User Account

All Pages

Calculate the net profit or net loss for the year ended

Assignment Help Accounting Basics
Reference no: EM132632031

Question - The following account balances have been extracted from the books of Canny Construction Materials Pty Ltd. As an accountant of the company, management requires you to present to them the following:

1) Calculation of the net profit earned or net loss incurred for the period

2) Balance sheet in classified narrative format for use at the Board of Directors' meeting next month

Account Balances of Canny Constructions as at 30/6/2019

Account Amount ($)

Wages 35,900

Sales 294,686

Rental Revenue 55,486

Land 110,000

Cash at Bank 68,500

Depreciation - Buildings 4,000

Cost of Goods Sold 128,555

Share Capital 154,126

Building 135,000

Accumulated Depreciation - Buildings 12,677

GST Paid 45,600

Accounts Payable 10,580

Do not enter spaces, commas, dollar signs or other characters when filling the blanks for numerical answers.

Requirement 1: Calculate the net profit or net loss for the year ended 30 June 2019.

Requirement 2: Classified balance sheet (narrative format) and add the heading which has not been provided.

Reference no: EM132632031

Questions Cloud

How does integrated care impact quality of care for ltc : When was the Nursing Home Reform Act enacted and how did the Nursing Home Reform Act impact service and quality for these types of facilitates?
What is the real gain : The nominal GDP in 2000 was $672 billion and $1,690 billion for 2010; the real interest rate was 6.79% in 2000
What will be the purchases budget for material X : The Sales Director has confirmed a sales requirement of 70,000 units of Product A. What will be the purchases budget for material X?
Cerebrate Aviation Safety Training : You have learned how the human learns, the methods needed to ensure success in human performance, and to minimize human error.
Calculate the net profit or net loss for the year ended : The account balances have been extracted from the books of Canny Construction Materials Pty Ltd. Calculate the net profit or net loss for the year ended
Explain use of leadership and personality assessments : Explain your personal leadership style through the use of leadership and personality assessments. Chapter 2 of your text explores how to determine your own.
How CIMA defines management accounting : How CIMA defines management accounting? The application of the principles of accounting and financial management to create, protect, preserve and increase value
Overall rate of inflation for anders gym membership : When Anders took out his first two-year membership with Maxima Gym in 2004, the fee was $540.00. He renewed his membership
Discuss formula used for ratio to measure leverage : Why is it important to hold some liquid and some illiquid assets? Discuss the formula used for a ratio to measure leverage or capital structure?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd