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2- Complete the following Profit & Loss for year 2015 & 2016 2015 2.150.0( 2016 rease...
1. Journalise the transactions in both years 2015 and 2016 2. Prepare an extract of the...
1. Journalise the transactions in both years 2015 and
2016
2. Prepare an extract of the statement of financial
position showing the equity and liability sections at 31 December
2016
QUESTION 3 (TOTAL: 10 marks) Green Wave Berhad has the following equity accounts at 31 December 2014 Ordinary Share Capital, no par value Authorised 1,000,000 shares Issued: 480,000 shares RM480,000 9% Cumulative Preference Share Capital, no par value Authorised: 200.000 shares Issued Nil Retained carnings RM394,000 Additional information: Transactions in...
Balance Sheets as of December 31 2016 2015 $ 14,000 1 Cash and equivalents Accounts receivable...
Balance Sheets as of December 31 2016 2015 $ 14,000 1 Cash and equivalents Accounts receivable Inventories 12,000 25,000 23,000 $71.705 60,000 48,000 $120,705 $108,000 30,000 27,705 Total current assets Net plant and equipment Total assets 49,000 Liabilities and Equity $ 10.9008,500 7,000 5.050 s 25,20020,550 20,000 s 45.200 40.550 40,000 27.450 $75.5055 67450 $108.000 Accounts payable 7.500 Notes payable 6.800 Total current liabilities Long-term bonds 20,000 Total liabilities Common stock (4,000 shares) Retained earnings 40,000 Common equity Total liabilities...
Wonderpapa Bhd Statement of Profit or Loss for the year ended 31 December 2016 RM RM...
Wonderpapa Bhd Statement of Profit or Loss for the year ended 31 December 2016 RM RM 7,000,000 (4.000.000 3,000,000 Turnover Cost of goods sold Gross Profit Less: Expenses Operating expenses Depreciation expenses Loss on sale of machinery Profit before taxation Taxation Net Profit after taxation 800,000 880,000 30,000 (1.710,000) 1,290,000 (300.000) 990,000 The following balances are reported on Wonderpapa Bhd's comparative Statement of Financial Position as at 31 December 2016 RM 2015 RM Non-current Assets Machinery Accumulated Depreciation 3,020,000 (1,647,000)...
Balance Sheets as of December 31 2016 2015 Assets Cash and equivalents Accounts receivable Inventories $15,000...
Balance Sheets as of December 31 2016 2015 Assets Cash and equivalents Accounts receivable Inventories $15,000 14,000 30,000 .28,000 $81,235 $72,000 47,000 $119,000 35,000 31,235 Total current assets Net plant and equipment Total assets 50,000 $131,235 Liabilities and Equity Accounts payable Accruals Notes payable $10,000 7,100 7,000 8,500 7,000 5,150 Total current liabilities Long-term bonds Total liabilities Common stock (4,000 shares) Retained earnings 20,000 44,100 60,000 27,135 87,135 $131,235 $ 24,100 20,650 20,000 $40,650 60,000 18,350 $ 78,350 $119,000 Common...
Balance Sheets as of December 31 2016 2015 Assets Cash and equivalents Accounts receivable Inventories s13,000...
Balance Sheets as of December 31 2016 2015 Assets Cash and equivalents Accounts receivable Inventories s13,000 35,000 34,620 82,620 50,000 $132,620 s 12,000 25,000 22,000 59,000 49,000 $108,000 Total current assets Net plant and equipment Total assets Enter your answers in millions. For example, an answer of $25,000,00D,000 should be entered as 25,000. a. What was net operating working capital for 2015 and 20167 2015 S million Liabiwties and Equity Accounts payable Accruals Notes payable 2016 million 10,800 8,000 6,200...
Exhibit 22-2 On January 1, 2015, Nathan, Inc. purchased a machine for $56,000. Eight-year, straight-line depreciation...
Exhibit 22-2 On January 1, 2015, Nathan, Inc. purchased a machine for $56,000. Eight-year, straight-line depreciation with no salvage value was used through December 31, 2016. On January 1, 2017, it was estimated that the total useful life of the machine from acquisition date was ten years. Refer to Exhibit 22-2. The adjusting entry that should be made on January 1, 2017, will be in the amount of $6,000 $3,600 $2,400 $ 0
Calculation Problem Consider the following information: % Δ Sales per share-o.02 + 1.5 (xa PCE) Year 2016 Estimated...
Calculation Problem Consider the following information: % Δ Sales per share-o.02 + 1.5 (xa PCE) Year 2016 Estimated Year 2017 Personal consumption expenditures Personal consumption expenditures growth Industry Sales per share Industry Operating profit margin Industry Depreciation/Fixed Assets Industry Fixed asset turnover Interest rate $6,800 billion 1.50% $525 15% 8.25% 6% Industry Total asset turnover Industry Debt/Total assets Industry Tax rate 1.2 45% 36% All rights reserved Calculation Problem (1) Calculate personal consumption expenditures for the year 2017 (2) Estimate...
Problem 2-13 Loss Carryback and Carryforward The Bookbinder Company has made $200,000 before taxes during each...
Problem 2-13 Loss Carryback and Carryforward The Bookbinder Company has made $200,000 before taxes during each of the last 15 years, and it expects to make $200,000 a year before taxes in the future. However, in 2016 the firm incurred a loss of $675,000. The firm will claim a tax credit at the time it files its 2016 income tax return, and it will receive a check from the U.S. Treasury. Show how it calculates this credit, and then indicate...
6) Assume the Murtha Company reported the following adjusted account balances at year-end. 2016 2015 $1,560,200...
6) Assume the Murtha Company reported the following adjusted account balances at year-end. 2016 2015 $1,560,200 $1,210,92% (79.000) _(64.600) $1.481,200 $1,146,320 Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net D) $64,600 C) $79,000 w the company recorded no write-offs or recoveries during 2016. What was the amount of BI B) $14,400 Assume the company recorded no write-offs or Expense reported in 2016? A) $28,800 7) Your company has 100 units in in market value of $14. The en many...
nix Wednesday TAX-4: Hanks Company The Hanks Company has the following income statement for the year...
nix Wednesday TAX-4: Hanks Company The Hanks Company has the following income statement for the year ended December 31, 2016: Subscription revenue Interest revenue on municipal bonds Total revenues $250,000 4.500 254,500 Expenses: Subscription costs Wages Rent expense Depreciation on equipment Insurance expense Total expenses Income before tax 120,000 30.000 15,000 45,000 8,000 218.000 36,500 Hanks Company has the following partially completed comparative balance sheets as of December 31: 2016 2015 $ 92,775 19.250 3,000 2,500 $ 10,000 19,250 2.800...
1. Journalise the transactions in both years 2015 and
2016
2. Prepare an extract of the statement of financial
position showing the equity and liability sections at 31 December
2016
QUESTION 3 (TOTAL: 10 marks) Green Wave Berhad has the following equity accounts at 31 December 2014 Ordinary Share Capital, no par value Authorised 1,000,000 shares Issued: 480,000 shares RM480,000 9% Cumulative Preference Share Capital, no par value Authorised: 200.000 shares Issued Nil Retained carnings RM394,000 Additional information: Transactions in...
Balance Sheets as of December 31 2016 2015 $ 14,000 1 Cash and equivalents Accounts receivable Inventories 12,000 25,000 23,000 $71.705 60,000 48,000 $120,705 $108,000 30,000 27,705 Total current assets Net plant and equipment Total assets 49,000 Liabilities and Equity $ 10.9008,500 7,000 5.050 s 25,20020,550 20,000 s 45.200 40.550 40,000 27.450 $75.5055 67450 $108.000 Accounts payable 7.500 Notes payable 6.800 Total current liabilities Long-term bonds 20,000 Total liabilities Common stock (4,000 shares) Retained earnings 40,000 Common equity Total liabilities...
Wonderpapa Bhd Statement of Profit or Loss for the year ended 31 December 2016 RM RM 7,000,000 (4.000.000 3,000,000 Turnover Cost of goods sold Gross Profit Less: Expenses Operating expenses Depreciation expenses Loss on sale of machinery Profit before taxation Taxation Net Profit after taxation 800,000 880,000 30,000 (1.710,000) 1,290,000 (300.000) 990,000 The following balances are reported on Wonderpapa Bhd's comparative Statement of Financial Position as at 31 December 2016 RM 2015 RM Non-current Assets Machinery Accumulated Depreciation 3,020,000 (1,647,000)...
Balance Sheets as of December 31 2016 2015 Assets Cash and equivalents Accounts receivable Inventories $15,000 14,000 30,000 .28,000 $81,235 $72,000 47,000 $119,000 35,000 31,235 Total current assets Net plant and equipment Total assets 50,000 $131,235 Liabilities and Equity Accounts payable Accruals Notes payable $10,000 7,100 7,000 8,500 7,000 5,150 Total current liabilities Long-term bonds Total liabilities Common stock (4,000 shares) Retained earnings 20,000 44,100 60,000 27,135 87,135 $131,235 $ 24,100 20,650 20,000 $40,650 60,000 18,350 $ 78,350 $119,000 Common...
Balance Sheets as of December 31 2016 2015 Assets Cash and equivalents Accounts receivable Inventories s13,000 35,000 34,620 82,620 50,000 $132,620 s 12,000 25,000 22,000 59,000 49,000 $108,000 Total current assets Net plant and equipment Total assets Enter your answers in millions. For example, an answer of $25,000,00D,000 should be entered as 25,000. a. What was net operating working capital for 2015 and 20167 2015 S million Liabiwties and Equity Accounts payable Accruals Notes payable 2016 million 10,800 8,000 6,200...
Calculation Problem Consider the following information: % Δ Sales per share-o.02 + 1.5 (xa PCE) Year 2016 Estimated Year 2017 Personal consumption expenditures Personal consumption expenditures growth Industry Sales per share Industry Operating profit margin Industry Depreciation/Fixed Assets Industry Fixed asset turnover Interest rate $6,800 billion 1.50% $525 15% 8.25% 6% Industry Total asset turnover Industry Debt/Total assets Industry Tax rate 1.2 45% 36% All rights reserved Calculation Problem (1) Calculate personal consumption expenditures for the year 2017 (2) Estimate...
6) Assume the Murtha Company reported the following adjusted account balances at year-end. 2016 2015 $1,560,200 $1,210,92% (79.000) _(64.600) $1.481,200 $1,146,320 Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net D) $64,600 C) $79,000 w the company recorded no write-offs or recoveries during 2016. What was the amount of BI B) $14,400 Assume the company recorded no write-offs or Expense reported in 2016? A) $28,800 7) Your company has 100 units in in market value of $14. The en many...
nix Wednesday TAX-4: Hanks Company The Hanks Company has the following income statement for the year ended December 31, 2016: Subscription revenue Interest revenue on municipal bonds Total revenues $250,000 4.500 254,500 Expenses: Subscription costs Wages Rent expense Depreciation on equipment Insurance expense Total expenses Income before tax 120,000 30.000 15,000 45,000 8,000 218.000 36,500 Hanks Company has the following partially completed comparative balance sheets as of December 31: 2016 2015 $ 92,775 19.250 3,000 2,500 $ 10,000 19,250 2.800...
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