Reference no: EM131389575
Problem -
Dale has been in business for some years. The following is his trial balances at October 31, 2015.
|
|
DR $
|
CR $
|
|
Bank
|
700
|
|
|
Capital
|
|
85,000
|
|
Depreciation (at 1 Nov. 2014):
|
|
|
|
Office Equipment
|
|
14,000
|
|
Vehicles
|
|
4,000
|
|
Drawings
|
12,300
|
|
|
Heating and Lighting
|
3,000
|
|
|
Office Expenses
|
27,000
|
|
|
Office Equipment (at cost)
|
35,000
|
|
|
Business Permit or rates (license)
|
12,000
|
|
|
Purchases (goods)
|
240,000
|
|
|
Sales
|
|
350,000
|
|
Stock (Nov. 1, 2014)
|
20,000
|
|
|
Trade Creditors
|
|
21,000
|
|
Trade Debtors
|
61,000
|
|
|
Vehicle (at cost)
|
16,000
|
|
|
Wages and Salaries
|
47,000
|
|
|
|
$474,000
|
$474,000
|
Additional information not taken into account when compiling the above trial balance is as follows:
1. Stock at Oct. 31, 2015: $26,000
2. Amount owing for electricity at Oct. 31, 2015: $1,500
3. AS of October 31, 2015, $2,000 had been paid in advance for business permit (license) or rates.
4. Depreciation is to be charged on the office equipment for the year to Oct. 31, 2015 at the rate of 20% on cost and on the vehicles at the rate of 25% on cost.
5. $11,500 of receivables cannot be collected.
Requirement -
Prepare Dale's Trading Account, Profit and Loss Account for the year Oct. 31, 2015 and a Balance Sheet as of that date.
|
Explain are the elmans liable in given contention
: The suit against the Elmans was based on piercing the corporate veil with respect to Green & Freedman and Boston Bakers. The Elmans, however, denied they were personally liable for these corporate debts. Are the Elmans liable? Explain.
|
|
Which specific parts of the code are applicable
: Does a manager who is trained as an engineer still have to adhere to an engineering code of ethics?
|
|
What should sonic primary pricing objective be
: What should Sonic's primary pricing objective be? Explain your reasoning. Are smart phone customers like to be price sensitive? What are the implications for your pricing decisions?
|
|
Discuss whether tiller could bring suit in maryland
: Ronald Nadler was a resident of Maryland and the CEO of Glenmar Cinestate, Inc., a Maryland corporation, as well as its principal stockholder.- Discuss whether Tiller could bring suit in Maryland.
|
|
Prepare dale trading account profit and loss account
: Dale has been in business for some years. The following is his trial balances at October 31, 2015. Prepare Dale's Trading Account, Profit and Loss Account for the year Oct. 31, 2015 and a Balance Sheet as of that date
|
|
How about test pilots of new airplane designs
: Engineering codes of ethics require engineers to protect the safety and health of the public in the course of their duties. Do the astronauts count as "the public" in this context? How about test pilots of new airplane designs?
|
|
Elaborate your definition of production operation management
: BUS599- Elaborate your own definition of production operations management, including manufacturing and service operations. Then, assess the implication of technology in your definition.
|
|
Developing challenge for businesses to upgrade
: There is a quickly developing challenge for businesses to upgrade their effectiveness in marketing in the digital world from manufacturing to healthcare, to government and everyone else. What do you think needs to happen? How can government help? ..
|
|
Explain was the court correct in rendering given decision
: The court ordered the trustee to distribute the corporate assets remaining after the preference of the preferred stock is satisfied to the common and preferred stockholders on a pro rata basis. Was the court correct in rendering this decision? Exp..
|