Riverside Country Club has the following transactions for the year ended December 31, 2021. Advertising And...

  

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Riverside Country Club has the following transactions for the year ended December 31, 2021. Advertising And Promotion Cash And Bank Donations Received For The Year Equipment At Cost Furniture At Cost Life Membership Fees Received For The Year Lighting And Heating Refreshment Purchases Refreshment Takings Rent And Rates Wages And Salaries Subscription Fees Received For The Year Creditors For Refreshment Supplies Refreshment Stock As At January 1, 2021 Refreshment Stock As At December 31, 2021 Accumulated Depreciation - Equipment As At January 1, 2021 Accumulated Depreciation - Furniture As At January 1, 2021 Accumulated Fund As At January 1, 2021 1. 2. 3. 4. Additional information: It is the organizational policy that the life membership assumes for 15 years. Provide depreciation for equipment and furniture on the straight-line basis. Their useful lives assume 8 years and residual value at the end of the useful lives will be $40,000 each. Required: (a) (b) ($) 105,500 98,900 32,000 For the year ended December 31, 2021, prepare the (i) Refreshment Profit And Loss Account. (ii) 360,000 260,000 420,000 Income And Expenditure Account. Prepare the Balance Sheet as at December 31, 2021. 26,300 185,000 300,000 36,000 321,800 462,000 Wages and salaries of $24,400 have not yet paid as at December 31, 2021. Subscription fees of $34,000 for the next financial year have been received in advance at December 31, 2021. 22,500 25,000 45,000 30,000 20,000 132,000 (3.5 marks) (14 marks) (12.5 marks) Company ABC Ltd. Profit and Loss Statement For the year ended December 31, 2018 Particulars Sales Cost of goods Sold Gross Profit Operating Expenses Advertisement expenses Depreciation expense Rent expense Payroll taxes salaries and wages Commission expense Other Operating Expenses Total operating Expenses Operating Income Non-operating Income Revenue from Interest Interest Expenses Total Non-operating Income Net Income Amount ($) Amount ($) $1,000,000 $ 600,000 $ $ $ $ $ $ $ 60,000 80,000 15,000 5,000 51,000 5,000 7,000 $ 10,500 $ (9,100) $ 400,000 $ 223,000 $ 177,000 $ 1,400 $ 178,400 Riverside Country Club has the following transactions for the year ended December 31, 2021. Advertising And Promotion Cash And Bank Donations Received For The Year Equipment At Cost Furniture At Cost Life Membership Fees Received For The Year Lighting And Heating Refreshment Purchases Refreshment Takings Rent And Rates Wages And Salaries Subscription Fees Received For The Year Creditors For Refreshment Supplies Refreshment Stock As At January 1, 2021 Refreshment Stock As At December 31, 2021 Accumulated Depreciation - Equipment As At January 1, 2021 Accumulated Depreciation - Furniture As At January 1, 2021 Accumulated Fund As At January 1, 2021 1. 2. 3. 4. Additional information: It is the organizational policy that the life membership assumes for 15 years. Provide depreciation for equipment and furniture on the straight-line basis. Their useful lives assume 8 years and residual value at the end of the useful lives will be $40,000 each. Required: (a) (b) ($) 105,500 98,900 32,000 For the year ended December 31, 2021, prepare the (i) Refreshment Profit And Loss Account. (ii) 360,000 260,000 420,000 Income And Expenditure Account. Prepare the Balance Sheet as at December 31, 2021. 26,300 185,000 300,000 36,000 321,800 462,000 Wages and salaries of $24,400 have not yet paid as at December 31, 2021. Subscription fees of $34,000 for the next financial year have been received in advance at December 31, 2021. 22,500 25,000 45,000 30,000 20,000 132,000 (3.5 marks) (14 marks) (12.5 marks) Company ABC Ltd. Profit and Loss Statement For the year ended December 31, 2018 Particulars Sales Cost of goods Sold Gross Profit Operating Expenses Advertisement expenses Depreciation expense Rent expense Payroll taxes salaries and wages Commission expense Other Operating Expenses Total operating Expenses Operating Income Non-operating Income Revenue from Interest Interest Expenses Total Non-operating Income Net Income Amount ($) Amount ($) $1,000,000 $ 600,000 $ $ $ $ $ $ $ 60,000 80,000 15,000 5,000 51,000 5,000 7,000 $ 10,500 $ (9,100) $ 400,000 $ 223,000 $ 177,000 $ 1,400 $ 178,400

Answer rating: 100% (QA)

Adjustments ADJUSTED BALANCE Debit Credit Ref Debit Credit Debit Credit Advertising and promotion 105500 Advertising and promotion 105500 Cash and bank 98900 Cash and bank 98900 Donation received 3200... View the full answer