Accounting Answers

QUESTION

The notion of Structural Adjustment Programmes (SAPs) being effective in, and necessary for, achieving African development would likely be favored by the Bretton Woods institutions— the IMF and the World Bank—the creators of them (Chabal & Deloz, 1999: 119). To assist African development, Structural Adjustment Programmes (SAPs) provided “conditional lending” (Thomson, 2010: 197). Throughout the 1980s and 1990s, the U.S. has been a principal force in imposing Structural Adjustment Programs (SAPs) on most countries of the South. REQUIRED Discuss the expected impact and outcome of the Structural adjustment programs (SAPs) provided by the International Monetary Fund (IMF) and the World Bank (WB) in Third World countries with special reference to Zambia. 

Ms. Masungsong is the sole owner of the Narnia Company. Presented below are the items to be consolidated for the immediate preparation of the Statement Of Financial Position, for the year 2020. 

Long-term portion of bonds payable 400% of Owner’s Withdrawals 

Property, plant, and equipment 30% of Total Assets

 Notes Receivable ₱ 500, 000 

Comprehensive Income 200% of Accounts Payable 

Raw materials Inventory 50% of PPE

 Prepaid Rent Expense 85, 000 

Cash and Cash equivalent 20% of Total Assets

 Owner’s Withdrawals 20% of Owner’s Capital

 Accounts Payable 60% of Owner’s Capital

 Unearned Revenue 480, 000 

Owner’s Capital 3, 000, 000 

Long-term Receivable 80% of raw materials inventory 

Long-term Investments ? 

Notes Payable 850, 000

a. Prepare the SFP using the ACCOUNT FORM 

 b. Prepare the SFP using the REPORT FORM 

Ms. Masungsong is the sole owner of the Narnia Company. Presented below are the items to be consolidated for the immediate preparation of the Statement Of Financial Position, for the year 2020. 

Long-term portion of bonds payable 400% of Owner’s Withdrawals 

Property, plant, and equipment 30% of Total Assets

 Notes Receivable ₱ 500, 000 

Comprehensive Income 200% of Accounts Payable 

Raw materials Inventory 50% of PPE

 Prepaid Rent Expense 85, 000 

Cash and Cash equivalent 20% of Total Assets

 Owner’s Withdrawals 20% of Owner’s Capital

 Accounts Payable 60% of Owner’s Capital

 Unearned Revenue 480, 000 

Owner’s Capital 3, 000, 000 

Long-term Receivable 80% of raw materials inventory 

Long-term Investments ? 

Notes Payable 850, 000

a. Prepare the SFP using the ACCOUNT FORM 

 b. Prepare the SFP using the REPORT FORM 

 Red Cards Company, which is owned by Ms. Bernales presents the different items before the preparation of the Statement of Financial Position, for the year 2020. 

Long-term portion of bonds payable ₱ 1, 800, 000 

Property, plant and equipment 6, 450, 000 

Notes Receivable 490, 000 

Comprehensive Income 5, 000, 000 

Raw materials Inventory 2, 800, 000 

Prepaid Rent Expense 440, 000 

Cash and Cash equivalent 4, 485, 000 

Owner’s Withdrawals 1, 200, 000 

Accounts Payable 3, 700, 000 

Unearned Revenue 945, 000 

Owner’s Capital 2, 850, 000 

Long-term Receivable 1, 200, 000 

Long-term Investments 900, 000 

Notes Payable 3, 670, 000

a. Prepare the SFP using the ACCOUNT FORM.

b. Prepare the SFP using the REPORT FORM.

Ms. Masungsong is the sole owner of the Narnia Company. Presented below are the items to be consolidated for the immediate preparation of the Statement Of Financial Position, for the year 2020. 

Long-term portion of bonds payable 400% of Owner’s Withdrawals 

Property, plant, and equipment 30% of Total Assets

 Notes Receivable ₱ 500, 000 

Comprehensive Income 200% of Accounts Payable 

Raw materials Inventory 50% of PPE

 Prepaid Rent Expense 85, 000 

Cash and Cash equivalent 20% of Total Assets

 Owner’s Withdrawals 20% of Owner’s Capital

 Accounts Payable 60% of Owner’s Capital

 Unearned Revenue 480, 000 

Owner’s Capital 3, 000, 000 

Long-term Receivable 80% of raw materials inventory 

Long-term Investments ? 

Notes Payable 850, 000

a. Prepare the SFP using the ACCOUNT FORM 

 b. Prepare the SFP using the REPORT FORM 

 Red Cards Company, which is owned by Ms. Bernales presents the different items before the preparation of the Statement of Financial Position, for the year 2020. 

Long-term portion of bonds payable ₱ 1, 800, 000 

Property, plant and equipment 6, 450, 000 

Notes Receivable 490, 000 

Comprehensive Income 5, 000, 000 

Raw materials Inventory 2, 800, 000 

Prepaid Rent Expense 440, 000 

Cash and Cash equivalent 4, 485, 000 

Owner’s Withdrawals 1, 200, 000 

Accounts Payable 3, 700, 000 

Unearned Revenue 945, 000 

Owner’s Capital 2, 850, 000 

Long-term Receivable 1, 200, 000 

Long-term Investments 900, 000 

Notes Payable 3, 670, 000

a. Prepare the SFP using the ACCOUNT FORM

b. Prepare the SFP using the REPORT FORM

Calculate goodwill, if it is to be calculate at 3years’ purchase of the super profit; The

firm started business with a capital of Rs.4,00,000. The normal rate of earning in this class of

business is 15%. The firm earned Rs.74,000 as profit during the year.

A. Prepare a Function of Expense SCI using the information below.

JJ Trading

December 31, 2020

Advertising Expense - 17,500

Amortization Expense - 5,000

Bad Depts Expense - ?

Depreciation Expense - 12,500

Freight In - 4,590

Gain on Sale of PPE - 2,732

Interest Expense - 2,838

Interest Income - 2,722

Purchase Discount - 4,100

Purchase Returns - 2,732

Purchases - 229,995

Rent Expense - 30,000

Salaries Expense - 40,000

Sales - 382,492

Sales Discount - 6,650

Sales Returns and Allowances - 2,727

Utilities Expense 27,500

B. Based on actual physical count, inventory balance are as follows:

January 1, 2020 - 12,727.50

December 31, 2020 - 10,382.50

- Additional Information:

a. Bad debts is 4 percent of net sales

b. Depreciation of 2,500 is for equipment used in the administrative office.

c. Amortization is attributed to office improvements.

d. 40 percent of salaries are for sales officers.

e. Utilities for the store represent 35 percent of the utilities expense.

f. Rental for office space is 10,000