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The balance sheet of Alpha Ltd on 31/12/21 is the following ASSETS Plot of land Building Depreciation Vehicle Depreciation 31/12/2021 40.000 200.000 -40.000 80.000 -75.000 31/12/2022 Liabilities. Equity (stock price 3€) Statutory Reserves Premium Reserve New result Total 31/12/2021 180.000 60.000 20.000 -30.000 230.000

The balance sheet of Alpha Ltd on 31/12/21 is the following ASSETS Plot of land Building Depreciation Vehicle Depreciation 31/12/2021 40.000 200.000 -40.000 80.000 -75.000 31/12/2022 Liabilities. Equity (stock price 3€) Statutory Reserves Premium Reserve New result Total 31/12/2021 180.000 60.000 20.000 -30.000 230.000

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter7: Fixed Assets, Natural Resources, And Intangible Assets
Section: Chapter Questions
Problem 7.1MBA
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The balance sheet of Alpha Ltd on 31/12/21 is the following ASSETS Plot of land Building Depreciation Vehicle Depreciation. Furniture Depreciation Participations Total fixed assets. Goods Goods in pledge Customers Downpayment to suppliers Prepaid expenses Available Funds Circulating Assets Total assets 31/12/2021 40.000 200.000 -40.000 80.000 -75.000 95.000 -72.000 85.000 313.000 60.000 20.000 30.000 20.000 20.000 107.000 257.000 570.000 31/12/2022 Liabilities Equity (stock price 3€) Statutory Reserves Premium Reserve New result Total Foreign Capitals Long term Loan Bills payable Suppliers Loan with pledged goods Customers' downpayments Expenses payables Prepaid revenues Total Predictions Total liabilities 31/12/2021 180.000 60.000 20.000 -30.000 230.000 120.000 40.000 50.000 14.000 20.000 30.000 20.000 294.000 46.000 570.000 During the use of 2022, the following transactions took place. Sale of goods with value EUR 80,000 and cost EUR 35,000, 80% of them paid by cash and the rest with a bill of exchange with added interest of EUR 1,200. The company bought goods with value EUR 40,000, 60% paid by cash, 13,500 with offesetting downpayments of suppliers and with bills of exchange with value 3,000 EURO The company bought a machine with value EUR 40,000, downpaid EUR 20,000 via bank current account. The full payment will be deposited with the delivery of the machine which is expected the first semester of 2023. The company on 1/7/21 took a loan from the bank EUR 14,000 with pledged goods of value 20,000 EURO and annual interest rate 10%. The company paid the loan in full on 30/6/22 by using bank current account.. Note that on 31/12/21 company paid only the interest which covered only the use of 2021. The company paid to the staff salaries EUR 36,000. The deductions and the company's contributions which are calculated with 10 and 15% respectively, are owed at the insurance funds of the employees. Accountant failed to include in the use of 2021, operating revenues of EUR 2,000 which have not been collected. A supplier is willing not to get paid for EUR 30,000 which company owes to him in order to become a shareholder. The company issued 10,000 shares with price to the supplier EUR 4 per share. .The nominal value of the share is EUR 3. The increase of equity was succesful. The supplier paid the difference amount from the shares issue in premium reserve. On 1/10/2022, the company signed a contract for the provision of services from an accounting company. The contract covers the provision of accounting services for 10 months starting as of 1/10/22 with monthly fee of EUR 1,000 EURO. The company paid the amount of EUR 5,000. The company realized procurement revenues of EURO 20,000. The company deleted high risk customers EUR 8,000, which has been included in predictions for the amount of EUR 10,000.The rest amount of EUR 2,000 was collected. The interest amount of the long term loan is calculated with interest rate of 20%. The depreciation of the assets is calculated with 10% rate, The building has insignificant residual value while the vehicle has EUR 5,000 residual value.. The tax rate is 20%. Use the above info and create the balance sheet of 31/12/2022
Transcribed Image Text:The balance sheet of Alpha Ltd on 31/12/21 is the following ASSETS Plot of land Building Depreciation Vehicle Depreciation. Furniture Depreciation Participations Total fixed assets. Goods Goods in pledge Customers Downpayment to suppliers Prepaid expenses Available Funds Circulating Assets Total assets 31/12/2021 40.000 200.000 -40.000 80.000 -75.000 95.000 -72.000 85.000 313.000 60.000 20.000 30.000 20.000 20.000 107.000 257.000 570.000 31/12/2022 Liabilities Equity (stock price 3€) Statutory Reserves Premium Reserve New result Total Foreign Capitals Long term Loan Bills payable Suppliers Loan with pledged goods Customers' downpayments Expenses payables Prepaid revenues Total Predictions Total liabilities 31/12/2021 180.000 60.000 20.000 -30.000 230.000 120.000 40.000 50.000 14.000 20.000 30.000 20.000 294.000 46.000 570.000 During the use of 2022, the following transactions took place. Sale of goods with value EUR 80,000 and cost EUR 35,000, 80% of them paid by cash and the rest with a bill of exchange with added interest of EUR 1,200. The company bought goods with value EUR 40,000, 60% paid by cash, 13,500 with offesetting downpayments of suppliers and with bills of exchange with value 3,000 EURO The company bought a machine with value EUR 40,000, downpaid EUR 20,000 via bank current account. The full payment will be deposited with the delivery of the machine which is expected the first semester of 2023. The company on 1/7/21 took a loan from the bank EUR 14,000 with pledged goods of value 20,000 EURO and annual interest rate 10%. The company paid the loan in full on 30/6/22 by using bank current account.. Note that on 31/12/21 company paid only the interest which covered only the use of 2021. The company paid to the staff salaries EUR 36,000. The deductions and the company's contributions which are calculated with 10 and 15% respectively, are owed at the insurance funds of the employees. Accountant failed to include in the use of 2021, operating revenues of EUR 2,000 which have not been collected. A supplier is willing not to get paid for EUR 30,000 which company owes to him in order to become a shareholder. The company issued 10,000 shares with price to the supplier EUR 4 per share. .The nominal value of the share is EUR 3. The increase of equity was succesful. The supplier paid the difference amount from the shares issue in premium reserve. On 1/10/2022, the company signed a contract for the provision of services from an accounting company. The contract covers the provision of accounting services for 10 months starting as of 1/10/22 with monthly fee of EUR 1,000 EURO. The company paid the amount of EUR 5,000. The company realized procurement revenues of EURO 20,000. The company deleted high risk customers EUR 8,000, which has been included in predictions for the amount of EUR 10,000.The rest amount of EUR 2,000 was collected. The interest amount of the long term loan is calculated with interest rate of 20%. The depreciation of the assets is calculated with 10% rate, The building has insignificant residual value while the vehicle has EUR 5,000 residual value.. The tax rate is 20%. Use the above info and create the balance sheet of 31/12/2022
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