Exercise No.(7): From the following ledger balances of Nizwa Bank as on 31st Dec.2016prepare income statement and Balance SheetOMROMR('000)3,250('000)2,500Share CapitalStatutory Reserves 2Profit (previous year)Bills PayableSundry CreditorsGeneral reserveFixed DepositSavings DepositCurrent Accounts 317,7501,50038,750100Money at call and short notice3.2,4004,00015,5001,000Investments250Interest accrued700General Expenses1650Borrowed from other banks4 4,800Dividend11Non-Banking assetsInterest and Discount 32501,200Cash in hand7503,250Premises106,500Unclaimed Dividends 550Cash at Central Bank 67,050Loans, Overdrafts35,000Cash at Other Banks5,200Payment to Employees (6400BillsDiscountedandDeposits from other banks 31,000Purchased1412,500Rent, taxes16100Additional Information:a. Rebate on bills discounted to OMR 25b. Allow 5% depreciation on Premises on cost.c. Provide OMR 250 for provision for doubtful debts

Balance Sheet- The balance sheet is a financial statement that shows an organization's assets,…

Exercise No. (7) prepare income sta Fixed Deposit Savings Deposit Current Account: Money at call and Investments Interest accrued General Expense Dividend Cash in hand Premises Cash at Central E Cash at Other Ba Deposits from of Rent, taxes Additional Inform. a. Rebate on b

Exercise No. (7) prepare income sta Fixed Deposit Savings Deposit Current Account: Money at call and Investments Interest accrued General Expense Dividend Cash in hand Premises Cash at Central E Cash at Other Ba Deposits from of Rent, taxes Additional Inform. a. Rebate on b

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter8: Liabilities And Stockholders' Equity

Section: Chapter Questions

Problem 8.1.2MBA

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Exercise No. (7): From the following ledger balances of Nizwa Bank as on 31 st Dec.2016, prepare income statement and Balance Sheet OMR OMR (o0o.) 2,500 Fixed Deposit Savings Deposit Current Accounts 3 Share Capital Statutory Reserves 2 Profit (previous year) Bills Payable Sundry Creditors General reserve 000 0 3,250 (o0o.) 17,750 1,500 38,750 Money at call and short notice 000 250 Investments 15,500 Interest accrued General Expenses Borrowed from other banks | 4 4,800 Non-Banking assets Interest and Discount 13 Unclaimed Dividends 5 Loans, Overdrafts Payment to Employees (6 Dividend 16 1,200 3,250 250 Cash in hand 10 Cash at Central Bank 6 Premises 7,050 5,200 Cash at Other Banks 6 9. Discounted Bills Purchased and Deposits from other banks 2,500 Rent, taxes 16 Additional Information: a. Rebate on bills discounted to OMR 25 b. Allow 5% depreciation on Premises on cost. Provide OMR 250 for provision for doubtful debts
Exercise No. (7): From the following ledger balances of Nizwa Bank as on 31st Dec.2016, prepare income statement and Balance Sheet OMR OMR ('000) 3,250 | Share Capital 17,750 Statutory Reserves 38,750 Profit (previous year) ('000) Fixed Deposit Savings Deposit 2,500 1,500 Current Accounts 100 Money at call and short notice 2,400 | Bills Payable 15,500 Sundry Creditors 1,000 | General reserve 4,000 Investments 250 Interest accrued 700 General Expenses 50 Borrowed from other banks 4,800 Dividend 250 Non-Banking assets 1,200 Cash in hand 750 Interest and Discount 3,250 6,500 | Unclaimed Dividends 7,050 | Loans, Overdrafts 5,200 Payment to Employees Premises 50 Cash at Central Bank 35,000 Cash at Other Banks 400 Bills Discounted and Deposits from other banks 1.000 | Purchased 2,500 Rent, taxes 100 Additional Information: Rebate on bills discounted to OMR 25 а. b. Allow 5% depreciation on Premises on cost. c. Provide OMR 250 for provision for doubtful debts с.
Create a balance sheet with the following information. Create a balance sheet for the following information. Bank Accoutns recievable Equipement Accounts payable Long-term debt Capital Retained earning Withdrawis msi in ^ 00 C 4 I P JOOOOL K V B m 2050 6100 900 150 2000 5000 10900 9000 0 ALTOR in
Exercise No. (7): From the following ledger balances of Nizwa Bank as on 31 st Dec.2016, prepare income statement and Balance Sheet Fixed Deposit Savings Deposit Current Accounts Money at call and short notice Investments Interest accrued General Expenses Dividend Cash in hand Premises Cash at Central Bank Cash at Other Banks Deposits from other banks Rent, taxes OMR ('000) 3,250 Share Capital 17,750 Statutory Reserves 38,750 Profit (previous year) 2,400 Bills Payable 15,500 Sundry Creditors 1,000 General reserve 50 Borrowed from other banks 250 Non-Banking assets 750 Interest and Discount 6,500 Unclaimed Dividends 7,050 Loans, Overdrafts 5,200 Payment to Employees OMR ('000) 2,500 1,500 100 4,000 250 700 4,800 1,200 3,250 50 35,000 400 Bills Discounted 1,000 Purchased 2,500 100 and Additional Information: a. Rebate on bills discounted to OMR 25 b. Allow 5% depreciation on Premises on cost. c. Provide OMR 250 for…
In 2021, Bank Muscat reported the following amounts in its Balance sheet and Income Statement. Assets 1032600 OMR Liabilities 805500 OMR Interest Revenue 602300 OMR Interest Expense 404000 OMR Earning assets are 75% of Total Assets. Interest Bearing Liabilities are 80% of Total Liabilities. What is the Spread of Bank Muscat? Select one: Oa. 2.54 % Ob. 15.08 % Oc. 8.17 % Od. 27.62 %
Instructions The following data were gathered to use in reconciling the bank account of Reddan Company: Balance per bank $18,250 Balance per company records 9,780 Bank service charges 30 Deposit in transit 3,650 Note collected by bank with $120 interest 5,050 Outstanding checks 7,100 Instructions a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Reddan Company based on the bank reconciliation. Refer to the Chart of Accounts for exact wording of account titles. 181 Land 532 Delivery Expense CHART OF ACCOUNTS 191 Office Equipment 533 Insurance Expense Reddan Company 192 Accumulated Depreciation-Office Equipment 534 Office Supplies Expense General Ledger 193 Store Equipment 535 Rent Expense 194 Accumulated Depreciation-Store Equipment 536 Repairs Expense ASSETS REVENUE 537 Selling Expenses 110 Cash 410 Sales LIABILITIES 538 Store Supplies Expense 111 Petty Cash 610 Interest Revenue 210 Accounts Payable 561 Depreciation Expense-Office…
Ablema has provided you with the following bank statement and bank account details in respect of the month ended 31 January 2018. Statement date - 31 January, 2018. Account No 1452800 Date Particulars Debit Credit Balance GH¢ GH¢ GH¢ 01-Jan-18 Balance forward 67,580 Cr 06-Jan-18 Cheque 597 120 67,460 Cr 06-Jan-18 Direct debit 2,020 65,440 Cr 12-Jan-18 Credit transfer 4,660 70,100 Cr 13-Jan-18 Cheque 600 1,420 68,680 Cr 14-Jan-18 Cheque 601 12,028 56,652 Cr 16-Jan-18 Lodgement 9,000 65,652 Cr 19-Jan-18 Cheque 599 18,004 47,648 Cr 23-Jan-18 Bank charges for December 2017 422 47,226 Cr 25-Jan-18 Quarterly interest received 62 47,288 Cr 27-Jan-18 Dishonoured cheque 1,600 45,688 Cr 27-Jan-18 Cheque 598 26,090 19,598 Cr 30-Jan-18 Cheque 603 5,048 14,550 Cr 31-Jan-18 Lodgement 14,500 29,050 Cr 31-Jan-18 Standing order: rent first quarter 2018 27,000 2,050 Cr The books and records of Ablema show the followings transactions through the bank account for the month of January 2018: Date Receipts…
Current Attempt in Progress XYZ provided the following financial information: XYZBalance SheetAs of 12/31/19 Assets: Liabilities and Equity: Cash and marketable securities $27,476 Accounts payable and accruals $154,860 Accounts receivable $143,519 Short-term notes payable $21,255 Inventory $212,379 Total current liabilities $176,115 Total current assets $383,374 Long term debt $155,510 Net plant and equipment $602,704 Total liabilities $331,625 Goodwill and other assets $42,422 Common stock $312,719 Retained earnings $384,156 Total assets $1,028,500 Total liabilities and equity $1,028,500 In addition, it was reported that the firm had a net income of: $158,402 and net sales of: $4,272,431 Calculate the following ratios for this firm (Use 365 days for calculation. Round answers to 2 decimal places, e.g.…
3. From the following information relating to Bank Şobar, prepare Income Statement for the year ended 31st March 2020. Show the calculations separately. (PREPARED SHEDULES) Particulars Interest on overdraft Establishment Interest on bill discounted R.O 550,000 70,000 300,000 Rent Salaries 25,000 15,000 Interest on savings Printing and stationery Interest on fixed deposits Commission Interest on loan Interest on Borrowing Interest on cash credit Administration's fees Postage and telegram Maintenance expenses General Reserve 80,000 5,900 55,000 90,000 45,000 42,000 275,000 7,000 2,500 8,400 50,000 30.000 Loan Additional information: 1. Provide OMR 50,000 for doubtful debts 2. Provide OMR 120,000 for taxation 3. Rebate on bills discounted on 31-03-20 OMR 60,000 4. Dividend proposed to pay OMR 30,000 5. Last year Profit OMR 100,000
# 3 Category. Prior Year Current Year Accounts payable 3,136.00 5,904.00 Accounts receivable 6,838.00 9,068.00 Accruals 5,663.00 6,026.00 Additional paid in capital 20,182.00 13,570.00 Cash ??? ??? Common Stock 2,850 2,850 COGS 22,844.00 18,591.00 Current portion long-term debt 500 500 Depreciation expense 955.00 1,036.00 Interest expense 1,275.00 1,169.00 Inventories 3,020.00 6,732.00 Long-term debt 16,947.00 22,144.00 Net fixed assets 75,056.00 74,173.00 Notes payable 4,022.00 6,569.00 Operating expenses (excl. depr.) 19,950 20,000 Retained earnings 35,957.00 34,753.00 Sales 46,360 45,431.00 Таxes 350 920 What is the firm's total change in cash from the prior year to the current year? Submit Answer format: Number: Round to: 0 decimal places.
#2 Category. Prior Year Current Year Accounts payable 3,136.00 5,904.00 Accounts receivable 6,838.00 9,068.00 Accruals 5,663.00 6,026.00 Additional paid in capital 20,182.00 13,570.00 Cash ??? ??? Common Stock 2,850 2,850 COGS 22,844.00 18,591.00 Current portion long-term debt 500 500 Depreciation expense 955.00 1,036.00 Interest expense 1,275.00 1,169.00 Inventories 3,020.00 6,732.00 Long-term debt 16,947.00 22,144.00 Net fixed assets 75,056.00 74,173.00 Notes payable 4,022.00 6,569.00 Operating expenses (excl. depr.) 19,950 20,000 Retained earnings 35,957.00 34,753.00 Sales 46,360 45,431.00 Таxes 350 920 What is the firm's cash flow from investing? Submit Answer format: Number: Round to: 0 decimal places.
Transactions 2019 Dec. 2020 Mar. Sep. Nov. Dec. Dec. 31 Estimated that bad debt expense for the year was 4 percent of credit sales of $384,500 and recorded that amount as expense. 31 Made the closing entry for bad debt expense. 26 Sold inventory to Melinda Monet, $10,400.00, on credit terms of 2/10, n/30. Ignore cost of goods sold. 15 Wrote off Melinda Monet's account as uncollectible after repeated efforts to collect from her. 10 Received $5,400 from Monet, along with a letter stating her intention to pay her debt in full within 30 days. Reinstated her account in full. 5 Received the balance due from Monet. 31 Made a compound entry to write off the following accounts as uncollectible: Bob Keffer, $2,000; Marilyn Lee, $870.00; and Rich Alton, $12,300. 31 Estimated that bad debt expense for the year was 3 percent of credit sales of $810,000 and recorded the expense. 31 Made the closing entry for the bad debt expense. Print Done X