Use the information provided below to prepare the Statement of Changes in Equity of Sunray Traders for the year ended 28 February 2023. INFORMATION EXTRACT FROM THE LEDGER OF SUNRAY TRADERS AS AT 28 FEBRUARY 2023 Debit Credit R R Capital: Sunny 600 000

Use the information provided below to prepare the Statement of Changes in Equity of Sunray Traders for the year ended 28 February 2023. INFORMATION EXTRACT FROM THE LEDGER OF SUNRAY TRADERS AS AT 28 FEBRUARY 2023 Debit Credit R R Capital: Sunny 600 000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 93.6C

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Use the information provided below to prepare the Statement of Changes in Equity of Sunray Traders for the year ended 28 February 2023. INFORMATION EXTRACT FROM THE LEDGER OF SUNRAY TRADERS AS AT 28 FEBRUARY 2023 Capital: Sunny Capital: Raymond Current a/c: Sunny (01 March 2022) Current a/c: Raymond (01 March 2022) Drawings: Sunny Drawings: Raymond Debit R 60 000 500 000 700 000 Credit R 600 000 400 000 100 000 The following must be considered: (a) On 28 February 2023 the Statement of Comprehensive Income reflected a net profit of R1 400 000. (b) The partners are entitled to interest at 15% p.a. on their capital balances. Note: Raymond decreased his capital contribution by R200 000 on 31 August 2022 whilst Sunny increased his capital balance by the same amount on 01 December 2022. These capital changes have been recorded. (c) The partners are entitled to the following monthly salaries: Sunny R25 000 Raymond R20 000 (d) Raymond is entitled to a bonus equal to 10% of his annual salary.…
EQUITY TRANSACTIONS JOURNAL ENTRIES Use the following stock and equity transactions to record journals and prepare a partial Balance Sheet: HINT: you will need to keep track of the various equity accounts. I will give you two of the accounts you will need: CS, Par and APIC, but there are a few others. You may use a schedule/table, T accounts, or your own method. 1. Equity Financing Inc (EFI) is formed on Jan 1, 2020 and establishes 50,000 shares of common stock authorized with a par value of $.50 per share. 2. EFI issues 4000 shares of CS to the founding owner in exchange for land with a FMV of $5000 AND cash of $10,000. 3. On January 31, EFI sells 2000 shares of Common Stock for cash at $15 per share. 4. On March 31, EFI completes a 1 for 2 FORWARD stock split. 5. On June 15th EFI repurchases 1,000 shares of its own stock for $10 per share. 6. On November 15th, EFI declares a cash dividend payable in the next accounting period of $1 per share outstanding. 7. Net income for the…
REQUIRED Use the information provided below to prepare the Statement of Changes in Equity of Ashton Traders for the year ended 29 February 2020. Use the following format: STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 29 FEBRUARY 2020 Total (R) Capital Accounts Balance at 28 February 2019 Changes in capital Balance at 29 February 2020 Ashwin (R) Tony (R) Ashwin (R) Total (R) Current Accounts Balance at 28 February 2019 Net profit for the year Tony (R) Interest on capital Salaries Bonus Profit Share Drawings Balance at 29 February 2020 INFORMATION Ashwin and Tony are partners in a business trading as Ashton Traders. The following information is available for the financial year ended 29 February 2020: Extract from the ledger of Ashton Traders as at 29 February 2020 Debit Credit R R Capital: Ashwin |Capital: Tony 600 000 400 000 Current a/c: Ashwin (01 March 2019) Current a/c: Tony (01 March 2019) Drawings: Ashwin Drawings: Tony 40 000 30 000 400 000 500 000
On April 1, 2018, Poppy Company invests $16,000 in Fruits, Inc. stock. Fruits pays Poppy a $700 dividend on August 1, 2018. Poppy sells the Fruits's stock on August 31, 2018, for $16,150. Assume the investment is categorized as a short-term equity investment and Poppy Company does not have significant influence over Fruits, Inc. Read the requirements. Requirerlent 1. Journalize the transactions for Poppy's investment in Fruits' stock. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing Poppy's initial investment in Fruits, Inc., stock. Date Accounts and Explanation Debit Credit Apr. 1 O Time Course Chat GB
Reference is made to the 2022 Balance Sheet of Tram-Ropes limited.Tram-Ropes Limited Balance Sheet 2022Cash 1,000,000.00 Accounts Payable 8,000,000.00Acc. Receivable 12,000,000.00 Notes Payable 8,500,000.00Marketable securities 3,000,000.00 Long-term Debt 20,000,000.00Inventories 7,500,000.00 Common stock 7,500,000.00Fixed Assets 26,500,000.00 Preferred Stock 6,000,000.00Total Assets 50,000,000.00 Total Liabilities and Equity 50,000,000.00Additional Information:i. The Long-Term debt consists of 8% annual coupon bonds, with15 years to maturity and are currently selling for 95% ofpar.ii. The company’s common shares which have a book value of $20per share are currently selling at $25 per share.PREPARED BY THE CI, MGMT2023 4iii. Preferred shares have a book value of $100 per share. Theseshares are currently selling at $120 per share and paysdividends of 6% per annum on book value.iv. The dividend growth rate is expected to be 3%, and dividendfor 2023 is projected to be $5.00 per…
Question No.1 The following information is available on the Qazi Traders: BALANCE SHEET AS OF DECEMBER 31, 2020 (IN THOUSANDS)Cash and marketable securities Rs. 500 Accounts payable Rs. 400Accounts receivable ? Bank loan ?Inventories ? Accruals 200Current assets ? Current liabilities ?Long-term debt 2650 Net Fixed Assets ? Common stock and retainedearnings 3,750Total assets ? Total liabilities and equity ?..........................._________________________________________..................... INCOME STATEMENT FOR 2020 (IN THOUSANDS)Credit sales Rs.8,000Cost of goods sold ?Gross profit ?Selling and administrative expenses ?Interest expense 400Profit before taxes ?Taxes (44% rate) ?Profit after taxes ? OTHER INFORMATION ,Current ratio 3 to 1Depreciation Rs.500Net profit margin 7%Total liabilities/shareholders’ equity 1 to 1Average collection period 45 daysInventory turnover ratio 3 to 1Assuming that sales and production are steady throughout a 360-day year, complete the balancesheet and…
The following trial balance relates to Selt.plc for the year ended 31 December 2021: Equity shares of £1 each Share Premium Retained earnings at 1 January 2021 Property at cost Depreciation on property at 1 January 2021 Plant and equipment at cost Depreciation on plant and equipment at 1 January 2021 Inventory at 1 January 2021 Trade receivables Cash and cash equivalents Trade payables 5% Loan repayable 2026 Revenue Purchases Distribution costs Administrative expenses Research and development expenditure Loan Interest paid Dividend paid Further notes: £'000 34,800 22,800 Required: A Statement of Profit or Loss for the year ended 31 December 2021. A Statement of Financial Position as at 31 December 2021 4,900 4,000 6,840 155,000 22,050 12,750 19,600 300 4,000 287,040 £'000 56,000 2,000 7,780 3,200 4,500 1,560 12,000 200,000 287,040 2) 1) Inventory was valued at £3,800,000 on 31 December 2021. (This valuation is before note (4) below is considered). Property includes land valued at…
Can I please get help with the Liabilities and Equity Percentages, thanks in advance Problem: Prepare a common-size balance sheet from the following information for Blossom Supply Company. (Round answers to 1 decimal place, e.g. 52.7%.) Blossom Supply CompanyBalance Sheet as of June 30, 2017($ thousands) Assets: % of Assets Liabilities and Equity: % of Assets Cash and marketable securities $ 399,000 9.3 % Accounts payable $ 820,000 enter percentages of assets % Accounts receivable 708,000 16.5% Notes payable 110,000 enter percentages of assets % Inventory 1,155,000 26.9 Accrued income taxes 43,800 enter percentages of assets % Other current assets 42,400 1% Total current liabilities $ 973,800 enter percentages of assets % Total current assets $ 2,304,400 53.7% Long-term debt 1,158,000 enter percentages of assets % Net plant and equipment 1,986,000 46.3%…
Accounting for equity investments Money Man Investments completed the following transactions during 2018: Requirements Journalize Money Man’s transactions. Explanations are not required. Classify and prepare partial financial statements for Money Man’s 25% Technomite investment for the year ended December 31, 2018.
Dear Bartleby could you please calculate the debt equity ratio for the following, thank you. Calculate Wiper's debt ratio and debt/equity ratio at December 31, 2020 and 2019. (Round "Debt ratio" to 1 decimal place and "Debt/equity ratio" to the nearest whole percent.) Presented here are summarized data from the balance sheets and income statements of Wiper Inc.: WIPER INC. Condensed Balance Sheets December 31, 2020, 2019, 2018 (in millions) 2020 2019 2018 Current assets $ 650 $ 900 $ 700 Other assets 2,750 2,050 1,750 Total assets $ 3,400 $ 2,950 $ 2,450 Current liabilities $ 500 $ 800 $ 700 Long-term liabilities 1,500 1,000 800 Stockholders' equity 1,400 1,150 950 Total liabilities and stockholders' equity $ 3,400 $ 2,950 $ 2,450 WIPER INC. Selected Income Statement and Other Data For the year Ended December 31, 2020 and 2019 (in millions) 2020 2019 Income statement data:…
Current Attempt in Progress The following data were taken from the balance sheet accounts of Oriole Corporation on December 31, 2024. Current assets Debt investments (trading) Common stock (par value $10) Paid-in capital in excess of par Retained earnings a. b. $590,000 630,000 C. 501,000 Prepare the required journal entries for the following unrelated items. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) 162,000 870,000 A 4% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $45. The par value of the common stock is reduced to $2 with a 5-for-1 stock split. A dividend is declared January 5, 2025, and paid January 25, 2025, in bonds held as an investment. The bonds have a book value of…
Reference is made to the 2022 Balance Sheet of Tram-Ropes limited. Tram-Ropes Limited Balance Sheet 2022 Cash Acc. Receivable Marketable securities Inventories Fixed Assets Total Assets i. 1,000,000.00 ii. 12,000,000.00 3,000,000.00 7,500,000.00 26,500,000.00 50,000,000.00 Accounts Payable Notes Payable Long-term Debt Common stock Preferred Stock Total Liabilities and Equity 8,000,000.00 8,500,000.00 20,000,000.00 7,500,000.00 6,000,000.00 Additional Information: The Long-Term debt consists of 8% annual coupon bonds, with 15 years to maturity and are currently selling for 95% of par. The company's common shares which have a book value of $20 per share are currently selling at $25 per share. 50,000,000.00