Exercise Accounts - Notes PDF

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Summary

Notes...

Description

Problem #

50

Solution

FALSCH

Below are the T-accounts for a company using IFRS. The VAT rate is 0%. Please … 1. Fill in the blanks 2. Prepare the PnL for the company 3. Prepare the balance sheet for the company Dr.

Cr.

OB

PP&E 31,200 Depreciation

OB Purchase A/P

Inventory 25,500 COGS 65,700

OB Sales

A/R 16,600 Received Payments 113,300

2,500

Dr.

OB Received Payments

Bank 23,300 Interest expense 99,100 Payments to suppliers Payroll

1,300 63,500 35,100

Payment to suppliers

A/P 63,500 OB Purchases Inventory

16,600 65,700

7 ,800

99,100

Loss

OB

Bank

Cash at hand 4,400 Misc. exp.

Misc. expenses 600

Bank

Interest expense 1,300

Revenue Sales A/R

PP&E

600

113,300

Equity 1,000 OB Profit

Long-term bank debt OB

Payroll expense 35,100

Cash

Cr.

COGS Payroll Depreciation Misc. Interest Expense

PnL 74,800 Revenue/Sales 35,100 2,500 600 1,300

PP&E (net) Inventory A/R Bank Cash at hand

Balance Sheet 28,700 Equity 16,400 R/E 30,800 A/P 22,500 LT Bank Debt 3,800

51,800

32,600

113,300

51,800 -1,000 18,800 32,600

Depreciation expense 2,500 Total ass ts

102,200

102,200...