Financial Statements 99
7. The following is the list of balances extracted from the books of Anda Trading as at
30 November 20X2.
RM
100
9,000
12,840
26,500
14,000
50,000
Particulars
Petty cash
Cash at bank
Accounts receivable
Inventory as at 1 December 20X1
Motor vehicles
Plant and machinery
Long-term investments
Freehold premises
Accounts payable
10% Mortgage on freehold premises
Capital on 1 December 20X1
Purchases
Wages and salaries
Rates and taxes
Interest on mortgage
10,000
147,500
16,500
34,000
219,840
128,900
General expenses
Carriage outwards
Insurance premium
Drawings
Carriage inwards
Advertising expenses
Sales
70,300
1,000
1,700
2,000
21,000
3,000
7,400
600
14,000
250,000
1,000
Sales returns
Purchases returns
500
Discount received
600
Discount allowed
800
Allowance for doubtful debt
200
Inventory on hand as at 30 November 20X2 was RM30,000.
You are required to prepare the statement of profit or loss for the year ended
30 November 20X2 and a statement of financial position as at that date.

Prepare journal entries for each transaction and identify the financial statement impact of each entry. the financial statements are automatically generated based on the journal entries recorded. apr. 1 tanner invested $80,000 cash along with office equipment valued at $26,000 in the company in exchange for common stock. apr. 2 the company prepaid $9,000 cash for 12 months' rent for office space. the company's policy is record prepaid expenses in balance sheet accounts. apr. 3 the company made credit purchases for $8,000 in office equipment and $3,600 in office supplies. payment is due within 10 days. apr. 6 the company completed services for a client and immediately received $4,000 cash. apr. 9 the company completed a $6,000 project for a client, who must pay within 30 days. apr. 13 the company paid $11,600 cash to settle the account payable created on april 3.apr. 19 the company paid $2,400 cash for the premium on a 12-month insurance policy. the company's policy is record prepaid expenses in balance sheet accounts. apr. 22 the company received $4,400 cash as partial payment for the work completed on april 9.apr. 25 the company completed work for another client for $2,890 on credit. apr. 28 the company paid $5,500 cash in dividends. apr. 29 the company purchased $600 of additional office supplies on credit. apr. 30 the company paid $435 cash for this month's utility bill.

After much consideration, you have chosen cancun over ft. lauderdale as your spring break destination this year. however, spring break is still months away, and you may reverse this decision. which of the following events would prompt you to reverse this decision? a. the marginal cost of going to cancun decreases. b. the marginal cost of going to ft. lauderdale decreases. c. the marginal benefit of going to cancun increases. d. the marginal benefit of going to ft. lauderdale decreases.

Which of the following statements are false regarding activity-based costing? non-manufacturing costs are important to include when calculating the cost of each product. costs are allocated based on a pre-determined overhead rate. transitioning from traditional costing methods to activity-based costing can be complicated and costly. activity-based costing follows the same basic calculation methods as traditional costing approaches. none of the above