Reference no: EM132613433
Mary began professional practice as a system analyst on July 1. She plans to prepare a monthly financial statement. During July, the owner completed these transactions.
July 1. Owner invested Kshs. 700,000 cash along with computer equipment that had a market value of Kshs. 120,000.
July 2. Paid Kshs. 15,000 cash for the rent of office space for the month.
July 4. Purchased Kshs. 12,000 of additional equipment on credit from XYZ ltd.
July 8. Completed a work for a client and immediately collected Kshs. 32,000 cash.
July 10. Completed work for a client and sent a bill for Kshs. 27,000 to be paid within 30 days.
July 12. Purchased additional equipment for Kshs. 8,000 in cash.
July 15. Paid an assistant Kshs. 6,200 cash as wages for 15 days.
July 18. Collected Kshs. 15,000 on the amount owed by the client.
July 25. Paid Kshs. 12,000 cash to settle the liability on the equipment purchased.
July 28. Owner withdrew Kshs. 2,500 cash for personal use.
July 30. Completed work for another client who paid only Kshs. 40,000 for 50% of the system design.
July 31. Paid salary of assistant Kshs. 11,000.
Required:
Question 1: Prepare ledger accounts and trial balance for this business
|
Calculate the recoverable amount as at december
: Calculate the recoverable amount as at 31 December 2019. Revenue and costs per annum for the remaining useful life are noted
|
|
FNDM AM2.1 Applied Mathematics Assignment
: FNDM AM2.1 Applied Mathematics Assignment Help and Solution, Middle East College - Assessment Writing Service - Calculate probability and basic statistical
|
|
Who else might contact to provide further support for client
: Who else might you contact to provide further support and protection for the client? Write a short case note in third person documenting what the client.
|
|
How would an entity know when to impair the assets
: What steps are to be taken and what information is required and/or should be considered before determining whether an asset is impaired?
|
|
Prepare ledger accounts and trial balance for the business
: Prepare ledger accounts and trial balance for this business. July 4. Purchased Kshs. 12,000 of additional equipment on credit from XYZ ltd.
|
|
Make the journal entries that would be made
: During 2020, Healthy purchased 6,000 cereal bowls and sold 200,000 boxes of cereal @ $3.50 per box. Make the journal entries that would be made
|
|
What impact do you think it might have on the client
: Now that you are aware of the process of creating a diagnosis, you also have to consider both the strengths and limitations of a diagnosis.
|
|
Provide an explanation of three basic financial statements
: Provide an explanation of the three basic financial statements, namely, the balance sheet, the income statement, and the statement of cash flows.
|
|
Discuss considerations when working with diverse population
: In this journal assignment, you will reflect on the course and your experiences and how you can apply what you have learned from your personal career path.
|