- Q1 The Comparative Balance Sheets For Riuki Company For 2020 And 2021 Are As Follows Riuki Company Balance Sheet As At 1 (101.71 KiB) Viewed 70 times
year 2021, using the indirect method.
Q1. The comparative balance sheets for Riuki Company for 2020 and 2021 are as follows: Riuki Company Balance sheet as at 31 March 2021 2020 Assets Shs. Shs. Land 96,000 40,000 Equipment at cost 128,000 144,000 Accumulated Depreciation _(73,400) (118,000) Merchandise Inventory 80,000 88,000 Accounts Receivable 15,000 11,000 Prepaid Rent 1,200 2,400 Cash 34,400 20,300 Total Assets 281.200 187.700 Stockholders' Equity: Common Stock, Shs25 Par Value 125.000 100,000 Retained Earnings 108,700 37,700 233,700 137,700 Liabilities Accounts Payable (Inventory) 33,500 38,000 Salaries Payable 14,000 12.000 Total Liabilities 47,500 50,000 Total Stockholders' Equity and Liabilities 281.200 187,700 1 Additional Information: 1. The company purchased land for Shs.50,000 within the current year. 2. Purchased new equipment for Shs. 50,000 in the current year. 3. In the current year, equipment that had an original cost of Shs.66,000 and an accumulated depreciation of Shs. 56,000 was sold for Sh.10,000 cash. 4. The company issued common stock for Shs. 25,000.