After the first year of trading, Mr. Wong provided you the following list of ledger balances as at 31 December 2003: $ Stock, 1 January 2003 3,300 Stock, 31 December 2003 25,200 Sales 160,000 Purchases 100,000 Premises 142,600 Fixtures & Fittings 45,200 Motor Vehicles 42,500 Returns Inwards 1,500 Returns Outwards 2,600 Carriage Inwards 1,000 Carriage Outwards 250 Debtors 30,500 Creditors 41,500 Wages 17,495 Rent and Rates 3,900 Lighting & Heating 18,455 Insurance 10,600 Motor Vehicle Expenses 2,400 Cash at Bank 4,700 Bank Loan 29,000 Loan Interest 2,300 Drawing 6,400 You are further given the following information: 1.Wages owing are $550. 2.Prepaid rent is $600. 3.Depreciation of Fixtures & Fittings is 10% per annum on cost. 4.Depreciation of Premises is based on a 10-year lease. 5.Depreciation of Motor Vehicles is 50% life using the reducing balance method. 6.Stock taken for Mr. Wong’s own use is $1,100. Such a transaction has not yet been recorded. 7.It is estimated that one-third of the driving time is for private purposes. 8.5% of the outstanding accounts at the year end is thought to be uncollectible. 9.There was no error made in the recording of business transactions for the year. Required: (a)Prepare a Trading and Profit and Loss Account for the year ended 31 December 2003. (b)Prepare a Balance Sheet as at 31 December 2003. (c)Explain the meaning and the significance of Working Capital.
Task 1Directions: After reading the following passage, you will find 5 questions or unfinished statements, numbered 36 through 40. For each question or statement there are 4 choices marked A), B), C)or D). You should make the correct choice and mark the corresponding letter on the Answer Sheet with a single line through the center. Packaging is a very important form of advertising. A package can sometimes motivate people to buy products. For example, a little child might ask for a breakfast food contained in a box with a picture of a TV character. The child is more interested in the picture than in breakfast food. Pictures for children to color or cut out, games printed on a package, or a small gift inside a box also motivate many children to buy products--or to ask their parents to buy for them. Some packages suggest that a buyer will get something for nothing. Food products sold in reusable containers are examples of this. Although a similar product in plain container might cost less, people often prefer to buy the product in a reusable glass or dish, because they believe the container is free. However, the cost of the container is added to the cost of the product. The size of a package also motivates a buyer. Maybe the package has "Economy Size" or "Family Size" printed on it. This suggests that the larger size has the most product for the least money. But that is not always true. To find it out, a buyer has to know how the product is sold and the price of the basic unit. The information on the package should provide some answers. But the important thing for any buyer to remember is that a package is often an advertisement. The words and pictures do not tell the whole story. Only the product inside can do that. From the passage we know the buyer pays more attention to______.
A. the size of a container
B. a container with attractive picture
C. a well-designed container
D. a plain container with low cost