Question 1: Ahmed owns a small business that sells coffee machines to other businesses. On December 31, 2020, the following trial balance was decided.
2.Equipment is depreciated on a 10% straight line basis.
3.Cars are depreciated at 20% based on the depreciation balance.
a. Prepare Ahmed’s income statement for the year ending December 31, 2020.
b. Please prepare Ahmed’s balance sheet as of December 2020.
Question 2: The Stakeholder Equity section of Sun Ltd’s balance sheet. is:
B. Below is a portion of the orange company’s balance sheet. Prepare a section on
Operating activities before cash flow statement using the indirect method
Question 3: A. Please list and briefly describe the various types of errors that are not detected in the unreconciled trial balance. Please give an example.
B. Explain the importance of corporate governance and briefly describe the primary purpose of implementing corporate governance mechanisms. Please support your answer with an example.
C. Many executives want to manipulate the information in their financial statements. Give two reasons and briefly explain with an example.
Question 4: A. Ahmed runs his business as a sole proprietorship. Ahmed has prepared financial statements for the year ended December 31, 2020. Then I realized that as of December 31, 2020, I had not yet created a bank reconciliation invoice.
When I compared my cash book and my bank statement, I found the following discrepancies.
1.My bank statement showed a bank charge of $200 deducted on December 31st.
Their partnership agreement stipulates that:
The prize share is 2:3
8% interest on the principal
Subscription earns 10% interest
Mary receives a salary of $20,000 annually
REQUIRED: Prepare a partnership budget
Question 5: Gulf and Co. is a manufacturer of computer accessories. Below are selected items presented on the Income Statement and Balance Sheet for the year ended December 31, 2020.
Use the information above to calculate. Find the company’s key figures below and comment on each:
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