This is a project for my intermediate Financial accounting class.


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Apr 09, 2016. This is a project for my intermediate Financial accounting class. Statement of profit and loss and comprehensive income, Statement of Changes in Equity, and balance sheet along with the earnings per share. I need this to be done by Saturday… I have already start working it but got lost on the way.. I need complete answers from top to botton.. not only the statements but workings for all.. ATTACHMENT PREVIEW Download attachment IFA Project Semester 2 2015-16.pdf UNIVERSITY OF TECHNOLOGY, JAMAICA COLLEGE: Business and Management DEPARTMENT: Business Administration PROJECT Module Name: Module Code: Due Date: Intermediate Financial Accounting ACC3003 Monday, April 11, 2016 @ 12 noon. Instructions: This is a group assignment. Groups must consist of a minimum of four (4) students and a maximum of five (5) students. This assignment must be typewritten. If it is not typed you will get 0%. Complete financial statements should be submitted with related workings. Notes to the financial statements are NOT required. This assignment is worth 10% of your overall grade. No late assignment will be accepted. Submit your assignment to the College of Business and Management Student Affairs Centre by 12 noon on Monday, April 11, 2016. Any evidence of duplicate work will attract a grade of 0%. You are required to arrange with you tutor a meeting/s to discuss the progress of this project. This is mandatory and failure to comply will result in your project not being marked. Be prepared for acts of God and acts of man. 1 The financial records of Omega Corporation provided the following trial balance for the year ended December 31, 2014: Trial Balance Bank Cash Investment in Government Bonds Telephone Advertising expense Inventory, January 1, 2014 Investment (Note 11) Entertainment Expenses Purchases (Note 4) Return outwards Carriage inwards Leased Plant and Machinery (Note 1) Office Salaries expenses Office Supplies Sales Return inwards Carriage Outwards Sales Salaries Expenses Sales staff training (Note 5) Legal and professional services Sales discounts Purchases discounts Trade payable Trade receivable Provision for bad debt (Note 9) Bad Debts Bank loan interest paid Interest paid on 8% convertible loam 5% Bank Loan payable in 2015 8% Convertible Debenture (Note 11) Income from Hanson, an associate company Miscellaneous administrative expenses (Note 12) Miscellaneous selling expenses Fixtures and Fittings Property (Land value $1 million) Motor Vehicles Office Equipment Accumulated Depreciation January 1, 2014 (Note 3): Debit 2,363,750 375,000 450,000 41,500 43,500 925,000 425,000 8,500 5,225,000 Credit 250,000 365,000 50,000 250,000 26,500 13,586,750 410,000 5,250 178,500 27,500 52,500 3,000 2,750 675,000 1,377,500 275,000 100,000 120,000 140,000 4,750,000 1,750,000 250,000 317,500 17,500 3,500,000 5,500,000 2,750,000 3,250,000 2 Fixtures and Fittings Office Equipment Motor Vehicles Property Copyright (Note 3) Patents (Note 3) Dividends: Cash dividends for ordinary shares Cash dividends for preference shares Investment in Hanson Inc. stock (long-term) Income from tax exempt bonds Rent Received Royalty received Commission Received Share Capital 6% Redeemable Preference Shares at $1 each Ordinary Shares at 50 cents each Share Premium General Reserve Capital Reserve Retained Profit as at January 1, 2014 Current tax – under provision (Note 6) Suspense (Note 2) Deferred Taxation at January 1, 2014 (Note 6) 735,000 227,500 577,500 500,000 275,000 325,000 200,000 60,000 1,500,000 7,500 77,500 198,250 75,000 1,000,000 2,000,000 325,000 225,000 87,000 2,377,750 32,000 30,551,000 720,000 17,500 30,551,000 Additional Information: 1. Beta Corporation leased an asset of plant and machinery to Omega Corporation for ten years beginning January 1, 2014 at an annual rental of $50,000. Beta’s implicit borrowing rate of 10% is known to Omega. Omega’s incremental borrowing rate is also 10%. The …

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