help me asap i want text answer otherwise please skip Question. Fool's Paradise...
50.1K
Verified Solution
Link Copied!
Question
Accounting
help me asap
i want text answer otherwise please skip Question. Fool's Paradise Ltd had cash and cash equivalents at 1 January 2019 of $400,000. The transactions of Fool's Paradise Ltd for the year to 31 December 2019 are as follows: Borrowed $850,000 with a 9-month loan payable Received $6,340,000 cash for customer accounts Sold for $360,000 cash a plant asset with a carrying amount of $180,000 Issued ordinary shares for $480,000 cash Purchased a plant asset for $650,000; $237,500 in cash and $412,500 in loan Exchanged 60,000 shares for land with a fair value of $1,000,000 Received a $350,000 dividend in cash Received $25,000 interest from term deposit Invested $500,000 cash on the short-term money market Paid fixed-term loan principal of $900,000 and interest of $90,000 Cash payments for supplier's accounts $6,300,000 Dividend paid during the period $200,000 Wages expense shown in the income statement is $75,000. At the end of the year the balance sheet shows prepaid Wages expense of $65,000. There was a prepaid Wages expense of $35,000 at the beginning of the year
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
