Scribd Logo
Upload

Welcome to Scribd!

  • 128 views

    Assigment 4

    Uploaded by

    Syakil Ahmed
    The documents provide financial statements for Abang Zaim Company for the year ended December 31, 2013 including a balance sheet, income statement, and instructions to prepare a common sized income statement and balance sheet along with interpreting the findings. The second document provides the balance sheet and income statement for Jazli Sdn Bhd for the years ending December 31, 2014 and 2013 along with instructions to prepare a statement of cash flows for 2014. Both documents contain the typical financial statement sections showing assets, liabilities, equity, revenues, expenses, and net income.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Assigment 4

    Uploaded by

    Syakil Ahmed
    128 views3 pages
    The documents provide financial statements for Abang Zaim Company for the year ended December 31, 2013 including a balance sheet, income statement, and instructions to prepare a common sized income statement and balance sheet along with interpreting the findings. The second document provides the balance sheet and income statement for Jazli Sdn Bhd for the years ending December 31, 2014 and 2013 along with instructions to prepare a statement of cash flows for 2014. Both documents contain the typical financial statement sections showing assets, liabilities, equity, revenues, expenses, and net income.

    Original Description:

    Finance example assignment 4

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The documents provide financial statements for Abang Zaim Company for the year ended December 31, 2013 including a balance sheet, income statement, and instructions to prepare a common sized income statement and balance sheet along with interpreting the findings. The second document provides the balance sheet and income statement for Jazli Sdn Bhd for the years ending December 31, 2014 and 2013 along with instructions to prepare a statement of cash flows for 2014. Both documents contain the typical financial statement sections showing assets, liabilities, equity, revenues, expenses, and net income.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    128 views3 pages

    Assigment 4

    Uploaded by

    Syakil Ahmed
    The documents provide financial statements for Abang Zaim Company for the year ended December 31, 2013 including a balance sheet, income statement, and instructions to prepare a common sized income statement and balance sheet along with interpreting the findings. The second document provides the balance sheet and income statement for Jazli Sdn Bhd for the years ending December 31, 2014 and 2013 along with instructions to prepare a statement of cash flows for 2014. Both documents contain the typical financial statement sections showing assets, liabilities, equity, revenues, expenses, and net income.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    -2-

    Assignment 4

    QUESTION 1

    Abang Zaim Company


    Balance Sheet for Years Ended 31st December 2013
    ______________________________________________________________
    ASSETS
    Cash $ 225,000
    Accounts receivables 153,000
    Inventories 99,300
    Prepaid expenses 14,500
    Total current assets $ 491,800
    Gross buildings & equipment $ 895,000
    Accumulated depreciation 263,000
    Net fixed assets 632,000
    Total assets $1,123,800

    LIABILITIES & EQUITY


    Liabilities
    Notes payable $ 75,000
    Accounts payable 102,000
    Taxes payable 53,000
    Accrued expenses 7,900
    Total current liabilities $ 237,900
    Long-term debt 334,000
    Total liabilities $ 571,900
    Equity
    Common stock $ 289,000
    Retained earnings 262,900
    Total equity $ 551,900
    Total liabilities and equity $1,123,800

    Income Statement

    Sales $ 573,000
    Cost of goods sold 297,000
    Gross profits $ 276,000
    General & admin. expense $ 79,000
    Depreciation expense 66,000
    Total operating expense $ 145,000
    Operating income (EBIT) $ 131,000
    Interest expense 4,750
    Earnings before taxes $ 126,250
    Taxes 50,500
    Net income $ 75,750

    a) Prepare a common- sized income statement and a common- sized balance sheet for Abang
    Zaim Company.

    b) Interprets your findings.


    -3-

    QUESTION 2

    Based on the above information, prepare a statement of cash flow for the year 2014.

    JAZLI SDN BHD


    BALANCE SHEET AS OF DECEMBER 31, 2014 AND 2013
    (RM)
    2014 2013
    CURRENT ASSETS
    Cash 36,000 37,500
    Account receivable 105,000 97,500
    Inventory 166,500 150,000
    Total current assets 307,500 285,000

    FIXED ASSETS
    Gross plant and equipment 552,000 450,000
    Less: Depreciation 79,500 60,000
    Net plant and equipment 472,500 390,000
    Other long term assets 75,000 75,000
    Total fixed assets 547,500 465,000

    TOTAL ASSETS 855,000 750,000

    LIABILITIES
    Accrued wages and taxes 30,000 22,500
    Accounts payable 82,500 75,000
    Notes payable 67,500 67,500
    Total current liabilities 180,000 165,000

    Long term debt 292,500 285,000


    Total debt 472,500 450,000
    Stockholder' equity
    Preferred stock 7,500 7,500
    Common stock 60,000 60,000
    Retained earning 315,000 232,500
    Total equity 382,500 300,000
    TOTAL LIABILITIES AND EQUITY 855,000 750,000
    -4-

    JAZLI SDN BHD


    INCOME STATEMENT FOR YEARS ENDING DECEMBER 31, 2014 AND 2013
    (RM)
    2014 2013

    Net cash (all credit) 472,500 412,500


    Less: Cost of goods sold 199,500 180,000
    Gross profit 273,000 232,500
    Less: Depreciation 19,500 18,000
    Other operating expenses 25,500 22,500
    Earning before interest and taxes 228,000 192,000
    Less: Interest 24,000 27,000
    Earning before taxes 204,000 165,000
    Less: Taxes 69,000 60,000
    Net income 135,000 105,000

    You might also like