Financial statements for Space Galaxy Ltd. are presented
below:
Space Galaxy Ltd.
Statement of Financial Position...
Financial statements for Space Galaxy Ltd. are presented
below:
Space Galaxy Ltd.
Statement of Financial Position
December 31, 2018
Assets
Liabilities
& Shareholders’ Equity
Cash ................................................ $ 44,000
Accounts
payable
$
28,000
Accounts receivable
39,000
Bonds
payable
54,000
Buildings and equipment
154,000
Accumulated depreciation—
buildings and equipment
(46,000)
Common
shares
69,000
Patents
24,000
Retained
earnings
64,000
$215,000
$215,000
Space Galaxy Ltd.
Statement of Cash Flows
For the Year Ended December 31, 2018
Cash flows from operating activities
Net income...
Financial statements for Space
Galaxy Ltd. are presented below:
Space Galaxy
Ltd.
Statement of Financial
Position...
Financial statements for Space
Galaxy Ltd. are presented below:
Space Galaxy
Ltd.
Statement of Financial
Position
December 31,
2018
Assets
Liabilities & Shareholders’
Equity
Cash ................................................
$ 44,000
Accounts
payable
$ 28,000
Accounts
receivable
39,000
Buildings and
equipment
154,000
Accumulated depreciation—
Bonds
payable
54,000
buildings
and
equipment
(46,000)
Common
shares
69,000
Patents
24,000
Retained
earnings
64,000
$215,000
$215,000
Space Galaxy
Ltd.
Statement of Cash
Flows
For the Year Ended December
31, 2018
Cash...
A summarised comparative statement of financial position of
Kangaroo Ltd is presented below.
30-Jun-20
30-Jun-19
Cash...
A summarised comparative statement of financial position of
Kangaroo Ltd is presented below.
30-Jun-20
30-Jun-19
Cash
$80,000
$60,000
Accounts Receivable
$65,000
$90,000
Inventories
$58,000
$62,000
Prepayments
$10,000
$12,000
Land
$90,000
$90,000
Plant
$380,000
$300,000
Accumulated Depreciation
($70,000)
($57,000)
$621,000
$557,000
Accounts Payable
$45,000
$52,000
Long-term Borrowings
$170,000
$200,000
Share Capital
$280,000
$230,000
Retained Earnings
$126,000
$75,000
$621,000
$557,000
Additional information
There were no disposals of land or plant during the year.
A $30 ,000 borrowing was settled through the issue...
A summarised comparative statement of financial position of
Kangaroo Ltd is presented below.
30-Jun-20
30-Jun-19
Cash...
A summarised comparative statement of financial position of
Kangaroo Ltd is presented below.
30-Jun-20
30-Jun-19
Cash
$80,000
$60,000
Accounts Receivable
$65,000
$90,000
Inventories
$58,000
$62,000
Prepayments
$10,000
$12,000
Land
$90,000
$90,000
Plant
$380,000
$300,000
Accumulated Depreciation
($70,000)
($57,000)
$621,000
$557,000
Accounts Payable
$45,000
$52,000
Long-term Borrowings
$170,000
$200,000
Share Capital
$280,000
$230,000
Retained Earnings
$126,000
$75,000
$621,000
$557,000
Additional information
There were no disposals of land or plant during the year.
A $30 ,000 borrowing was settled through the issue...
The following information from the Statement of Cash Flows of
Dome Ltd. as of December 31,...
The following information from the Statement of Cash Flows of
Dome Ltd. as of December 31, 2020 is available:
Net cash used by investing activities..........
(65,000)
Net cash provided by financing activities 20,000
Net increase in cash...................................
11,000
Cash, January 1, 2020...............................
33,000
Cash, December 31, 2020........................
$ 44,000
Purchase of land.........................................
(27,000)
Purchase of buildings and equipment.....
(52,000)
Sale of equipment……… 14,000
Payment of cash dividend.........................
(25,000)
Sale of bonds............................................
45,000
The...
GCA Ltd reported the following information in its statement of
financial position at 30 June 2020:...
GCA Ltd reported the following information in its statement of
financial position at 30 June 2020: Plant $650,000 Accumulated
depreciation – plant (150,000) Intangible assets 300,000
Accumulated amortisation (100,000) Land 300,000 Total non-current
assets 1,000,000 Cash 50,000 Inventory 180,000 Total current assets
230,000 Total assets $1,230,000 Liabilities 150,000 Net assets
$1,080,000 At 30 June 2020, GCA Ltd analysed the internal and
external sources of information that would indicate deterioration
in the worth of its assets. It determined that there were...
The financial statements for Waverley Ltd are provided
below:
Waverley Ltd
Comparative Balance Sheet
As at...
The financial statements for Waverley Ltd are provided
below:
Waverley Ltd
Comparative Balance Sheet
As at 30 June 2019 and 2020
2019
2020
Assets
Cash At Bank
167,000
215,000
Accounts Receivable
213,000
158,000
Inventory
68,000
73,000
Prepaid Rent
4,000
5,000
Buildings
320,000
350,000
Accumulated Depreciation – Buildings
(108,000)
(132,000)
Equipment
67,000
78,000
Accumulated Depreciation – Equipment
(25,000)
(26,000)
706,000
721,000
Liabilities
Accounts Payable
236,000
228,000
Dividend Payable
12,000
13,000
Salary Payable
18,000
20,000
Tax Payable
16,000
17,000
Bank Loan
158,000...
On 30 June 2019, the Statement of Financial Position of Simon
Ltd showed the following non-current...
On 30 June 2019, the Statement of Financial Position of Simon
Ltd showed the following non-current asset after charging
depreciation.
Plant
$800,000
Accumulated depreciation
(400,000)
$400,000
The company has adopted fair value for the valuation of
non-current assets. This has resulted in the recognition in
previous periods of an asset revaluation surplus for the plant of
$28,000. On 30 June 2020, an independent valuer assessed the fair
value of the plant to be $320,000 and remaining useful lives of 25...