Question

Prepare the statement of financial position for C. Koat at 31 December 20X9: Assets: Office building...

Prepare the statement of financial position for C. Koat at 31 December 20X9: Assets: Office building £25,000, Factory £60,000, Inventory £8,000, Cash £500, Monies owed from a customer £3,500. Liabilities: Bank overdraft £5,000, Monies owed to R. Lodge £6,000, Ban=k loan £2,000. C. Koat lodged £5,000 of his own personal monies to the business account during the year.

Required: Using the accounting equation, determine C. Koat’s net worth at 31 December 20X9.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Attached the workings for your reference:

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Information for Stanton, Inc., as of December 31 follows. Prepare a schedule of cost of goods...
Information for Stanton, Inc., as of December 31 follows. Prepare a schedule of cost of goods manufactured for the year ended December 31. Administrative salaries $ 35,000 Depreciation of factory equipment 25,000 Depreciation of delivery vehicles 6,000 Direct labor 68,000 Factory supplies used 9,000 Finished goods inventory, January 1 57,000 Finished goods inventory, December 31 ? Factory insurance 15,500 Interest expense 12,000 Factory utilities 14,000 Factory maintenance 7,500 Raw materials inventory, January 1 5,000 Raw materials inventory, December 31 4,000...
Awesome Inc. Statement of financial position As at December 31 20X8 20X7 Accounts receivable $ 160,000...
Awesome Inc. Statement of financial position As at December 31 20X8 20X7 Accounts receivable $ 160,000 $ 110,000 Inventory 62,000 50,000 Prepaid expenses 3,000 4,000 Investments at FVPL 18,000 40,000 Investments at FVOCI 18,000 13,000 Property, plant and equipment (net) 80,000 100,000 Land 180,000 94,000 $ 521,000 $ 411,000 Bank overdraft $ 9,000 $ 32,000 Accounts payable 30,000 20,000 Other current liabilities 45,000 60,000 Bank loans 37,000 50,000 Bonds payable 200,000 100,000 Share capital 30,000 10,000 Retained earnings 159,000 133,000...
Awesome Inc. Statement of financial position As at December 31 20X8 20X7 Accounts receivable $ 160,000...
Awesome Inc. Statement of financial position As at December 31 20X8 20X7 Accounts receivable $ 160,000 $ 110,000 Inventory 62,000 50,000 Prepaid expenses 3,000 4,000 Investments at FVPL 18,000 40,000 Investments at FVOCI 18,000 13,000 Property, plant and equipment (net) 80,000 100,000 Land 180,000 94,000 $ 521,000 $ 411,000 Bank overdraft $ 9,000 $ 32,000 Accounts payable 30,000 20,000 Other current liabilities 45,000 60,000 Bank loans 37,000 50,000 Bonds payable 200,000 100,000 Share capital 30,000 10,000 Retained earnings 159,000 133,000...
The following financial statement information is from five separate companies: December 31, 2016 Company A Company...
The following financial statement information is from five separate companies: December 31, 2016 Company A Company B Company C Company D Company E Assets 35,000 27,300 22,400 62,300 95,550 Liabilities 28,700 19,110 12,096 42,987 ? December 21, 2017 Assets 40,000 28,800 ? 72,800 110,400 Liabilities ? 19,584 13,132 34,944 87,216 During year 2017 Owner investments 6,000 1,400 9,750 ? 6,500 Net income (loss) 9,200 ? 6,200 11,543 8,574 Owner cash withdrawals 3,500 2,000 5,875 0 11,000 1a. what is the...
WALLIS CORPORATION Statement of Financial Position As at December 31, 2014 Assets 2014 2013 Cash $88,600...
WALLIS CORPORATION Statement of Financial Position As at December 31, 2014 Assets 2014 2013 Cash $88,600 $49,100 Accounts receivable 85,000 59,400 Prepaid insurance 70,000 60,000    Total current assets 243,600 168,500 Property, equipment and vehicles 360,000 305,000 Accumulated depreciation -110,400 -105,900    Total non-current assets 249,600 199,100 Total Assets $493,200 $367,600 Liabilities and Shareholders' Equity Accounts payable $21,500 $18,600 Wages Payable 3,000 4,000    Total current liabilities 24,500 22,600 Bank loan payable 50,000 60,000    Total liabilities 74,500 82,600 Common...
The balance sheet for December 31, 2018, December 31, 2017, and the income statement for the...
The balance sheet for December 31, 2018, December 31, 2017, and the income statement for the year ended December 31, 2018, for Rocket Company follows. Rocket Company Balance Sheet December 31, 2018 and 2017 2018    2017 Assets Cash $ 25,000    $ 20,000 Accounts receivable, net 60,000    70,000 Inventory 80,000    100,000 Land 50,000    50,000 Building and equipment 130,000*   115,000 Accumulated depreciation (85,000)   (70,000) Total assets $260,000    $285,000 Liabilities and Stockholders' Equity Accounts payable $ 30,000    $ 35,000 Income taxes payable 4,000   ...
Below is the information extracted from the book of ABC Sdn Bhd. Prepare the trial balance...
Below is the information extracted from the book of ABC Sdn Bhd. Prepare the trial balance as at 31 December 2019. (15 marks.) Accounts Amount (RM) Land 500,000 Building 200,000 Motor vehicles 120,000 Plant and machinery 70,000 Retained profit as at 01.01.2019 312,150 8% debenture 150,000 Ordinary share 200,000 Accumulated depreciation as at 31.12.2019: Building 60,000 Motor vehicles 69,250 Plant & machinery 40,000 Sales returns 3,600 Purchase returns 4,100 Sales 700,000 Purchases 400,000 Sales discounts 5,000 Purchase discounts 3,500 Opening...
PETE'S CONSTRUCTION YEAR ENDED DECEMBER 31, 2018 ADJUSTED TRIAL BALANCE INCOME STATEMENT STATEMENT OF OWNER'S EQUITY...
PETE'S CONSTRUCTION YEAR ENDED DECEMBER 31, 2018 ADJUSTED TRIAL BALANCE INCOME STATEMENT STATEMENT OF OWNER'S EQUITY OR BALANCE SHEET ACCOUNT TITLES DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash $37,000 $37,000 Accounts receivable 10,278 10,278 Interest receivable 1,200 1,200 Office supplies 1,000 1,000 Prepaid insurance 1,000 1,000 Prepaid rent 1,800 1,800 Note receivable 10,000 10,000 Computer equipment 24,000 24,000 Accumulated depreciation, computer equipment $10,000 $10,000 Office equipment 15,000 15,000 Accumulated depreciation, office equipment 9,000 9,000 Accounts payable 20,878 20,878 Interest payable...
Below are accounts from statement of financial position and Income statement dated on December 31, 2020...
Below are accounts from statement of financial position and Income statement dated on December 31, 2020 for Ben’s Inc., a merchandising business. All amounts are expressed in Canadian dollars and report normal balance. Account Balance Accounts payable $ 4,360 Accounts receivable $ 200 Advertising expense $ 3,200 Bank loan payable $ 8,000 Building (net value) $ 26,100 Cash $ 34,000 Common shares $ 16,000 Cost of goods sold $ 92,000 Depreciation expense, Building $ 4,400 Income tax payable To determine...
Alexander Company Comparative Balance Sheets December 31, 2013 and December 13, 2014 Assets 2013 2014 Difference...
Alexander Company Comparative Balance Sheets December 31, 2013 and December 13, 2014 Assets 2013 2014 Difference Cash          40,000       334,000       294,000 Accounts Receivable       255,000       215,000       (40,000) Inventory       430,000       350,000       (80,000) Prepaid Expenses            2,000            1,200             (800) Plant Property & Equipment    1,104,000    1,256,000       152,000 Accumulated Depr - Equipment     (280,000)     (366,000)       (86,000) Total Assets    1,551,000    1,790,200       239,200 Liabilities & Stockholder’s Equity Accounts Payable...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT