Question: This information provided below is for Sparkles Pty Ltd for the year ended 31 December 2021: Equipment $90,000 Salaries payable 23,000 Dividends Paid during 2021

This information provided below is for Sparkles Pty Ltd for the year ended 31 December 2021:

Equipment$90,000
Salaries payable23,000
Dividends Paid during 202114,000
Accounts payable120,200
Inventory140,000
Prepaid rent4,800
Accounts receivable56,000
Accumulated Depreciation40,000


Calculate Equity at 31 December 2021:

 

a. $107 600

b. $93 600

c. $98 000

d. $147 600

e. $133 600

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

The correct option is a 107600 Workings Computation o... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

The financial statements for Lucky Ltd for the year ended 31 December 2014 were as follows. Additional information: Dividends paid during the year $60, 000 Retained earnings al 1 January 2014:...

Q:

The financial statements for Falls Ltd for the year ended 31 May 2014 were as follows. Additional information: Dividends paid during the year: $30,000 Retained earnings ell June 2013: $168,000. a....

Q:

The following figures relating to the year ended 31 March 20X3 have been extracted from the books of a manufacturer: ............................................................... Total of sales...

Q:

Diksha and Padmaja are in partnership. Their financial year ends on 31 July. Their partnership agreement provides for: Interest on capital at 4% per annum An annual salary of $4,000 for Padmaja ...

Q:

Public University Transactions. The Statement of Net Assets of Green Tree State University, a governmentally owned university, as of the end of its fiscal year June 30, 2010, follows. The following...

Q:

The following is the income statement for Nikov and Co. for the year ended 31 December 2018, along with information relating to the preceding year. Required: Analyse the performance of the business...

Q:

Alpha holds investments in two other entities, Beta and Gamma. All three entities prepare financial statements to 31 March and the statement of financial positions of the three entities at 31 March...

Q:

The Curtain-up Drama Club was formed several years ago. The club operates a life membership scheme. The club's treasurer is able to supply the following information about the year ended 31 December...

Q:

The following are the financial statements of Riddle plc for the last two years: Statement of comprehensive income for the year ended 31 March 20X9 Required: (a) Prepare the statement of cash flows...

Q:

Scotia Health Consultants Ltd provides advice to clients in medical, dietary and fitness matters by offering consultation with specialist staff. The budget information for the year ended 31 May is as...

Q:

Joli signs and returns a letter from Kerin, referring to a book and its price. When Kerin delivers the book, Joli sends it back, claiming that they have no contract. Kerin claims they do. What...

Q:

The director of marketing at Reeves Wholesale Products is studying monthly sales. Three independent variables were selected as estimators of sales: regional population, per capita income, and...

Q:

Under the regressive tax rate structure, the amount of taxes due decreases as the tax base increases.

Q:

Look Out A snowball rolls off a barn roof that slopes downward at an angle of 40" (Fig. 3.49). The edge of the roof is 14.0 m above the ground, and the snowball has a speed of 7.00 m/s as it rolls...

Q:

The pole is subjected to the force F which has components Fx and Fz. Determine the magnitudes of F and Fy. Units Used: kN = 1000 N Given: Fx = 1.5kN Fz = 1.25kN β = 75 deg F.

Q:

A long-term investment in bonds with a cost of $60,000 was sold for $72,000 cash. (a) What was the gain or loss on the sale? (b) What was the effect of the transaction on cash flows? (c) How should...

Q:

Cost of capital suppose Tom OBedlam president of Bedlam Products, Inc., has hired you to determine the firms cost of debt and cost of equity capital. (a) The stock currently sells for $50 per share,...

Q:

During some actual expansion and compression processes in pistoncylinder devices, the gases have been observed to satisfy the relationship PVn = C, where n and C are constants. Calculate the work...

Q:

_________________________ refers to when individuals are deterred from committing a crime out of a fear of punishment. Group of answer choices specific deterrence general deterrence zero-tolerance...

Q:

A limited company has authorised share capital of: 500,000 ordinary shares of $0.50 each 200,000 5 percent preference shares of $1 each. The company had actually issued 80 percent of its ordinary...

Q:

Mandy Ltd produces one product, the Mend. The total budgeted profit for the business for February 2015 was S38 400. The following variances have been calculated. Required Calculate the actual profit...

Q:

Mary Ltd produces one product: the Marl. The budgeted sales for April 2014 were 13 030 units at a selling price of S1.90 per unit. The actual sales during April 2014 were 12 200 units at a selling...

Q:

Suppose that for health reasons, the government of the nation of Ironia wants to increase the amount of broccoli citizens consume. Which of the following policies could be used to achieve the goal?...

Q:

The following scenarios describe the price elasticity of supply and demand for a particular good. In which scenario will a subsidy increase consumption the most? Choose only one. a. Elastic demand,...

Q:

Based on Table 5P-1, calculate consumer surplus for each consumer when the price is $17. What is the total consumer surplus at this price?