User Account

All Pages

Elements of the financial statements

Assignment Help Finance Basics
Reference no: EM132770374

Trove Ltd has been invoiced by its maintenance supplier for $560 000 worth of equipment maintenance carried out during the year ending 30 June 2021. A second invoice for $20 000 was received on 1 June 2021 for maintenance work which will be carried out in August 2021.

As at 30 June 2020, Trove Ltd had a maintenance payable balance of $25 000. During the year ending 30 June 2021, Trove Ltd paid $318 000 to its maintenance supplier.

Identify the balance of each of the following items for Trove Ltd for the financial year ending 30 June 2021. Show workings where necessary. If you believe there is no balance, provide a justification using the recognition criteria for the elements of the financial statements.

-Asset

-Liability

-Expense

Reference no: EM132770374

Questions Cloud

Find what is the starting salary : Assuming the first salary distribution will still occur one year from? today, what is the starting salary? (at t=1) that can be supported with your? $2,000,000
Analysis on payout policy : The chairperson asks you to present an analysis on payout policy where different perspectives should be brought up and analysed.
Find which is closest to the annual salary payment : After a retiring from a successful business? career, Which is closest to the annual salary payment that can be made as a result of your? donation?
What are some advantages to your methods : According to Kirk (2019), The essence of "Formulating Your Brief" is to "identify the context in which your work will be undertaken and then define its aims.
Elements of the financial statements : If you believe there is no balance, provide a justification using the recognition criteria for the elements of the financial statements.
Why do employees join labor unions : Why do employees join labor unions? Did you ever belong to a labor union? If so, do you think the union membership benefited you? If not, do you think a union
Does the first amendment apply only to spoken words : What kind of speech was the First Amendment written to protect? What does it mean that laws regulating speech must be content neutral?
What is an emerging accounting issue that company is facing : What is an emerging accounting issue that the company is facing? How will this emerging issue affect the financials and the budget?
What are the benefits and challenges of both : What are the benefits and challenges of both? Which approach do you think would attract new talent to a company? Provide a rationale

Reviews

Write a Review

Finance Basics Questions & Answers

  How should private equity funds consider third-party

how should private equity funds consider third-party transactions in measuring fair

  Retirement planning case

Construct a time line of education spending requirements and provide them with a savings strategy, including the CESG grant that will enable them to meet their goal for Charlotte's education.

  What is archware net income

What is Archware's net income? (Answer needs to be stated in billions. For example: 2.83) Round to two decimal places.

  Explain why sunk costs should not be included

Explain why sunk costs should not be included in a capital budgeting analysis, but opportunity cots and externalities should be included. Give an example of each.

  Adopt a nash equilibrium strategy

In a strategic game, if the other player has adopted a Nash equilibrium strategy, you should a. also adopt a Nash equilibrium strategy.

  Two different options for repayment of a loan

The Financially Astute company is considering two different options for repayment of a loan. The first option requires payment of $40,000 at the end of the next

  Calculate the theoretical spot rate

Given the following table of spot and coupon rates for Treasury Securities. How do I Calculate the theoretical spot rate for the 2 years Treasury

  What is profit maximizing or loss minimizing level of output

Using Excel, draw one graph showing average fixed costs, average variable costs, average total costs, marginal revenue, and marginal costs. Using the data in the table and on your graph, what is the profit maximizing, or loss minimizing level of o..

  How much money do they need to pay

The Patterson family wants to save money to travel the world. They plan to invest in an ordinary annuity that earns 2.4% interest, compounded quarterly.

  Development lessons of fiedler contingency leadership model

Explanation in the potential career development lessons of Fiedler's contingency leadership model?

  Would the expected return of the portfolio rise or fall

Calculate (a) the expected return and (b) the volatility (standard deviation) of a portfolio that consists of a long position of $10,000 in Johnson & Johnson and a short position of $2000 in Walgreen’s.

  How much money should be invested in the risky asset

How much money should be invested in the risky asset to form a portfolio with an expected return of 11%?

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