.5 The following is the statement of financial position of WW Associates as at 31 December...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
.5 The following is the statement of financial position of WW Associates as at 31 December 2014: Statement of financial position as at 31 December 2014 3. ASSETS Non-current assets Machinery 25,300 Current assets Inventories 12,200 21,300 400 Trade receivables Prepaid expenses (rates) 8,300 42,200 67,500 Cash Total assets EQUITY AND LIABILITIES Equity Original Retained earnings 25,000 23,900 48,900 Current liabilities 16,900 Trade payables Accrued expenses (wages) 1,700 18,600 67,500 Total equity and liabilities During 2015, the following transactions took place: 1 The owners withdrew equity in the form of cash of £23,000. 2 Premises were rented at an annual rental of £20,000. During the year, rent of £25,000 was paid to the owner of the premises. 3 Rates on the premises were paid during the year for the period 1 April 2015 to 31 March 2016 and amounted to £2,000. 2015. BS, and IS.? .5 The following is the statement of financial position of WW Associates as at 31 December 2014: Statement of financial position as at 31 December 2014 3. ASSETS Non-current assets Machinery 25,300 Current assets Inventories 12,200 21,300 400 Trade receivables Prepaid expenses (rates) 8,300 42,200 67,500 Cash Total assets EQUITY AND LIABILITIES Equity Original Retained earnings 25,000 23,900 48,900 Current liabilities 16,900 Trade payables Accrued expenses (wages) 1,700 18,600 67,500 Total equity and liabilities During 2015, the following transactions took place: 1 The owners withdrew equity in the form of cash of £23,000. 2 Premises were rented at an annual rental of £20,000. During the year, rent of £25,000 was paid to the owner of the premises. 3 Rates on the premises were paid during the year for the period 1 April 2015 to 31 March 2016 and amounted to £2,000. 2015. BS, and IS.?
Expert Answer:
Answer rating: 100% (QA)
Income Statement Sales Revenue 253000 Cost of Goods Sold 152000 Gros... View the full answer
Related Book For
Financial Accounting and Reporting
ISBN: 978-0273744443
14th Edition
Authors: Barry Elliott, Jamie Elliott
Posted Date:
Students also viewed these accounting questions
-
The following is the statement of financial position of TT and Co. (see Self-Assessment Question 3.1 on page 113) at the end of its first year of trading: Statement of financial position as at 31...
-
The following is the statement of financial position of TT and Co. (see Self-assessment question 3.1 on page 105) at the end of its first year of trading: During 2010, the following transactions took...
-
The following is the statement of financial position of WW Associates as at 31 December 2008: During 2009, the following transactions took place: 1 The owners withdrew equity in the form of cash of...
-
All administrative laws are criminal laws and enforceable as such even though they are not part of the Criminal Code. True False
-
Equation 12.15 shows that the greater the temperature difference between the reservoirs of a heat engine, the greater the engines Carnot efficiency. Suppose you had the choice of raising the...
-
The U.S. Department of Energy estimates that up to 10 percent of the energy use of a house can be saved by caulking and weather stripping doors and windows to reduce air leaks at a cost of about $50...
-
Explain the nature and purpose of the three major financial statements.
-
Refer to the financial statements of Campbell Soup Company in Appendix A. Required: a. Compute Year 10 cost of goods sold and gross profit under the FIFO method. (At the end of Year 9, LIFO inventory...
-
McEwan Industries sells on terms of 3 / 1 0 , net 3 5 . Total sales for the year are $ 7 2 5 , 5 0 0 ; 4 0 % of the customers pay on the 1 0 th day and take discounts, while the other 6 0 % pay, on...
-
Quack Concepts produces its patented drug Metafour (a duck extract used as an antioxidant) in both Hong Kong and the United States. The effective marginal tax rate is 35 percent in the United States...
-
Loans payable at December 31, 2013 included $2.1 billion of notes due in 2014, $1.6 billion of commercial paper, $402 million of short-term foreign borrowings and $370 million of long-dated notes...
-
You have just recently hired as an information technology loss prevention officer , select one (1) of the five trends that you will use to strengthen security through the use technology and state why...
-
What strategic imperatives should firms consider when navigating market saturation scenarios, particularly in mature industries where differentiation becomes increasingly challenging ?
-
Harry Styles has the choice between investing in a City of San Diego bond at 3 . 0 0 percent or investing in a Nike Inc bond at 4 . 2 5 percent. Assuming that both bonds have the same nontax...
-
At the beginning of the year, Cullumber Company had total assets of $ 7 9 6 , 0 0 0 and total liabilities of $ 2 2 1 , 0 0 0 . Answer the following questions. ( a ) If total assets increased $ 1 2 7...
-
Write a c program on how many number divided by 4 in 1 2 3 0 2 4 2 ?
-
Lohn Corporation is expected to pay the following dividends over the next four years: $11, $8, $6, and $3. Afterward, the company pledges to maintain a constant 6 percent growth rate in dividends...
-
The power company must generate 100 kW in order to supply an industrial load with 94 kW through a transmission line with 0.09 resistance. If the load power factor is 0.83 lagging, find the...
-
Austin Mitchell MP proposed an Early Day Motion in the House of Commons on 17 May 2005 as follows: That this House urges the Government to clamp down on artificial tax avoidance schemes and end the ....
-
In your capacity as chief assistant to the financial controller, your managing director has asked you to explain to him the differences between tax planning, tax avoidance and tax evasion. He has...
-
The following information is available for the year ended 31 March 20X6 (values in $m): Present value of scheme liabilities at 1 April 20X5 $1,007; Fair value of plan assets at 1 April 20X5 $844;...
-
What basic set of factors must a firm consider when selecting a location for a production facility?
-
What basic factors must be addressed when managing international service operations?
-
Why is it important for organizations to control productivity?
Study smarter with the SolutionInn App