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    Accounting Fundamentals Practice-ASH - IVA

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    alitohdezsal
    Nicro-Soft Inc engages in various transactions over two years including issuing shares, borrowing funds, purchasing property and inventory, selling inventory, paying expenses and taxes, and paying dividends. The company's balance sheet shows assets including cash, receivables, inventory, and property, and liabilities including accounts payable, taxes payable, and long-term borrowing. The income statement shows revenues, costs of goods sold, expenses, taxes, and net income.

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    Accounting Fundamentals Practice-ASH - IVA

    Uploaded by

    alitohdezsal
    6 views12 pages
    Nicro-Soft Inc engages in various transactions over two years including issuing shares, borrowing funds, purchasing property and inventory, selling inventory, paying expenses and taxes, and paying dividends. The company's balance sheet shows assets including cash, receivables, inventory, and property, and liabilities including accounts payable, taxes payable, and long-term borrowing. The income statement shows revenues, costs of goods sold, expenses, taxes, and net income.

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    Nicro-Soft Inc engages in various transactions over two years including issuing shares, borrowing funds, purchasing property and inventory, selling inventory, paying expenses and taxes, and paying dividends. The company's balance sheet shows assets including cash, receivables, inventory, and property, and liabilities including accounts payable, taxes payable, and long-term borrowing. The income statement shows revenues, costs of goods sold, expenses, taxes, and net income.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    6 views12 pages

    Accounting Fundamentals Practice-ASH - IVA

    Uploaded by

    alitohdezsal
    Nicro-Soft Inc engages in various transactions over two years including issuing shares, borrowing funds, purchasing property and inventory, selling inventory, paying expenses and taxes, and paying dividends. The company's balance sheet shows assets including cash, receivables, inventory, and property, and liabilities including accounts payable, taxes payable, and long-term borrowing. The income statement shows revenues, costs of goods sold, expenses, taxes, and net income.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 12

    NICRO-SOFT INC.

    Year 1 Year 2
    Nicro-Soft Inc engages in the following transactions:

    Issues common shares 1) 1,000,000


    Borrows 2) 450,000
    Repays loan 50,000 1)
    Pays interest 3) 40,000 34,000 2)

    Buys property and plant (estimated useful life is 10 years) 4) 900,000


    70% cash 30% credit Year 1
    Pays full Year 2 3)

    Buys inventory 5) 310,000 420,000 4)


    Cash paid for inventory 150,000 325,000

    Sells inventory 6) 578,000 601,000 5)


    Cash received from sales 474,000 490,000

    Inventory left at year end 75,000 98,000 6)

    Pays operating expenses 7) 63,000 72,000 7)

    Pays tax at 30% 8) 8)

    Pays a dividend 9) 30,000 1,000 9)

    Requirements:

    1. Produce a balance sheet and income statement for Jenga Inc for Years 1 and 2.

    2. Produce the financial statements for Year 2.

    Income Statement
    Revenues 670,480 697,160
    Cost of sales - 235,000 - 397,000
    Gross profit 435,480 300,160

    Expenses - 63,000 - 72,000


    Depreciation - 90,000 - 90,000
    Operating profit (EBIT) 282,480 138,160
    Ingreso financiero - 96,160
    Finance costs - 40,000 - 34,000
    Profit before taxes 242,480 8,000

    Tax at 30% - 72,744 - 2,400


    Net income 169,736 5,600

    Dividend - 30,000 - 1,000


    Retained earnings 139,736 4,600

    Balance Sheet
    Assets
    Current assets:
    Cash 855,120 647,200
    Receivables 196,480 403,640
    Inventory 75,000 98,000
    Prepayments
    IVA a favor 111,200
    Total current assets 1,237,800 1,148,840

    Non-current assets
    Property, plant and equipment 900,000 900,000
    Depreciacion - 90,000 - 180,000
    Total assets 2,047,800 1,868,840

    Liabilities and shareholders' equity


    Current liabilities:
    Proveedores 209,600 371,800
    Other accounts payable 313,200
    IVA por pagar 17,440
    Non-current liabilities:
    Long term borrowing 450,000 400,000
    Shareholder's equity:
    Common shares 1,000,000 1,000,000
    Retained earnings Acumulada 75,000
    Retained earnings 139,736 4,600
    Total liabilities and shareholders' equity 2,112,536 1,868,840

    Balance Sheet Check - 64,736 -


    Bancos Propiedad y Planta Inventario
    1) 1,000,000.00 40,000.00 3) 4) 900,000.00 5) 310,000.00
    2) 450,000.00 730,800.00 4)
    6a) 474,000.00 150,000.00 5)
    73,080.00 7)
    45,000.00 8)
    30,000.00 9) 900,000.00 310,000.00
    900,000.00 900,000.00 75,000.00
    1,924,000.00 1,068,880.00
    855,120.00

    Acredores Bancarios Proveedores Cuenta por pagar


    450,000.00 2) 209,600.00 5)

    450,000.00 209,600.00
    450,000.00 450,000.00 209,600.00 209,600.00 313,200.00

    Ventas Costo de venta Gastos de operación


    578,000.00 6a) 6b) 235,000.00 7) 63,000.00

    578,000.00 235,000.00 63,000.00


    578,000.00 578,000.00 235,000.00 235,000.00 63,000.00

    Impuestos Dividendos
    8) 45,000.00 9) 30,000.00
    45,000.00 30,000.00
    45,000.00 45,000.00 30,000.00 30,000.00
    Inventario Cuentas por cobrar IVA a favor
    235,000.00 6b) 6a) 196,480.00 203,680.00 92,480.00

    235,000.00 196,480.00 - 203,680.00 92,480.00


    75,000.00 196,480.00 196,480.00 111,200.00 111,200.00

    Cuenta por pagar Capital Social Gastos financieros


    313,200.00 4) 1,000,000.00 1) 3) 40,000.00

    313,200.00 1,000,000.00 40,000.00


    313,200.00 1,000,000.00 1,000,000.00 40,000.00 40,000.00

    Depreciacion acumulada de
    Gastos de operación Depreciacion de PP pp
    4.1) 90,000.00 90,000.00 4.1)

    90,000.00 90,000.00
    63,000.00 90,000.00 90,000.00 90,000.00 90,000.00
    IVA Acreditable
    4) 144,000.00
    5) 49,600.00
    7) 10,080.00

    203,680.00
    203,680.00 203,680.00

    IVA trasladado
    92,480.00 5a)

    92,480.00
    92,480.00 92,480.00
    Bancos Propiedad y Planta
    855,120.00 50,000.00 1) 900,000.00
    111,200.00 34,000.00 2) 4)
    5a) 490,000.00 313,200.00 3)
    325,000.00 4)
    83,520.00 7)
    2,400.00 8) 900,000.00
    1,000.00 9) 900,000.00 900,000.00
    1,456,320.00 809,120.00
    647,200.00

    Acredores Bancarios Proveedores


    1) 50,000.00 450,000.00 209,600.00 3)
    162,200.00 4)

    50,000.00 450,000.00 371,800.00


    400,000.00 400,000.00 371,800.00 371,800.00

    Ventas Costo de venta


    601,000.00 5a) 5b) 397,000.00 7)

    601,000.00 397,000.00
    601,000.00 601,000.00 397,000.00 397,000.00

    Impuestos Dividendos
    8) 2,400.00 9) 1,000.00 4)
    7)
    2,400.00 1,000.00
    2,400.00 2,400.00 1,000.00 1,000.00
    Inventario Cuentas por cobrar IVA a favor
    75,000.00 397,000.00 5b) 196,480.00 111,200.00
    420,000.00 5a) 207,160.00

    495,000.00 397,000.00 403,640.00 - 111,200.00


    98,000.00 98,000.00 403,640.00 403,640.00 111,200.00

    Cuenta por pagar Capital Social Gastos financieros


    313,200.00 313,200.00 1,000,000.00 2) 34,000.00

    313,200.00 313,200.00 1,000,000.00 34,000.00


    313,200.00 313,200.00 1,000,000.00 1,000,000.00 34,000.00

    Depreciacion acumulada de
    Gastos de operación Depreciacion de PP pp
    72,000.00 4.1) 90,000.00
    90,000.00

    72,000.00 180,000.00
    72,000.00 72,000.00 180,000.00 180,000.00 180,000.00

    IVA Acreditable IVA trasladado IVA por pagar


    67,200.00 96,160.00 5a) 78,720.00
    11,520.00
    78,720.00 - 96,160.00 78,720.00
    78,720.00 78,720.00 96,160.00 96,160.00 17,440.00
    IVA a favor

    -
    111,200.00

    Gastos financieros

    34,000.00

    preciacion acumulada de
    pp
    90,000.00 4.1)
    90,000.00

    180,000.00
    180,000.00

    IVA por pagar


    96,160.00
    96,160.00
    17,440.00

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