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Question: Draw up a profit and loss appropriation account for Cole, Knox and Lamb for the year ending 31 December 2020, and a balance sheet extract at that date, from the following:
(i) Net profits £184,800.(ii) Interest to be charged on capitals: Cole £3,600; Knox £2,700; Lamb £2,100.(iii) Interest to be charged on drawings: Cole £1,200; Knox £900; Lamb £500.(iv) Salaries to be credited: Knox £22,000; Lamb £28,000.(v) Profits to be shared: Cole 55 per cent; Knox 25 per cent; Lamb 20 per cent.(vi) Current accounts: Cole £18,000; Knox £8,000; Lamb £6,000.(vii) Capital accounts: Cole £60,000; Knox £45,000; Lamb £35,000.(viii) Drawings: Cole £27,000; Knox £23,000; Lamb £17,000.
Determine the amount of premium to be amortized for the second semiannual interest payment period, using the interest method. Describe the amount of bond interest expense for the first year.
Based on these financial statements, the company's background, industry statistics, and other market and company information, prepare a financial statement analysis report.
Lauer Company reported net income of $66,800 on sales of $300,000. The company has total assets of $500,000 and total liabilities of $100,000. What is the company's return on equity ratio? 10.0%, 12.5%, 16.7% or 50.0%
Describe the three main measures used in the theory of constraints. Describe three ways to improve the performance of a bottleneck operation.
Quantum Enterprises currently sells a piece of luggage for $200. An aggressive competitor has announced plans for a similar product that will be sold for $170. Quantum's marketing department believes that if the price is dropped to meet competition, ..
Merchandise with a sale price of $7,000 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a
Develop a monthly cash flow budget for the company for the next six months. Determine the short-term working capital funding needs of the company
Just how common are dividend distributions? Are dividends concentrated in the companies traded on the New York stock exchange, or do closely held corporations pay dividends with the same frequency and at the same rates? Have dividends increased since..
There are four steps in the auditor’s process of understanding internal control and assessing control risk for a public company. The first step is to obtain and document an understanding of internal control: design and operation. What are the rema..
Mack is given terms of 3/15 n/30, and he pays by day 15. How much will he pay the manufacturer for the order of 110 bikes if his price per bike is $390.93?
Determine the missing amounts associated with each letter. - Determine the June 30 balances for each of the inventory accounts and factory overhead.
Make all the entries for Marsh Inc. associated with the transfer of the accounts receivable, the loan, and the remittance to the finance company.
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