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3 years ago

Below is the trial balance for Sugar Almonds Ltd as at 31st December 2020

Business

1 answer:

valentina_108 [34]3 years ago

6 0

Answer:

Net income = $31,130

Total Assets = Owner's Equity and Liabilities = $104,230

Explanation:

The the Income Statement of Profit or Loss and the Statement of Financial Position can be prepared as follows:

Sugar Almonds Ltd

Income Statement of Profit or Loss

For the Year Ended 31st December 2020

Particulars $ $

Sales Revenue 93,700

Cost of sales:

Opening inventory 12,000

Purchases 49,000

Closing inventory - income statement (24,350)

Cost of sales (36,650)

Gross profit 57,050

Operating expenses:

Administrative Expenses (850)

Rent paid (2,000)

Telephone (900)

Wages (21,650)

Travel expenses (330)

Total operating expenses (25,730)

Interest income (expense):

Interest paid (190)

Net income  31,130 

Sugar Almonds Ltd

The Statement of Financial Position

As at 31st December 2020

Particulars $ $

Fixed Assets

Premises at cost 70,000

Vehicles at cost 5,800

Total Fixed Assets 75,800

Current Assets

Cash 630

Bank 2,100

Closing inventory - Statmt of fin positn 24,350

Trade Receivables 1,350

Total Current Assets 28,430

Total Assets  104,230 

Owner's Equity

Capital 72,000

Drawings (6,450)

Net income 31,130

Total Owner's Equity 96,680

Current Liabilities

Trade Payables 6,400

VAT 1,150

Total Current Liabilities 7,550

Owner's Equity and Liabilities  104,230 

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c. gives the same answer regardless of the direction of change.

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The midpoint method helps to calculate elasticity using the average percent change in quantity and price and its advantage is that it gives the same elasticity between two points no matter if price increases or decreases.

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4 years ago

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Answer :

1. A. Operating activities.

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As per the data given in the question,

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The preparation of the multi step income statement is presented below:

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Less: Interest expense $200

Net income $9,078.20

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3 years ago

According to the Not Too Big Enough article, what are some of the sources of scale economies in

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3 years ago

You notice that you always make your transaction at the very beginning of the round. Although it's nice to transact every time

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Answer:

you're receiving too small of a gain

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3 years ago

s) A system has four processes and five types of allocatable resources. The current allocation and maximum needs are as follows:

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Answer:

The smallest value of x is 5 which leads to a safe state.

Explanation:

Solution

Given that:

Process Available Maximum Request = Max-Available

A [2 ,1 ,0 ,2, 2] [4, 2,2, 3, 3] [2,1,2,1,1]

B [3 ,1, 1, 0 ,2] [3 ,3 ,6 ,1 ,2] [0,2,5,1,0]

C [2 ,1 ,0 ,2 ,1 ] [3 ,2 ,3 ,3 ,1] [1,1,3,1,0]

D [1, 1, 0, 1, 0 ] [1, 2, 3, 2 ,1 ] [0,1,3,1,1]

Available = 3,2,x,2,3 ⇒ x has to be determined.

Now

consider x=1 then Available = 3,2,1,2,3

It can't satisfy A,B,C,D since the minimum value of x among those is 2

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Then

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3 years ago