Business
Business, 27.01.2021 14:00, coreen9

TT and Co is a new business that started trading on 1 January 2019. The following is a summary of transactions that occurred during the first year of trading: The owners introduced Rwf 50,000,000 of capital, which was paid into a bank account opened in the name of the business.
Premises were rented from 1 January 2019 at an annual rental of Rwf 20,000,000. During the year, rent of Rwf 25,000,000 was paid to the owner of the premises.
Rates (a tax on business premises) were paid during the year as follows:
For the period 1 January 2019 to 31 March 2019 Rwf 300,000
For the period 1 April 2019 to 31 March 2020 Rwf 1,200,000
A delivery van was bought on 1 January 2019 for Rwf 12,000,000. This is expected to be used in the business for four years and then to be sold for Rwf 2,000,000.
Wages totalling Rwf 33,500,000 were paid during the year. At the end of the year, the business owed Rwf 630,000 of wages for the last week of the year.
Electricity bills for the first three quarters of the year were paid totalling Rwf 1,650,000. After 31 December 2019, but before the financial statements had been finalised for the year, the bill for the last quarter arrived showing a charge of Rwf 620,000.
Inventories totalling Rwf 143,000,000 were bought on credit. Inventories totalling Rwf 12,000,000 were bought for cash.
Sales revenue on credit totalled Rwf 152,000,000 (cost of sales Rwf 74,000,000).
Cash sales revenue totalled Rwf 35,000,000 (cost of sales Rwf 16,000,000).
Receipts from trade receivables totalled Rwf 132,000,000.
Payments to trade payables totalled Rwf 121,000,000.
Van running expenses paid totalled Rwf 9,400,000.

Required: Produced TT and Co’s Statement of Comprehensive Income for the period in question. Assume a tax rate of 30%

answer
Answers: 2

Other questions on the subject: Business

image
Business, 22.06.2019 04:00, brucewayne8499
Consider the market for gasoline. suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $3.00 per gallon, and employees at gas stations earn $17.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect the government has instituted a legal minimum price of $3.40 per gallon for gasoline. the government prohibits gas stations from selling gasoline for more than $3.40 per gallon. due to new regulations, gas stations that would like to pay better wages in order to hire more workers are prohibited from paying more than $14.50 per hour.
Answers: 2
image
Business, 22.06.2019 20:00, javonteoshamccaliste
Lillypad toys is a manufacturer of educational toys for children. six months ago, the company's research and development division came up with an idea for a unique touchscreen device that can be used to introduce children to a number of foreign languages. three months ago, the company produced a working prototype, and last month the company successfully launched its new device on the commercial market. what should lillypad's managers prepare for next? a. increased competition from imitators b. a prolonged period of uncontested success c. a sharp decline in demand for the product d. a difficult struggle to move from invention to innovation
Answers: 2
image
Business, 23.06.2019 00:40, sportie59
On june 3, teal company sold to chester company merchandise having a sale price of $2,600 with terms of 2/10, n/60, f. o.b. shipping point. an invoice totaling $91, terms n/30, was received by chester on june 8 from john booth transport service for the freight cost. on june 12, the company received a check for the balance due from chester company. prepare journal entries on the teal company books to record all the events noted above under each of the following bases. (1) sales and receivables are entered at gross selling price. (2) sales and receivables are entered at net of cash discounts.
Answers: 3
image
Business, 23.06.2019 02:20, J3ak06
Kubin company’s relevant range of production is 18,000 to 22,000 units. when it produces and sells 20,000 units, its average costs per unit are as follows: average cost per unit direct materials $ 7.00 direct labor $ 4.00 variable manufacturing overhead $ 1.50 fixed manufacturing overhead $ 5.00 fixed selling expense $ 3.50 fixed administrative expense $ 2.50 sales commissions $ 1.00 variable administrative expense $ 0.50 required: 1. for financial accounting purposes, what is the total amount of product costs incurred to make 20,000 units? 2. for financial accounting purposes, what is the total amount of period costs incurred to sell 20,000 units? 3. for financial accounting purposes, what is the total amount of product costs incurred to make 22,000 units? 4. for financial accounting purposes, what is the total amount of period costs incurred to sell 18,000 units?
Answers: 1
Do you know the correct answer?
TT and Co is a new business that started trading on 1 January 2019. The following is a summary of tr...

Questions in other subjects: