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At its year end, Harbour Consulting has done £3,200 of work it hasn't invoiced yet, £1,800 of its prepaid insurance has been used up, and its equipment needs £5,000 of depreciation for the year. Write the adjusting journal entries and explain how they change the trial balance.
Fenwick Manufacturing has current assets of £240,000 (including inventory of £90,000), current liabilities of £120,000, total debt of £180,000, equity of £360,000 and total assets of £600,000. Revenue for the year was £720,000 and net profit £54,000. Calculate and interpret its liquidity and gearing, and explain its return on equity.
A company made a net profit of £95,000. Depreciation was £14,000. During the year receivables rose by £9,000, inventory fell by £6,000 and payables fell by £4,000. Prepare the operating activities section of its statement of cash flows using the indirect method.
A business buys a machine for £80,000. It expects to use it for 4 years and then sell it for £8,000. Prepare the depreciation schedule under the straight-line method and the double declining balance method.
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