Transaction data for Yansheng Real Estate are presented in E2.4.InstructionsJournalize

Transaction data for Yansheng Real Estate are presented in E2.4.

Instructions
Journalize the transactions. (You may omit explanations.)

Data From Exercises 4

The following information relates to Yansheng Real Estate.
Oct. 1 Biao Yansheng begins business as a real estate agent with a cash investment of HK$17,000.
        2 Hires a part-time administrative assistant.
        3 Purchases supplies for HK$1,900, on account.
        6 Sells a house and lot for C. Chow; bills C. Chow HK$3,800 for realty services performed.
      27 Pays HK$1,300 on the balance related to the transaction of October 3.
      30 Pays the administrative assistant HK$2,500 in salary for October.

The financial statements of TSMC are presented in Appendix A

The of TSMC are presented in Appendix A (at the back of the textbook). The complete annual report, including the notes to the is available at the company’s website.
Instructions
Refer to TSMC’s and answer the following questions. (Use amounts as reported in New Taiwan dollars.)
a. What were TSMC’s total assets at December 31, 2016? At December 31, 2015?
b. How much cash (and cash equivalents) did TSMC have on December 31, 2016?
c. What amount of did TSMC report on December 31, 2016? On December 31,2015?
d. What was TSMC’s revenue in 2015? In 2016?
e. What is the amount of the change in TSMC’s net income from 2015 to 2016?

On June 1, Cindy Godfrey started Divine Designs, a company

On June 1, Cindy Godfrey started Divine Designs, a company that provides craft opportunities, by investing $12,000 cash in the business. Following are the assets and liabilities of the company at June 30 and the revenues and expenses for the month of June.

Cindy made no additional investment in June but withdrew $1,300 in cash for personal use during the month.

Instructions
a. Prepare an income statement and owner’s equity statement for the month of June and a statement of financial position at June 30, 2020.
b. Prepare an income statement and owner’s equity statement for June assuming the following data are not included above: (1) $900 of services were performed and billed but not collected at June 30, and (2) $150 of gasoline expense was incurred but not paid.

On April 1, Julie Chen established Miaoli’s Travel Agency. The

On April 1, Julie Chen established Miaoli’s Travel Agency. The following transactions were completed during the month.
1. Invested NT$15,000 cash to start the agency.
2. Paid NT$600 cash for April office rent.
3. Purchased equipment for NT$3,000 cash.
4. Incurred NT$700 of advertising costs for Facebook ads, on account.
5. Paid NT$900 cash for office supplies.
6. Performed services worth NT$10,000: NT$3,000 cash is received from customers, and the balance of NT$7,000 is billed to customers on account.
7. Withdrew NT$600 cash for personal use.
8. Paid Facebook NT$500 of the amount due in transaction (4).
9. Paid employees’ salaries NT$2,500.
10. Received NT$4,000 in cash from customers who have previously been billed in transaction (6).

Instructions
a. Prepare a tabular analysis of the transactions using the following column headings: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Owner’s Capital, Owner’s Drawings, Revenues, and Expenses.
b. From an analysis of the owner’s equity columns, compute the net income or net loss for April.

AI Fang opened a law office on July 1, 2020.

AI Fang opened a law office on July 1, 2020. On July 31, the statement of financial position showed Cash ¥5,000, ¥1,500, Supplies ¥500, Equipment ¥6,000, ¥4,200, and Owner’s Capital ¥8,800 (amounts in thousands). During August, the following transactions occurred.
1. Collected ¥1,200 of Paid ¥2,800 cash on Recognized revenue of ¥7,500 of which ¥4,000 is collected in cash and the balance is due in September.
4. Purchased additional equipment for ¥2,000, paying ¥400 in cash and the balance on account.
5. Paid salaries ¥2,800, rent for August ¥900, and advertising expenses ¥400.
6. Withdrew ¥700 in cash for personal use.
7. Received ¥2,000 from Standard Bank—money borrowed on a note payable.
8. Incurred utility expenses for month on account ¥270.

Instructions

a. Prepare a tabular analysis of the August transactions beginning with July 31 balances. The column headings should be as follows: Cash + + Supplies + Equipment = Notes Payable + + Owner’s Capital – Owner’s Drawings + Revenues – Expenses.
b. Prepare an income statement for August, an owner’s equity statement for August, and a statement of financial position at August 31.

Whitegloves Janitorial Service was started 2 years ago by Jenna

Whitegloves Janitorial Service was started 2 years ago by Jenna Olson. Because business has been exceptionally good, Jenna decided on July 1, 2020, to expand operations by acquiring an additional truck and hiring two more assistants. To finance the expansion, Jenna obtained on July 1, 2020, a £25,000, 10% bank loan, payable £10,000 on July 1, 2021, and the balance on July 1, 2022. The terms of the loan require the borrower to have £10,000 more current assets than current liabilities at December 31, 2020. If these terms are not met, the bank loan will be refinanced at 15% interest. At December 31, 2020, the accountant for Whitegloves Janitorial Service prepared the following statement of financial position.

Jenna presented the statement of financial position to the bank’s loan officer on January 2, 2021, confident that the company had met the terms of the loan. The loan officer was not impressed. She said, “We need audited by a CA.” A CA was hired and immediately realized that the statement of financial position had been prepared from a trial balance and not from an adjusted trial balance. The adjustment data at the statement of financial position date consisted of the following.
1. Unbilled janitorial services performed were £3,700.
2. Janitorial supplies on hand were £2,500.
3. Prepaid insurance was a 3-year policy dated January 1, 2020.
4. December expenses incurred but unpaid at December 31, £500.
5. Interest on the bank loan was not recorded.
6. The amounts for property, plant, and equipment presented in the statement of financial position were reported net of accumulated depreciation (cost less accumulated depreciation). These amounts were £4,000 for cleaning equipment and £5,000 for delivery trucks as of January 1, 2020. Depreciation for 2020, still unrecorded, was £2,000 for cleaning equipment and £5,000 for delivery trucks.

Instructions
With the class divided into groups, answer the following.
a. Prepare a correct statement of financial position.
b. Were the terms of the bank loan met? Explain.

Happy Trails Park was organized on April 1, 2019, by

Happy Trails Park was organized on April 1, 2019, by Alicia Henry. Alicia is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Alicia prepared the following income statement for the quarter that ended March 31, 2020.

Alicia thought that something was wrong with the statement because net income had never exceeded £20,000 in any one quarter. Knowing that you are an experienced accountant, she asks you to review the income statement and other data.

You first look at the trial balance. In addition to the account balances reported above in the income statement, the ledger contains the following additional selected balances at March 31, 2020.

Supplies …………………………………..£ 6,200
Prepaid Insurance ………………………7,500
Notes Payable …………………………..12,000

You then make inquiries and discover the following.
1. Rent revenue includes advanced rentals for summer occupancy £14,000.
2. There were £1,450 of supplies on hand at March 31.
3. Prepaid insurance resulted from the payment of a 1-year policy on January 1, 2020.
4. The mail on April 1, 2020, brought the following bills: advertising for week of March 24, £130; repairs made March 10, £260; and utilities, £120.
5. There are four employees, who receive wages totaling £300 per day. At March 31, 2 days’ salaries and wages have been incurred but not paid.
6. The note payable is a 3-month, 10% note dated January 1, 2020.

Instructions
With the class divided into groups, answer the following.
a. Prepare a correct income statement for the quarter ended March 31, 2020.
b. Explain to Alicia the IFRSs that she did not recognize in preparing her income statement and their effect on her results.

Feng Disc Golf Course was opened on March 1 by

Feng Disc Golf Course was opened on March 1 by Lee Feng. The following selected events and transactions occurred during March (amounts in thousands).

Mar. 1 Invested ¥20,000 cash in the business.
         3 Purchased Rainbow Golf Land for ¥15,000 cash. The price consists of land ¥12,000, building
         ¥2,000, and equipment ¥1,000. (Make one compound entry.)
         5 Paid advertising expenses of ¥900.
         6 Paid cash ¥600 for a one-year insurance policy.
        10 Purchased golf discs and other equipment for ¥1,050 from Wang Company payable in 30 days.

Mar. 18 Received ¥1,100 in cash for golf fees (Feng records golf fees as service revenue).
         19 Sold 150 books for ¥10 each. Each book contains 4 coupons that enable the holder to play one round of disc golf.
         25 Withdrew ¥800 cash for personal use.
         30 Paid salaries of ¥250.
         30 Paid Wang Company in full.
         31 Received ¥2,700 cash for golf fees.

Feng Disc Golf uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Unearned Service Revenue, Owner’s Capital, Owner’s Drawings, Service Revenue, Advertising Expense, and Salaries and Wages Expense.

Instructions
Journalize the March transactions.

Collins Computer Timeshare entered into the following transactions during May

Collins Computer Timeshare entered into the following transactions during May 2020.

1. Purchased computers for R$20,000 from Digital Equipment on account.

2. Paid R$4,000 cash for May rent on storage space.

3. Received R$17,000 cash from customers for contracts billed in April.

4. Performed computer services for Viking Construction for R$4,000 cash.

5. Paid Tri-State Power R$11,000 cash for energy usage in May.

6. Collins invested an additional R$29,000 in the business.

7. Paid Digital Equipment for the computers purchased in (1) above.

8. Incurred advertising expense for May of R$1,200 on account.

Instructions
Indicate with the appropriate letter whether each of the transactions above results in:
a. An increase in assets and a decrease e. A decrease in assets and a decrease in assets. in liabilities.
b. An increase in assets and an increase f. An increase in liabilities and a decrease in owner’s equity. in owner’s equity.
c. An increase in assets and an increase g. An increase in owner’s equity and a in liabilities. decrease in liabilities.
d. A decrease in assets and a decrease in owner’s equity.

Nestlé’s financial statements are presented in Appendix B. Financial statements

Nestlé’s are presented in Appendix B. of Delfi Limited are presented in Appendix C.

Instructions

Based on information contained in these determine the following for each company.

a. Net increase (decrease) in property, plant, and equipment (net) for the most recent fiscal year shown.

b. Increase (decrease) in marketing and administration expenses (Nestlé) and increase (decrease) in selling, distribution, and administrative expenses (Delfi) for the most recent fiscal year shown.
c. Increase (decrease) in non-current liabilities for the most recent fiscal year shown.

d. Increase (decrease) in profit for the most recent fiscal year shown.

e. Increase (decrease) in cash and cash equivalents for the most recent fiscal year shown.