User Account

All Pages

Prepare the Profit Statement of Samuel Ltd for year ended

Assignment Help Accounting Basics
Reference no: EM132717606

Question - Samuel Ltd has the following list of balances as at 30 November 2011 AFTER the trading account has been prepared:

Dr. Cr

Equipment at cost 300

Equipment depreciation 60

Distribution costs 70

Administration expenses 160

Inventory 230

Interim dividend paid 20 $1 ordinary share 200

Bills payable 50

Bills receivable 70

Interest paid 5

Long term loan 100

Bank overdraft 5

Premises at cost 220

Retained profits 270

Gross profit 390

$1,075 $1,07

Notes: A final divided of 20p per share is proposed. Equipment is to be depreciated at 25% on cost. The directors recommend that a provision of $35,000 be made for corporation tax. The total sales in the year totalled $810,000.

Required -

1. Prepare the Profit Statement of Samuel Ltd for the year ended 30 November 2011.

2. Prepare the Position Statement of Samuel Ltd as at 30 November 2011.

Reference no: EM132717606

Questions Cloud

What is a non-controlling interest : Where the parent company does not hold 100 percent equity of the subsidiary company, what portion of the intra-group transactions between the parent entity and.
Annotated survey : Peer review can be a way to open up new possibilities for both the creator and the reviewer. If both creator and reviewer approach the task of peer review mindf
Why is writing in a technical way so important for field : What did you learn about yourselves as civil engineers? What were areas of weaknesses and strengths did your discover about your public speaking skills?
Under what circumstances should the company take on project : The company has debt outstanding with 22 years to maturity that is quoted at 98 percent of face value. The issue makes semiannual payments and has an embedded.
Prepare the Profit Statement of Samuel Ltd for year ended : A final divided of 20p per share is proposed. Equipment is to be depreciated at 25% on cost. Prepare the Profit Statement of Samuel Ltd for year ended
Differentiate between a push and a pull production system : What is the purpose of JIT? What are the assumptions of the basic EOQ model and to what extent do they limit the usefulness of the model?
Prepare income statement and balance sheet : Under these circumstances, is there any reason for this company to maintain accounting records if they have no obligation to issue financial statements?
What is the philosophy of humanism : What is the Philosophy of Humanism? What is its relevance to be for artists?
Apply the concept of moral equivalence : Apply the concept of moral equivalence. Is the conduct of doctors in relation to smoking and the tobacco industry morally equivalent

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