Hi everyone
I have to deliver a home exam and really need some help...
Here is the topic:
As of 1/1 2002 the company has the following balance sheet data :
BALANCE 1/1, 2002
Buildings 750
Manufacturing plant 360
Machines 250
items 50
Customers 20
Cash 253
Total assets 1683
Equity 700
Long-term debt 850
Tax liabilities 50
Creditors 53
Dividend 30
Total equity and liabilities 1683
During fiscal year 2002 the following data were recorded:
- The goods were sold for 1,500 in cash. In addition, 20% of cash sales sold in credit.
- It was purchased goods worth 1,300. Of these, an amount of 300 delivered without being paid for them.
- Registered UB last date. 31/12/02 is 350
- Salaries, administrative and miscellaneous expenses incurred by 500
- Long-term debt: the accrued interest for 30 and it was paid in installments of 50
- Depreciation costs:
Buildings (acquired 1/1, 1999): 64 pr. year
Production Facility (acquired 1/1, 2000): 25 pr. year
Machines (acquired 1/1, 2002): 20 pr. year
- Profits Tax rate is 20.5% in Morkovia
It is generally accepted to give the company 10% dividend per years of profit.
and the question:
a) Prepare income statements for 2002 and the balance sheet. 31/12 2002, according to historical cost accounting model [historical cost model].
Explain assumptions if and when you find it necessary.
I have to deliver a home exam and really need some help...
Here is the topic:
As of 1/1 2002 the company has the following balance sheet data :
BALANCE 1/1, 2002
Buildings 750
Manufacturing plant 360
Machines 250
items 50
Customers 20
Cash 253
Total assets 1683
Equity 700
Long-term debt 850
Tax liabilities 50
Creditors 53
Dividend 30
Total equity and liabilities 1683
During fiscal year 2002 the following data were recorded:
- The goods were sold for 1,500 in cash. In addition, 20% of cash sales sold in credit.
- It was purchased goods worth 1,300. Of these, an amount of 300 delivered without being paid for them.
- Registered UB last date. 31/12/02 is 350
- Salaries, administrative and miscellaneous expenses incurred by 500
- Long-term debt: the accrued interest for 30 and it was paid in installments of 50
- Depreciation costs:
Buildings (acquired 1/1, 1999): 64 pr. year
Production Facility (acquired 1/1, 2000): 25 pr. year
Machines (acquired 1/1, 2002): 20 pr. year
- Profits Tax rate is 20.5% in Morkovia
It is generally accepted to give the company 10% dividend per years of profit.
and the question:
a) Prepare income statements for 2002 and the balance sheet. 31/12 2002, according to historical cost accounting model [historical cost model].
Explain assumptions if and when you find it necessary.