Presented below are number of account
balance for Barakah Corp., for the current year 2011
Retained Earning January
1, 2009
|
600,000
|
Land
|
500,000
|
|
Unrealized holding gain
on available for sale securities
|
19,500
|
Equipment-at cost
|
1,400,000
|
|
Gains from fixed assets
revaluations
|
7,000
|
Accumulated
Depreciation-Equipment
|
300,000
|
|
Depreciation
overstatement due to error in 2008
|
15,000
|
Building
|
1,600,000
|
|
Cash Dividend Declared
|
155,000
|
Accumulated Depreciation-Building
|
200,000
|
|
Cash
|
880,000
|
Payroll Taxes Payable
|
50,000
|
|
Sales
|
1,800,000
|
Prepaid Insurance
|
50,000
|
|
Rent Revenue
|
36,000
|
Trading Securities
|
20,000
|
|
Dividend Revenue
|
77,000
|
Preferred, Authorized
20,000, $ 10 Par value
|
200,000
|
|
Cost of Goods Sold
|
880,000
|
Common, Authorized
220,000, $ 1 par value
|
150,000
|
|
Income Taxes for Income
Before Income Taxes
|
31,500
|
Bond Payable
|
300,000
|
|
Notes Payable to Banks
|
280,000
|
Discount on Bond Payable
|
30,000
|
|
Notes Receivable
|
460,000
|
Long-Term rental obligation
|
480,000
|
|
Income Tax Receivable
|
12,000
|
Selling Expense
|
133,000
|
|
Goodwill
|
100,000
|
Administrative Expense
|
210,000
|
|
Account Payable
|
800,000
|
Rent Payable-short term
|
40,000
|
|
Unsecured notes payable
|
1,600,000
|
Taxes Payable
|
10,000
|
|
Inventories
|
478,000
|
Loss on discontinued
operations
|
25,000
|
Assume that notes receivable and notes
payables are short-term, unless stated otherwise. Cost and fair value of
trading securities are the same.
You are as a financial accounting
consultant; please prepare financial statement for 2009:
a. Comprehensive
income, with a second income statement or a combined statement of comprehensive
income
b. Retained Earnings Statement
c. Statement of
Financial Position
Jawaban:
a) Comprehensive
income staments (combined)
Barakah Group
|
|||||
Income Statement
|
|||||
For the year ended December 2011
|
|||||
Sales Revenue
|
|||||
Net Sales
|
1,800,000
|
||||
Cost of Goods Sold
|
880,000
|
||||
Gross Profit
|
920,000
|
||||
Expenses
|
|||||
Selling Expense
|
133,000
|
||||
Admiration Expense
|
210,000
|
343,000
|
|||
577,000
|
|||||
Other Income and Expense
|
|||||
Rent revenue
|
36,000
|
||||
Dividend revenue
|
77,000
|
113,000
|
|||
Income from operation
|
690,000
|
||||
Income Taxes
|
31,500
| ||||
Income from continuing operations
|
658,500
|
||||
Discontinued operations
|
|||||
Loss on discontinued operations
|
(25,000)
|
(25,000)
|
|||
NetIncome
|
633,500
|
||||
Other comprehensive income
|
|||||
Unrealized holding gain on available for sale securities
|
|||||
19,500
|
|||||
Gain from fixed asset revaluation
|
7,000
|
26,500
|
|||
Comprehensive Income
|
660,000
|
||||
b) Retained earnings
statements
Barakah Group
|
|||
Retained Earnings Statement
|
|||
For the year ended December 2011
|
|||
Retained Earnings, January 1, as reported
|
600,000
|
||
Depreciation
overstatement due to error in 2008
|
15,000
|
||
Retained earnings, January 1, as adjusted
|
615,000
|
||
Add : Net Income
|
660,000
|
||
Less : Cash Dividend
|
155,000
|
||
Retained earnings, December 31
|
1,120,000
|
||
c) Statements of
financial position
Barakah Group
|
||||||
Statement of Financial Position
|
||||||
For The Year Ended, Dec 31st 2012
|
||||||
Assets
|
Equity and Liabilities
|
|||||
Non-Current Assets
|
Equity :
|
|||||
Property, Plant, and Equipment:
|
Share capital-preference
|
200,000
|
||||
Land
|
500,000
|
Share capital-ordinary
|
150,000
|
|||
Equipment (At cost)
|
1,400,000
|
Retained earnings
|
1,120,000
|
|||
Acc. Depreciation Equipment
|
(300,000)
|
Total Equity
|
1,470,000
|
|||
Building
|
1,600,000
|
|||||
Acc. Depreciation Building
|
(200,000)
|
Non-current Liabilities
|
||||
Intangible Assets:
|
Long-term Rental Obligation
|
480,000
|
||||
Goodwill
|
100,000
|
Bond Payable
|
300,000
|
|||
Total Non-Current Assets
|
3,100,000
|
Discount on Bond Payable
|
(30,000)
|
|||
Total Non-Current Liabilities
|
750,000
|
|||||
Current Assets
|
Current Liabilities
|
|||||
Trading Securities
|
20,000
|
Unsecured Notes Payable
|
1,600,000
|
|||
Inventories
|
478,000
|
Notes Payable to bank
|
280,000
|
|||
Prepaid Insurance
|
50,000
|
Account Payable
|
800,000
|
|||
Income Tax Receivable
|
12,000
|
Rent Payable-short term
|
40,000
|
|||
Notes Recevaible
|
460,000
|
Taxes payable
|
10,000
|
|||
Cash
|
880,000
|
Payroll Tax Payable
|
50,000
|
|||
Total current assets
|
1,900,000
|
Total Current Liabilities
|
2,780,000
|
|||
Total Liabilities
|
3,530,000
|
|||||
Total Assets
|
5,000,000
|
Total Equity and Liabilities
|
5,000,000
|
|||
0 Comments