Accounting questions! how to prepare SOFP and income statement? thank you!
Q: Discuss the history of Accounting?
A: Italy, birthplace of many of the world's most important historical figures like Michelangelo,…
Q: Describe the reasons why financial accounting is useful?
A: Financial accounting is a specific branch of accounting involving a process of recording,…
Q: How to do accounting
A: Accounting involves the recording, posting, summarizing the financial transactions and making useful…
Q: Define various terminologies of Accounting?
A: Accounting- It is an art and science of recording, classifying, and summarising transactions and…
Q: Who are the primary users of financial accounting information?
A: Primarily there are 2 types of users of financial accounting information: Internal users External…
Q: users of accounting information
A: The financial information is presented in the financial statement of the company that reflect the…
Q: What do the decisions based on accounting information include?
A: Accounting information is the collection and processing of the business transaction to conclude the…
Q: ancial report
A: Financial reporting refers to the concept of evaluating and formulating all the documents of the…
Q: task of financial accounting
A: Financial accounting is recording day to day business transactions to get a clear picture of…
Q: What is financial accounting process
A:
Q: How would you define the fundamental accounting equation
A: Fundamental Accounting Equation: The "basic accounting equation' refers to the mathematical equation…
Q: What is the relevance of the Accounting Information System in the modern practice of accounting?
A: Accounting Information System: When a company employs an accounting information system (AIS), it…
Q: prepare the Income Statement
A: Formula: Net income = Total revenues - Total expenses
Q: What type of internal and external accounting reports will you use in the process of making…
A: Internal accounting reports are managerial reports which are generated for use by managers at…
Q: Tell me Features of accounting?
A: Accounting process starts with the process of maintaining books of accounts. Relevant business…
Q: COUNTING
A: In the given case it is reasonably certains that the lessee exercise the purchase option then amount…
Q: What is accounting? Explain and discuss the accounting standards and assumptions.
A: Accounting is the process of identifying, recording, summarizing, analyzing, interpretation and…
Q: What is the relevance of the Accounting Information System in the present practice of accounting?
A: Accounting Information System: An accounting information system (AIS) is a framework that a company…
Q: Define accounting and discuss the many applications of accounting information.
A: Accounting: Accounting is a system or process that collects and organizes economic transactions,…
Q: What function does the Accounting Information System perform today
A: The functions of Accounting Information System is enumerated as below: Reporting to Management:…
Q: How do we get the accounting records ready to prepare financial statements?
A: Explanation - There are three statements of the organization which show different accounting…
Q: What is the relevance of the Accounting Information System in today's accounting practice, and how…
A: SOLUTION THE PURPOSE OF ACCOUNTING INFORMATION SYSTEM IS TO COLLECT ,STORE AND PROCESS FINANCIAL AND…
Q: good
A: Partnership: It is the agreement between two individuals to share business profitsÂ
Q: please give me full answer thanks 2. Define various terminologies of Accounting?
A: Introduction: Accounting : Accounting is an art of recording , classifying , summarizing and…
Q: Explain accounting principles.
A: Accounting principles: The conventions or rules those are required to prepare and report the…
Q: In history's accounting practise, what function does an Accounting Information System play?
A: Accounting information system (AIS) is a collective mechanism wherein information or data related to…
Q: n account
A: Concept: Partnership is the firm that more than two peoples will run the business and sharing their…
Q: Financial accounting is the area of accounting aimed at serving __________ by providing them with…
A: Financial accounting helps in preparing financial statements like Statement of Income, balance sheet…
Q: Define principles of Accounting?
A: Accounting is a way of recording money related transactions in the financial statements of an…
Q: When it comes to the contemporary practice of accounting, what is the significance of the Accounting…
A: Here is the Answer
Q: please help me with a statement of financial position using below information?
A: From the given trial balance, it can be determined that this is a trial balance of sole…
Q: Explain the Accounting Equation?
A: The accounting equation is the foundation of the balance sheet as well as the fundamental premise of…
Q: efine what is accounting? How accounting used in our daily activities? What is the nature of…
A: Accounting has emerged as a subject for students that can be used in wide range of activities, say…
Q: Looking for help with accounting basics, the T structure
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: What is your insight/reflection about accounting?
A: Every business operates for the purpose of generating profits. For calculating and measuring results…
Q: What are the accounting measurements (principles and p
A: Accounting principles are the rules and criteria that companies must follow when reporting financial…
Q: Make logical comparison between financial accounting with other fields of accounting ?
A: Accounting It is a process under which financial transactions are recorded ,stored, retrieving ,…
Q: How would you define the accounting equation
A: Accounting is described as the process of obtaining, documenting, summarizing, evaluating, and…
Q: This is a question from the Accounting Information Systems by James Hall. What is a source document?…
A: Source Document is considered as a supporting document for all the accounting transactions which…
Q: financial accounting please give me the answer of this question thanks
A: The question is related to determine the amount of cash balance by preparing Balance Sheet as on…
Q: Which came first? Accounting regulations or the need for accounting regulations? Explain.
A: Accounting regulations are important part of accounting and regulation of accounting make accounting…
Q: explain.
A: Last-in, first-out (LIFO) is an expression that stands for last-in, first-out. It's an inventory…
Accounting questions! how to prepare SOFP and income statement? thank you!
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- Some interest cost of Metlock Inc. is capitalized for the year ended May 31, 2026. Compute the amount of each of the items that must be disclosed in Metlock's financial statements. Total actual interest cost $ Total interest capitalized $ Total interest expensed $The following are the summarised financial information of Ting Ltd for the two financial years ended 31 October 2020 are as follows:2019 2020£ million £ millionEquity 2,460.8 1,732.8 Non-current liabilities (Loans) 640.0 800.0 Current liabilities 654.4 1,020.5 Non-current assets 2,804.8 2,367.2 Current assets 950.4 962.4 Revenue 1,601.6 1,509.6 Total expenses 1,444.0 1,492.8 Required:(a) Calculate the following financial ratios for the two years: 2019 and 2020:(i) Current ratio (ii) Capital gearing ratio (iii) Profit margin (b) Comment briefly on the ratios of the company, computed in part (a) over the two year period from 2019 to 2020. (c) Provide any two (2) recommendations on how the company may improve these ratios in the futur.Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense for 2019 if the units-of-production method were used ( Note: Round your answer to the nearest dollar)? a. $179,400 b. $184,000 c. $218,400 d. $224,000
- 4. Prepare journal entry on January 1, 2027 to record the return of the machinery to the lessor. Assume thefair value of the asset is P300,000An extract of the Asset Register of Ace Pty Ltd (“Ace”) for the 2018 - 2019 Income year isshown as follows:Asset Cost OpeningAdjustableValueMethod EffectiveLifeDecline inValue forThis PeriodClosingAdjustableValuePrinter 1,200 1,200 DiminishingValue3 years 400 800Desks 3,000 2,400 Prime Cost 10 years 300 2,100Appliances 2,600 1,040 Prime Cost 5 years 520 520All depreciable assets are 100% for business use and Ace uses a low-value pool for all eligibleassets. The closing value of the low-value pool at 30 June 2019 was $8,000. Ace purchased a camera on 20 Jan 2020 for $840.Advise Ace of the Income Tax consequences arising out of the above information for the 2019 - 2020 Income year assuming Ace is not a small business entity.The following is an extract from the statements of financial position of Carp plc as at 31 December 2020 and 2021: Plant and equipment (carrying amount) 2020 £m 268 O a. (£87m) O b. (£84m) O c. (£76m) O d. (£65m) 2021 £m 343 During the year to 31 December 2021 the following transactions took place: 1. Interest received was £llm 2. Depreciation of plant and equipment during the year was £23m There were no disposals of non-current assets during the year. What was the appropriate figure for net cash from investing activities for reporting in the statement of cashflows for the year ending 31 December 2021?
- An SME provided the following on December 31, 2022: Cash Accounts receivable Prepayments Inventories Investment in associate Property, plant and equipment Accumulated depreciation and impairment Software - net of amortization and impairment Deferred tax asset Bank overdraft Bank loan, fully payable in 2022 and prepayable without penalty Trade payables Interest payable Current tax liability Provision for warranty. Employee benefit obligation, current portion, P4,000 Finance lease liability, current portion, P20,000 Share capital Retained earnings 5. What is the total amount of current assets? A. 675,000 B. 615,000 C. 785,000 D. 725,000 6. What is the total amount of current liabilities? A. 810,000 B. 860,000 C. 786,000 D. 806,000 7. What is the total shareholders' equity? A. 2,460,000 B. 2,400,000 C. 2,430,000 D. 2,700,000 25,000 530,000 60,000 60,000 110,000 3,250,000 700,000 10,000 5,000 80,000 50,000 430,000 2,000 270,000 4,000 10,000 44,000 30,000 2,430,0002019 (Rs. In Thousands) 2020 Assets Freehold Property at Cost 66 48 Plant and machinery (cost less depreciation) 41.6 121 Inventories 60.7 65.7 Sundry Debtors 40.2 49.5 Cash and bank 18.5 33.6 Preliminary Expenses 2.4 1.2 229.4 319 Liabilities Issued Share capital 120 150 Share Premium Account - 10 Capital Reserve - 34 Profit and Loss Account 43 42.4 Sundry Creditors 54.4 65.2 Proposed Dividends 12 17 229.4 319 There is no sale for plant and machinery in year 2020. Depreciation written off during year 2020 was Rs. 15000. Net Profit for the year was Rs. 16,400. dividend paid during 2020 in respect of previous year was Rs. 12,000 . Capital reserve represented a profit on sale of freehold premises. You need to prepare: (i) a Statement showing Changes of Working Capital during 2020; and (ii) A Funds Flow Statement for the same period.XNM Bhd prepared its profit & loss statement and financial position statement as at December 31, 2020 as follows; XNM Bhd Statement of Financial Position As at 31 December 2020 2020 2019 ASSETS RM RM Property, plant and equipment (PPE) 154,000 130,000 Accumulated depreciation – (PPE) (35,000) (25,000) Cash 6,000 9,000 Accounts receivable 62,000 49,000 Short-term investments (Available for sale) 35,000 18,000 Inventories 40,000 60,000 Prepaid rent 5,000 4,000 Copy right 46,000 50,000 Total assets 313,000 295,000 EQUITY AND LIABILITIES Ordinary shares 130,000 130,000 Retained earnings 57,000 36,000 Note payable 8,000 10,000 Long-term loans 60,000 67,000 Interest payable 46,000 42,000 Salaries payable 8,000 4,000 Income tax payable 4,000 6,000 Total liabilities and equity 313,000 295,000 XNM Bhd Statement…
- 14 - Our company has purchased a land for 472.000 TL including 18% VAT. Which of the following accounts is correct to use in the relevant accounting record ? a) 252 Buildings Hs. 72.000 TL (Borrower) B) 250 Land and Lands Hs. 400.000 TL (Creditor) NS) 250 Land and Lands Hs. 400.000 TL (Borrower) D) 391 Calculated VAT Hs. 72.000 TL (Borrower) TO) 191 VAT Deductible 72.000 TL (Creditor)The following are extracts from the financial statements of Captus Ltd. As at 31 March: 2021 2020 Sh.’000’ Sh.’000’ Sh.’000’ Sh.’000’ Fixed assets: Goodwill Freehold land and building Plant and machinery (NBV) Investment at cost Current assets: Stocks Accounts receivable Investments Cash at hand and bank Current liabilities Bank overdraft Accounts payable Proposed dividends Taxation Net current assets 15% debentures Capital and reserves: Authorised, issued and paid Sh.10 Ordinary shares Share premium Revaluation reserve Retained profit 10,050 6,140 1,710 200 18,100 (2,390) (5,850) (450) (820) (9,510) 2,800 16,800 5,860 3,600 29,060 8,590 37,650 (7,500) 30,150 18,000 1,500 4,500 6,150 8,700 7,800 840 430 17,770 (6,540) (5,250) (380) (600) (12,770) 2,900 12,000 6,350 3,750 25,000 5,000 30,000 (9,000) 21,000 15,000 750 -…Given the following account balances of MASK RIDER Co. for the year ended December 31, 2020, prepare a Statement of Financial Position using the report form. Mask Rider, capital Beg. Balance PO Contribution 30, d00 DUE ON MAY 15, 2021 Withdrawal 15, 000 Additional cortribution 5, 000 Net Income Ending Balance 57, 450 Property, Plant and Equipment P 300, 000 Accumulated Depreciation 5, 000 Accounts payable B, 110 Uneamed income 1, 395 Cash 44, 535 Prepaid rent 5, 000 Salaries payable 1, 000 Lang-term note payable 23. 000 Accounts receivable 575 Merchandise Inventory 15,345 Utilities payable 4. 00