The following are extracted balances from The Muppets Inc accounting records along with other information relating to
Question:
The following are extracted balances from The Muppets Inc accounting records along with other information relating to the business's year-end on 30 April 2017:
Share Capital as of 1 May 2016 114,755
Machinery cost 100,000
Sales Revenue 59,000
Motor Vehicles cost 50,000
Purchases 25,000
Trade Receivables 13,500
Trade Payables 12,500
Accumulated depreciation: Machinery 10,000
VAT payable 7,750
Net Profit as at 30 April 2017 7,105
Accumulated depreciation: Motor Vehicles 5,000
Water 4,500
Inventory as at 1 May 2016 3,500
Wages and Salaries 3,500
Rent 3,000
Bank (DR balance) 1,800
Purchases Return 1,355
Municipality tax 1,250
Bad Debts are written off 1,150
Sales Returns 1,250
Discounts Allowed 950
Cash in Hand 760
Drawings 750
Discounts Received 550
Notes:
The Rent figure includes $600 relating to May, June, and July 2017.
The Machinery still has to be depreciated at year-end by 10% straight line.
There were unpaid Wages and Salaries at year-end 30 April 2017 of $800.
The scheduled inventory count at year-end 30 April 2017 valued Inventory at $5,000.
Motor Vehicle's year-end depreciation (diminishing /reducing balance at 10%) has not yet been calculated.
Required:
Prepare a Statement of Financial Position for its year-end.
Financial Reporting and Analysis
ISBN: 978-1259722653
7th edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer