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    Novena Trimukti
    Matcha Creations generated NT$4,515 in service revenue over two months. Total expenses were NT$2,486, resulting in net income of NT$2,029. The company paid NT$500 in dividends, leaving retained earnings of NT$1,529. Assets included equipment of NT$1,160 and current assets of NT$3,615. Equity totaled NT$2,329 and liabilities included interest payable, notes payable, and current liabilities of NT$431.

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    Novena Trimukti
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    Matcha Creations generated NT$4,515 in service revenue over two months. Total expenses were NT$2,486, resulting in net income of NT$2,029. The company paid NT$500 in dividends, leaving retained earnings of NT$1,529. Assets included equipment of NT$1,160 and current assets of NT$3,615. Equity totaled NT$2,329 and liabilities included interest payable, notes payable, and current liabilities of NT$431.

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    Matcha Creations generated NT$4,515 in service revenue over two months. Total expenses were NT$2,486, resulting in net income of NT$2,029. The company paid NT$500 in dividends, leaving retained earnings of NT$1,529. Assets included equipment of NT$1,160 and current assets of NT$3,615. Equity totaled NT$2,329 and liabilities included interest payable, notes payable, and current liabilities of NT$431.

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    13 views4 pages

    CC Balance

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    Novena Trimukti
    Matcha Creations generated NT$4,515 in service revenue over two months. Total expenses were NT$2,486, resulting in net income of NT$2,029. The company paid NT$500 in dividends, leaving retained earnings of NT$1,529. Assets included equipment of NT$1,160 and current assets of NT$3,615. Equity totaled NT$2,329 and liabilities included interest payable, notes payable, and current liabilities of NT$431.

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    of 4

    MC4 MATCHA CREATIONS

    (a)
    MATCHA CREATIONS
    Income Statement
    Two Months Ended December 31, 2024

    Revenues
    Service revenue ....................................................... NT$4,515
    Expenses
    Supplies expense ..................................................... NT$1,025
    Salaries and wages expense ...................................... 1,006
    Advertising expense ................................................. 165
    Utilities expense ...................................................... 125
    Insurance expense ................................................... 110
    Depreciation expense ............................................... 40
    Interest expense ...................................................... 15
    Total expenses .................................................... 2,486
    Net income .................................................................. NT$2,029

    MATCHA CREATIONS
    Retained Earnings Statement
    Two Months Ended December 31, 2024

    Retained earnings, November 1 ..................................... NT$ 0


    Add: Net income ....................................................... 2,029
    2,029
    Less: Dividends ........................................................... 500
    Retained earnings, December 31 ................................... NT$1,529

    __________________________________________________________________________________________
    © John Wiley & Sons, Inc. or the author, all rights reserved.
    Weygandt Financial Accounting IFRS 5e Solutions to Matcha Creations (For Instructor Use Only)
    MC4 (Continued)

    (a) (Continued)

    MATCHA CREATIONS
    Statement of Financial Position
    December 31, 2024

    Assets
    Property, plant, and equipment
    Equipment ............................................................... NT$1,200
    Less: Accumulated depreciation ................................ 40 NT$1,160
    Current assets
    Prepaid insurance ..................................................... 1,210
    Supplies ................................................................... 350
    Accounts receivable .................................................. 875
    Cash ........................................................................ 1,180
    Total current assets .............................................. 3,615
    Total assets ..................................................... NT$4,775

    Equity and Liabilities


    Equity
    Share capital—ordinary ............................................. NT$ 800
    Retained earnings ..................................................... 1,529 NT$2,329
    Non-current liabilities
    Interest payable ....................................................... 15
    Notes payable........................................................... 2,000 2,015

    Current liabilities
    Accounts payable ...................................................... 75
    Salaries and wages payable ....................................... 56
    Unearned service revenue ......................................... 300
    Total current liabilities .............................................. 431
    Total equity and liabilities ................................ NT$4,775

    __________________________________________________________________________________________
    © John Wiley & Sons, Inc. or the author, all rights reserved.
    Weygandt Financial Accounting IFRS 5e Solutions to Matcha Creations (For Instructor Use Only)
    MC4 (Continued)

    (b) GENERAL JOURNAL J4


    Date Account Titles and Explanation Debit Credit

    2024
    Dec. 31 Service Revenue................................. 4,515
    Income Summary ........................... 4,515

    31 Income Summary ............................... 2,486


    Salaries and Wages Expense ........... 1,006
    Utilities Expense ............................ 125
    Advertising Expense ....................... 165
    Supplies Expense ........................... 1,025
    Insurance Expense ......................... 110
    Depreciation Expense..................... 40
    Interest Expense ............................ 15

    31 Income Summary ............................... 2,029


    Retained Earnings .......................... 2,029

    31 Retained Earnings .............................. 500


    Dividends ...................................... 500

    __________________________________________________________________________________________
    © John Wiley & Sons, Inc. or the author, all rights reserved.
    Weygandt Financial Accounting IFRS 5e Solutions to Matcha Creations (For Instructor Use Only)
    COOKIE CREATIONS
    Post-Closing Trial Balance
    December 31, 2021

    Account Debit Credit


    Cash ...................................................................... $1,180
    Accounts Receivable ............................................... 875
    Supplies ................................................................ 350
    Prepaid Insurance .................................................. 1,210
    Equipment............................................................. 1,200
    Accumulated Depreciation- Equipment .................... $ 40
    Accounts Payable ................................................... 75
    Salaries and Wages Payable .................................... 56
    Unearned Service Revenue ..................................... 300
    Interest Payable ..................................................... 15
    Note Payable ......................................................... 2,000
    Share Capital—Ordinary ......................................... 800
    Retained Earnings .................................................. 1,529
    $4,815 $4,815

    __________________________________________________________________________________________
    © John Wiley & Sons, Inc. or the author, all rights reserved.
    Weygandt Financial Accounting IFRS 5e Solutions to Matcha Creations (For Instructor Use Only)

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