Computer Essay

464 words - 2 pages

Assignment
Question 1:

The following items are taken from the financial statements of Planxty Ltd. for 2010:

Income tax expense $ 1,000
Accounts payable 19,500
Accounts receivable 4,000
Accumulated depreciation – equipment 4,800
Bonds payable 18,000
Cash 22,000
Common shares (2,500 shares issued) 25,000
Cost of goods sold 12,000
Depreciation expense 4,800
Dividends 300
Equipment 48,000
Goodwill 7,500
Interest expense 3,500
Retained earnings, beginning 16,000
Salaries expense 8,200
Sales revenue 32,500
Supplies 4,500
Share price 4

Instructions
(a) Prepare a statement of earnings for Planxty Ltd. for the year ended December 31, 2010 in proper format (12 marks)

(b) Prepare a statement of retained earnings for ...view middle of the document...

Balance Sheet
Year Ended July 31, 2010
Assets
Cash $2500 F
Accounts receivable 200
Inventory 5,500
Prepaid rent 600
Equipment $13,000
Accumulated depreciation 2000 G 11,000
Total assets $19,800 H

Liabilities and Shareholders' Equity
Accounts payable $5,500
Notes payable 2000 I $ 7,500
Shareholders' equity
Common shares (5,000 shares issued) $9,300
Retained earnings 3000 J
Total shareholders’ equity 12,300 K
Total liabilities and shareholders' equity $19,800
Instructions
Solve for the missing items A,B,C,D,E,F,G,H,I,J,K

ANSWER NO 1:-

PLANXTY LTD
Statement Of Earnings
Year Ended December 31, 2010

Sales revenue 32,500
Expenses
Depreciation expense 4,800
Interest expense 3,500
Salaries expense 8,200 16500

Earnings before income tax 16000
Income tax expense 1,000
Net earnings 15,000

PLANXTY LTD
Statement Of Retained Earnings
Year Ended December 31, 2010

Retained earnings, beginning 16,000
Net earning 15,000
31,000
Dividends 300
Retained Earnings 28,000

PLANXTY LTD
Balance Sheet
December 31, 2010

Assets
Accounts receivable 4,000
Cash 22,000
Cost of goods sold 12,000
Equipment 48,000
Accumulated depreciation – equipment 4,800 43,200
Goodwill 7,500
Supplies 4,500
Total Assets 93,200

Liabilities And Shareholder’s Equity
Accounts payable 19,500
Bonds payable 18,000
Total Liabilities 37,500

Common shares 25,000
Retained Earnings 28,000
Total Shareholder’s Equity 53,000
Liabilities And Shareholder’s Equity 90,500

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