Amount of expenses to be recorded in 2016 = Amount paid for 2016 expenses + Accrued expenses for 2016 + Depreciation
= $32,000 + $8,000 + $5,000
= $45,000
Question 6 In 2016, Zealous Ltd paid $1900 for 2015 expenses, $32 000 for 2016 expenses...
In 2011, Zealous Ltd paid $1900 for 2010 expenses, $32 000 for 2011 expenses and $4000 advance payment for 2012 expenses. In 2012, it paid $8000 for 2011 expenses. Furniture depreciation for 2011 was $5000. What was the accrual accounting expense for 2011? Select one: a. $37 000 b. $40 000 c. $50 900 d. $45 000
The following information has been extracted from the books of account of Tanya Marsh at 30 April 2016 2275 10 000 6 550 1 250 5 600 15 000 11 500 12 500 23 500 44 500 35 405 2 800 1 200 120 000 45 200 25 652 Bank overdraft Bank loan repayable February 2017 Carriage outwards Discounts allowed Discounts received Drawings Inventories at 1 May 2015 Motor vehicle expenses Premises Purchases Rent (expense) and rates Returns inwards Returns...
Question 4 A machine was acquired on January 1, 2015, at a cost of $80,000. The machine was originally estimated to have a residual value of $5,000 and an estimated life of 5 years. The machine is expected to produce a total of 100,000 components during its life, as follows: 15,000 in 2015, 20,000 in 2016, 20,000 in 2017, 30,000 in 2018, and 15,000 in 2019. Instructions (a) Calculate the amount of depreciation to be charged each year, using each...
PSB11.10 Below is the information relating to Simic and Nikolic Ltd for the year ended 30 June 2016. Prepare a statement of cash flows, including asset revaluations, bones share ise and transfer to resernes, using direct and indinect methods SIMIC AND NIKOLIC LTD Statement of financial position as at 30 June 2016 (LO3) 2016 2015 $000 $000 Assets Current assets 3150 1240 Cash 1 220 1 100 Accounts receivable Allowance for doubtful debts (60) 1520 60 (50) 1300 Inventory Prepaid...
Excercise 2-5,2-6,2-7
8. Bonds payable, due in ten years 9. Machinery Exercise 2-6 Selling Expenses and General and Administrative Expenses LOS Operating expenses are subdivided between selling expenses and general and administrative EXAN expenses when a multiple-step income statement is prepared. Identify each of the following items as a selling expense (S) or general and administrative expense (G&A). 1. Advertising expense 2. Depreciation expense-store fumiture and fixtures 3. Office rent expense 4. Office salaries expense 5. Store rent expense 6....
*JUST REQ 3B, Retained eranings, December 31, 2016
Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3 [The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2017, follows. WTI initially records prepaid expenses and...
Problem 1: Selected balances for Tyner Company are as follows: 2017 2016 Equipment Accumulated Dep 100,000 (30,000) (10,000) 40,000 A. Tyner sold equipment that originally cost $50,000 at a gain of $4000 B. Depreciation expense for the year was $60,000 C. Tyner had an equipment purchase for cash during the year. Prepare the Investing section of the cash flow statement for Tyner to answer QS 12-11 through QS 12-16 as 12-11 The the following balance Comparative Balance Sheets P2 41,000...
SECTION A (40 marks): Answer ALL Questions in this section. QUESTION ONE a) Aseda Ltd incurred the following cost in its manufacturing operations GH¢ Cost of material purchase 20,000 Import duties 400 Trade discount @10% of purchase cost Cash discount 500 Irrecoverable taxes 1,000 Salary of factory plant operator 2,500 Direct labour 5,000 Salary of factory supervisor 4,000 Cost of expected production losses 800 Administrative overhead (Note) 16,000 Cost of storage of raw material for further processing 2,000 Marketing cost...